Given the significant decrease in plantings and the percentage of corn that has been planted late, corn price may continue to increase.
The USDA NASS Cattle on Feed report for May was released last Friday. For as large as the numbers are, it has the potential to be bullish.
U.S. farmers slashed their winter wheat plantings to the lowest in more than a century as supplies of the grain ballooned to a 29-year high, the U.S. Agriculture Department said on Thursday.
Cow herd expansion appears to be on the rise.
Females made up 43.5% percent of cattle slaughter, the lowest share since 1972.
Dramatically improving margins helped beef packers take command last week while cattle feeders saw closeouts fall further in the red.
An overwhelming majority of beef producers in Missouri voted down a proposed state beef checkoff.
The pain eased somewhat for cattle feeders last week, but losses remain more than $170 per head.