Wichita Livestock Sales Co., LLC
?Thursday May 7th, 2020Good Morning!Grain markets are trading on the bid this morning with soybeans taking the lead. There is a possibility of frost and freeze in the Midwest this weekend and this could damage some of the recently emerged summer crops in the Midwest as well as soft wheat. Traders also continue to monitor tensions between the US and China. USDA will release the latest Export Sales estimates this morning at 7:30 am CT. USDA will also be giving us their latest numbers for the World Supply and Demand Report next week. According to Bloomberg estimates, 2020/21 corn ending stocks are pegged at 3,410 million bushels, soybeans at 432 million bushels and wheat at 824 million bushels. 2019/20 ending stocks are estimated at 2,278 million bushels for corn with soybeans at 495 million bushels and 974 million bushels for wheat. Yesterday's EIA Ethanol Report showed production improved from the previous week. The Trump Administration has asked the US Justice Department to look into the possibility that there was antitrust laws broken by the meatpacking industry with the price paid for cattle, even as cutout values accelerated higher. Crude Oil rose higher again overnight while Equity markets also posted gains. US private employers laid off a record 20.236 million workers in April and it's expected that the unemployment number could hit near 20 percent when the new numbers are released. CATTLELive Cattle futures were limit up late in the session as $110 trades were reported in Kansas, Oklahoma and Texas yesterday. Sales at yesterday's Fed Cattle Exchange came in at $95 and $95.25. A report according to analytical firm Allendale shows March sale barn volume down 47.7 percent from last year at this time. Sale barn volume is about half monthly placements. Total March placements fell by 22.7 percent according to the report. Completed sale barn volume is 24.4 percent under last year. Boxed Beef values continued higher on the Afternoon Report with Choice up 20.19 and Select boxes up 21.25 on the day. The CME Feeder Cattle Index is last reported at 119.50.CALL FOR THE LATEST TRADE RECOMMENDATIONS AND UPDATES. IF YOU WOULD LIKE MORE INFORMATION REGARDING FUTURES, OR WOULD LIKE TO OPEN AN ACCOUNT, PLEASE CONTACT ME AT THE EMAIL ADDRESS OR PHONE NUMBER BELOW.Donna HughesDanielsTradingdhughes@214-613-1688There is substantial risk of loss to futures and options trading. Not all products are suitable for all producers. The recommendations contained in this publication are not a guarantee of profit and you could sustain loss in any futures or options transaction.Connect with us? ? ?Thursday May 7th, 2020Good Morning!Grain markets are trading on the bid this morning with soybeans taking the lead. There is a possibility of frost and freeze in the Midwest this weekend and this could damage some of the recently emerged summer crops in the Midwest as well as soft wheat. Traders also continue to monitor tensions between the US and China. USDA will release the latest Export Sales estimates this morning at 7:30 am CT. USDA will also be giving us their latest numbers for the World Supply and Demand Report next week. According to Bloomberg estimates, 2020/21 corn ending stocks are pegged at 3,410 million bushels, soybeans at 432 million bushels and wheat at 824 million bushels. 2019/20 ending stocks are estimated at 2,278 million bushels for corn with soybeans at 495 million bushels and 974 million bushels for wheat. Yesterday's EIA Ethanol Report showed production improved from the previous week. The Trump Administration has asked the US Justice Department to look into the possibility that there was antitrust laws broken by the meatpacking industry with the price paid for cattle, even as cutout values accelerated higher. Crude Oil rose higher again overnight while Equity markets also posted gains. US private employers laid off a record 20.236 million workers in April and it's expected that the unemployment number could hit near 20 percent when the new numbers are released. CATTLELive Cattle futures were limit up late in the session as $110 trades were reported in Kansas, Oklahoma and Texas yesterday. Sales at yesterday's Fed Cattle Exchange came in at $95 and $95.25. A report according to analytical firm Allendale shows March sale barn volume down 47.7 percent from last year at this time. Sale barn volume is about half monthly placements. Total March placements fell by 22.7 percent according to the report. Completed sale barn volume is 24.4 percent under last year. Boxed Beef values continued higher on the Afternoon Report with Choice up 20.19 and Select boxes up 21.25 on the day. The CME Feeder Cattle Index is last reported at 119.50.CALL FOR THE LATEST TRADE RECOMMENDATIONS AND UPDATES. IF YOU WOULD LIKE MORE INFORMATION REGARDING FUTURES, OR WOULD LIKE TO OPEN AN ACCOUNT, PLEASE CONTACT ME AT THE EMAIL ADDRESS OR PHONE NUMBER BELOW.Donna HughesDanielsTradingdhughes@214-613-1688There is substantial risk of loss to futures and options trading. Not all products are suitable for all producers. The recommendations contained in this publication are not a guarantee of profit and you could sustain loss in any futures or options transaction.Connect with us? ? ................
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