Employment Numbers:
– Non-farm payroll increase was 614,000 but a portion was due to multiple jobholders.

Inflation Outlook:
– CPI report forecast at 0.1% increase on Wednesday
– PPI report also forecast at 0.1% increase on Wednesday

Fed Rate Cut Probabilities:
– Financial futures now predict a 49% chance the Fed will cut rates at the September 18 meeting and a 63% chance at the November 7 meeting. (opinion)

Cattle Prices:
– Cattle in the southwest traded at $185 regardless of grade and northern cattle at $190.
– Choice prices ended at $316.75 last week up from $313.20.
– Select was $301.14 up from $301.14.

Pork Production:
– Pork market saw a kill of 2,422,000 head, running about 8% above a year ago.

Beef and Pork Trade:
– Beef imports in April were 327,000,429 pounds, up from 232,000,290 pounds prior year.
– Exports were down 267,000 pounds.
– Pork imports were 97,992,000 pounds, up from 93,963,000 pounds prior year.
– Exports were up to 655 million pounds from 580 million.

Grain Futures Positioning:
– Funds are said to have sold 132K grain contracts last week and are now short approximately 212K corn contracts.

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