Agriculture Market Trends
– Corn planting 95%, emergence 85%, excellent ratings down 1% to 74%
– Bean planting 87%, emergence 70%, initial ratings 72% good/excellent
– Winter wheat condition fell 2% to 47%, spring wheat down to 72%
USDA Reports and Fed Meeting Outlook
– We expect sideways trading until USDA report tomorrow at 11am
– potential for lower prices by end of week without bullish USDA data
– Fed rate cut of 25bps in September or November, possible.
Livestock Market Insights
– Choice boxed beef price up 82 cents, spread to select widened to $1.63/cwt
– Increased beef imports could further widen quality spreads
– Cattle market sideways, packers content with current supply/demand
– Concerns about weaker peso impacting Mexican pork demand
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