3/31 Market Update
Yesterday grain prices were higher early on, but lost some ground by the end of the day. We have had some positive gains in the last 2 weeks in grains.
At 11 am today the planting intention report will be released. Expect an active market as many times this report does bring some surprises.
What stood out the most yesterday was April 2024 fat cattle hit an all time historic high of $175 and change. This market is trading over $8 dollars higher than the April 2023 contract.
This action may be signaling an opportunity where producers will be bidding higher on heifers as the contraction of the herd may slow or stop. When this happens there will be financial rewards to those that have heifers that can enter the breeding herd.
Have a good weekend!