Cattle/Livestock:
– Cattle slaughter last week was down 3,000 head from the previous week and 7,000 head from the same period a year ago
– Choice beef dropped $0.39 and Select beef dropped $0.47, with the Choice-Select spread at $15.11
– Cash cattle prices averaged $193.95 per cwt, while futures settled at $183.92 per cwt

Grains:
– Corn futures prices reached a 2-week high, with the next resistance at $4.20 3/4 per bushel
– Soybean futures reached the highest level in nearly 2 weeks, with resistance at $10.80 1/2 per bushel
– Spring wheat ratings remained at 77% good-to-excellent, unchanged from the previous week

Energy:

EIA report published last week:
– Crude oil stocks were 7.2 million barrels below year-ago levels and 21.6 million below the 5-year average
– Gasoline stocks were 3.3 million barrels above year-ago and 65,000 above the 5-year average
– Distillate stocks were 3.5 million barrels above year-ago but 9.1 million below the 5-year average

Natural Gas:
– US natural gas supply was running 8.4% above year-ago levels (2023) and 16.9% above the 5-year average
– China expects natural gas demand to grow 6.5-7.7% in 2024

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