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AgDay Daily Recap -March 19, 2014

March 19, 2014
 
 

TODAY ON AGDAY

MARCH 19, 2014

 

HOGS:

GOOD MORNING I'M CLINTON GRIFFITHS. WITH NO OBVIOUS CURE TO A DEVASTATING SWINE DISEASE, HOG FUTURES SHOW NO SIGN OF EASING.

RECORD PRICES:

HOG MARKETS AREN'T THE ONLY HOT COMMODITY. 2014 IS STILL RELATIVELY YOUNG AND YET A SPATE OF OTHER RECORDS HAVE ALREADY FALLEN THIS YEAR.

FEEDER CATTLE:

CATTLE PRICES REMAIN AT RECORD LEVELS... ALTHOUGH FED CATTLE WERE OFF A BIT IN TUESDAY TRADE. LIVE CATTLE IN THE 140 RANGE WHILE FEEDERS TRADE NEAR AND ABOVE 175...BOTH NEAR RECORD LEVELS. USDA REPORTS INDICATE CULL COW PRICES ARE CLIMBING DUE TO HEAVY CULLING THE LAST FEW YEARS IN DROUGHT STRESSED AREAS OF TEXAS AND THE SOUTHERN PLAINS. ALSO OUT THIS WEEK IS THE USDA'S CATTLE ON FEED REPORT. TRADERS ARE WATCHING PLACEMENT PATTERNS LOOKING FOR EVIDENCE THAT FEW CATTLE ARE HEADED TO FEEDLOTS COMPARED TO A YEAR AGO.  WEATHER IS LIKELY TO ONCE AGAIN BE THE DRIVER IN SPRING PLACEMENTS.

MILK PRICES:

AS WE REPORTED TUESDAY, MILK PRICES IN CHICAGO REMAIN IN RECORD TERRITORY. SURGING U.S. DAIRY EXPORTS ARE WIPING OUT DOMESTIC SUPPLIES. THE U.S. DAIRY EXPORT COUNCIL SAYS JANUARY SALES WERE UP NEARLY 20%...CHEESE SHIPMENTS ARE NEARLY 50 PERCENT HIGHER THAN A YEAR AGO. THE COUNCIL SAYS ROUGHLY 15 PERCENT OF U.S. PRODUCTION IS NOW BEING EXPORTED. MILK PRICES ARE UP ABOUT 20 PERCENT THIS YEAR, INSPITE OF DROPPING BACK A FEW CENTS IN TUESDAY'S TRADE.

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