The cattle complex was mixed with live cattle holding steady and feeders slightly weaker. Both markets put in major reversal up early this week, but have since failed to continue the rally, instead consolidating in a sideways pattern. The market is anticipating that August placements will above average this year as good pasture conditions kept cattle on grass through July, delaying movement into feedlots out to August. Cash prices were slightly lower this week, but boxed beef managed to push slightly higher, suggesting packers are regaining some leverage in the market.

Energies and the Dow were lower with volatile price action. The deteriorating US/China trade relations is spreading fear of further slowing global economic activity as more indicators suggest recession is coming.

A weaker Chinese currency also fanned fears of a currency war, which prompted investors to safe havens of precious metals and treasuries.

Market Update

Aug. 9, 2019 This week Change
Kansas City wheat 4.18 0.02
Minneapolis Wheat 5.20 0.02
Chicago wheat 4.98 0.22
Corn 4.11 0.18
Soybeans 8.70 0.17
Live cattle 107.95 0.08
Feeder cattle 139.85 -1.37
Boxed beef — choice 217 3.00
Dressed beef 184 -1.00
Crude oil 52.54 -1.41
Heating oil 1.7766 -0.0763
Unleaded gas 1.6457 -0.1042
Natural gas 2.12 -0.08
Silver 16.94 0.76
Gold 1503.10 76.60
U.S. $ 97.43 -0.71
Canadian $ 0.76 0.0023
Dow Jones 26365 -178
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