– US cattle kills: 121,000, running 7,000 below week ago and 17,000 below year ago
– Choice beef price: $320.70
– Selected beef price: $303.26
– Negotiated steer price as of May 18: $192.45
– June Live Cattle Futures Price settled Tuesday at 186.67
– Cattle on feed report estimates for May:
– Placements: 99%
– Marketings: 100%
– Spread between Midwest and Southwest cattle prices last week: $6-7
– Pork cutout value: Pork Cutout Value: 97.66 as of yesterday afternoon
– US hog kill: 483,000, running above a year ago at 1%
– CME hog index: CME Hog Index: $90.72
– Daily pork carcass value: $97.66
– 5-day average pork ham value: $8421
– Coffee: Brazil’s leading coffee producing region is expected to see below-average rainfall for the next 10 days, and soil moisture well below average in May
– Cotton: US conditions are down for the second week in a row; India’s June rainfall is expected to be 92% less than long-term average
– Sugar: Warm and dry conditions in Brazil are expected to persist through late July; Brazil Center South production for the second half of May is down 7.7% YoY, and total production for the first two months of the season up 11.8% YoY
Macro Economic Data:
– Stock indexes: S&P and NASDAQ at new record highs, Dow and Russell lagging
– Housing starts: May starts 1.277 million vs estimate of 1.373 million, permits 1.386 million vs estimate of 1.45 million
– Jobless claims: 238,000 vs estimate of 243,000
– Philadelphia Fed index: 1.3 vs estimate of 5.2
– Producer prices in Germany: Down to 2.2% YoY in May vs estimate of 2% decline
– Chance of BOE rate cut in August: Over 50%
– Chance of Fed rate cut in September: 66%
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