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Where's the beef? Cattle prices at record high

Ole Hansen
The first weekly loss for the commodity sector in six weeks as China’s manufacturing expanded less than expected, in addition US inventories of crude continue to rise

DJ-UBS commodity index  down 1.4%, still up 8.3% year-to-date.

Losses seen across all sectors apart from Livestock:

Livestock (+0,2%):   Feeder and live cattle were two of the best performing commodities  with Feeder cattle futures reaching a new record as it continue to the longest rally since 1992. The US herd has declined and that has resulted in fewer animals being sent to slaughter and instead they are being held back for breeding.

Energy (-1%): record US crude inventories and Libya preparing to resume exports. Gasoline at a four week low as inventories rose for the first time in almost three months.

Industrial metals (-2.5%):  Chinese manufacturing expanded less than expected resulting in losses for copper. Nickel, the star metal of 2014, saw its first weekly loss in more than a month.

Precious metals  (-2%): lack of renewed geo-political support, continued tapering and a weak Q1 GDP from the US, again blamed on cold weather, further removed support for gold and especially silver. US job creation in April is expected to rise by 218,000, the biggest increase since November. Silver traded back below /oz and has reached the relative cheapest level to gold since August 2010. Strong demand and worries about supply continue to leave both platinum and palladium relative well supported.

Grains (-1.2%): improving planting conditions in the US sent corn and especially soybeans lower. Wheat continue to find support on news that the output of winter wheat in Kansas may be the lowest since 1996 following a troubled winter and spring where blistering frost was replaced by drought.  July Soybean future has returned to the lower end of its April range while corn has been left mid-range between 490 and 520 cents/bushel. 


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