Ag News: Live Cattle Futures Fade
**Live cattle futures have faded off the highs seen in mid-March, a sign one analysts thinks is a signal the seasonal price highs may be already baked in for now.
Don Close with Rabo AgriFinance says with the price action we’ve seen for three weeks now, it’s pretty obvious the seasonal top is in, but there could be another opportunity once we reach peak grilling season.
Close tells agweb.com, his biggest concern now isn’t live cattle, but the feeder side.
**Many believe we got into the current milk price mess because milk production ran too high without enough demand to support adequate prices.
But, Milkbusiness.com reports, taking a look at the global dairy economy reveals the gap between supply and demand has closed somewhat in 2019.
Poor winter weather in New Zealand, Australia and Argentina hurt production, and it looks like March and April production will lag behind 2018. Expect USDA to adjust milk production reports.
**As farmers await completion of two trade agreements that will undoubtedly impact the farm economy, one analyst says a deal with China is coming down the home stretch.
But, Randy Russell of the Russell Group tells agweb.com the USMCA is a political matter and House Speaker Nancy Pelosi is holding the cards.
He says in the end, the administration is not going to send up implementing legislation until they know that she is going to schedule a vote.