Beef production in the second quarter is expected to come in 420 million pounds higher than the first quarter which is the largest increase in 11 years and compares with the increase last year of 259 million pounds.

Monday’s USDA estimated FI cattle slaughter was at 116,000 head. That is down 2,000 head from last week but 5,000 larger than the same week last year, said Brugler Marketing.

Outside markets

Stocks: March E-mini S&Ps this morning were up 0.69 percent. In Europe, the Euro Stoxx 50 was up 0.79 percent, as stocks in Europe were generally green as investors “remain optimistic” in regards to U.S./China trade talks, said. France’s CAC 40 rose 0.7 percent, Germany’s DAX Index increased 1.1 percent and London’s FTSE 100 finished up 0.4 percent. In Asian markets, stocks closed up, with Shanghai’s Composite Index increasing 0.68 percent overnight, while Japan’s Nikkei Stock Index increased 2.61 percent.

Currencies: Early today the dollar index was down 0.15 percent, EUR/USD was up 0.16 percent and USD/JPY was up 0.05 percent.

Energy: Mar WTI crude oil prices this morning are up $1.54 (2.94 percent), and March gasoline is down 3.40 percent.