Overview
- Reports of New World Screwworm in Tamaulipas and a Texas producer warning sent cattle futures sharply lower Friday, then prices bounced Tuesday and Wednesday with thin cash trade near $232 and Choice boxed beef around $366.
- Managed money stayed net long in live cattle at 101,316 contracts as of January 13, while funds expanded a large corn net short to 81,774 and cut soybean speculative length to 12,961.
- Corn posted modest Thursday gains after EIA showed ethanol output easing to 1.119 million barrels per day from last week’s record and inventories rising, alongside fresh USDA sales of 150,000 MT to Colombia and 195,000 MT to unknown destinations.
- Soybeans were little changed Thursday after a midweek rally, with USDA confirming 192,350 MT sold to unknown buyers and an earlier 190,000 MT soybean meal sale to the Philippines as early Brazilian harvest progress remains slow.
- Lean hog futures advanced with the national base cash price jumping to $85.13 on Wednesday, the CME Lean Hog Index continuing higher, and pork cutout values near $94 to $95.