AM AG Update June 20 2024

– 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%

Disclaimer: The risk of loss in Commodity Interest trading is substantial. Past performance is not indicative of future results. Any content presented should be viewed as a solicitation and an inducement to conduct business with AgOptimus. Market information presented is believed to be accurate as of the time of publication. Trading and investment decisions should be made at your own risk and only with risk capital. Be advised the views and opinions expressed herein do not necessarily reflect the current views or positions of AgOptimus and are subject to change at any tim

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