CME: Feedlot and Live Cattle Futures Prices

US livestock markets were left reeling this week by sharply higher energy and feedstock futures prices and the general uncertainty surrounding the outlook for feed supplies in the next 12 to 18 months. Corn futures were up about 50 cents per bushel for the week and they gained another 14 cents in overnight trading during the weekend, setting the state for another strong opening on Monday morning. Soybean meal futures also gained over $40 per ton on the nearby July contract and all three soybean contracts were notably higher in overnight trading, pointing to a higher opening on Monday. Over the weekend, critical areas in the US Corn Belt continued to receive excessive rainfall and there was flooding reported in areas in Indiana and Iowa. The market remains concerned about the possibility of a short crop this year due to less than expected planted acres as well as reduced yield potential due to the late crop. Much higher prices for crude oil also weighed on markets this week given the impact on the ethanol demand side.

US livestock markets were left reeling this week by sharply higher energy and feedstock futures prices and the general uncertainty surrounding the outlook for feed supplies in the next 12 to 18 months. Corn futures were up about 50 cents per bushel for the week and they gained another 14 cents in overnight trading during the weekend, setting the state for another strong opening on Monday morning. Soybean meal futures also gained over $40 per ton on the nearby July contract and all three soybean contracts were notably higher in overnight trading, pointing to a higher opening on Monday. Over the weekend, critical areas in the US Corn Belt continued to receive excessive rainfall and there was flooding reported in areas in Indiana and Iowa. The market remains concerned about the possibility of a short crop this year due to less than expected planted acres as well as reduced yield potential due to the late crop. Much higher prices for crude oil also weighed on markets this week given the impact on the ethanol demand side.

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