Acreage Survey Released, Meat Markets Question Consumer Demand March 15, 2023
Cash cattle trades today in Nebraska, $164 live and $264/$264.50 dressed, would be seen as confirming a spring high. Last week's trades in that location were mostly $165 with a few $166 live. Dressed last week was $265/$266. We would expect the South to also move at $1 lower when it does trade later this week. With a normal basis applied futures are suggesting live trade in the South at $161 next month, $158 in June and $156 in August.
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Possible light fund short covering yesterday
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Funds sellers of 21K, slightly higher support due to exports
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SA maps still look solid for rains in the 10 day
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Trade expects strong exports and more 8 AM announcements
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Open interest continues to fall drastically
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