By Matthew A. Diersen, South Dakota State University
Back when there was a little more snow on the ground, I came across a notice that the Mandatory Price Reporting Act of 2010 has a sunset clause in it dated September 30, 2015. That inspired me to reexamine the content of the various reports for cattle, lest anything be taken for granted.
Corn futures reacted badly to the USDA reports. The USDA released its Grain Stocks and Prospective Plantings reports at 11:00 AM CDT this morning, which sent corn prices sharply lower. The stocks result easily topped forecasts, thereby depressing old crop prices, while the 2015 acreage figure also far exceeded expectations and depressed new crop values. May corn futures plunged 18.25 cents to $3.7625/bushel in late Tuesday trading, while December dropped 17.5 to $4.0025.
Boxed beef prices continue to rise on Tuesday, with choice boxed beef prices hitting $254.50 on Tuesday. This $2 rise has brought the 27-day average for boxed beef to $247.65. Select boxed beef also continued its jump with a $1.50 raise, hitting $250.78 on Tuesday.