New week, new everything, but all still the same.
We are starting this week here at a pleasant tone. The S&P futures are trading about 26 higher at 2856 as 4:00 am mtn time. Oil isn't fairing as well overnight. It is down $2 a barrel to $14. The Wheat market, which has been the best one of all the commodities, is trading a lower tone, down 4 cents overnight.
The lockdown is starting to ease. People are starting to move more freely. Some of the hardest hit states are even looking at reopening, at least a little, by 5/15. Other countries are starting to do the same. If anything at all, at least a little moral boost for the people.
There are worries of course, like always, of what will happen when we reopen. That is left to be seen. Too many variables still lay in the weeds to be comfortable making a call either way.
Live Cattle and Feeder cattle futures, should, and I say should, not will, but should open higher. The Cattle on Feed report was bullish, or at least a relief that it wasn't bearish. The Daily Slaughter numbers will be the biggest market mover. Boxed Beef Prices will be watched closely as well. We are nearing $300 on the blended, and just wow is all I have to say about that.
I just wanted to leave you with a group of charts. These charts represent mainly products of the energy industry. Look at what these inventories did the last couple weeks. Crazy spikes. Lots and lots of backup. The second chart is just a chart of on road diesel fuel prices.
Thanks for reading, have a great week. Check back daily for updates!