The short-term demand in cattle “continues to impress,” The Hightower Report said. There is support for a firm tone to the cash trade this week, as beef prices are sitting at their highest level since May 18, they said.
After last week’s storms, the slowdown in movement has also helped support the recent gains in cattle, The Hightower Report said. With above normal temperatures expected in much of the U.S. for the next stretch of time, it could “bode well for a jump start for the spring demand season,” they said.
Stocks: June E-mini S&Ps this morning were up 0.33% this morning. Early this morning in Europe, the Euro Stoxx 50 was up 0.44%, France’s CAC 40 was up 0.66%, Germany’s DAX Index increased by 0.76% and London’s FTSE 100 was down 0.12%. In Asian markets, stocks were mixed, as new data showed the Chinese economy grew faster than expected for the first quarter of the year. Shanghai’s Composite Index rose 0.29% overnight, while Japan’s Nikkei Stock Index finished up 0.25%.
Currencies: Early today the dollar index was down 0.01%, EUR/USD was up 0.14% and USD/JPY was around unchanged.
Energy: May WTI crude oil prices this morning are up 33 cents (0.52%), and May gasoline is up 0.42%.