After a weekend of favorable weather and lots of activity in the fields across the Midwest, the markets are taking a hit. Corn is currently down 9, soybeans down 4 and wheat down 7.
• Fridays USDA Cattle on Feed Report showed all US cattle on feed as of April 1 at 11.297 million head, 94.5% of last year. March placements came in at 1.557 million head which is 77% of last year and well below the guess of 79%. Cattle marketed during March were reported at 2.01 million head which is 113% of last year’s numbers.
• Crude oil is down over $5 and trading below $12/bbl again this morning as the nation and world continues to limit travel.
• Planting progress this afternoon is expected to show significant progress across the US, especially in the West. IA, MN, NE, ND, SD, WI all had very favorable weather over the last 7 days for field work. In last week’s progress report IA was 2% complete, but is expected to surpass 50% in this week’s report.
December futures continue to grind lower with the lack of demand and now planting progress and crop size weighing on the market. CZ0 has closed lower ten of the last 14 weeks. CZ0 is currently trading at 3.30 and is projected by many experts to trade sub $3 by the time we get to fall.
Have a Safe Day!