In Friday’s WASDE, the USDA released its first projections for next year. The outlook for 2019/20 U.S. wheat is for larger supplies, lower exports, and larger stocks. Wheat prices for 2019/20 are projected at $4.70/bu - down 9.6% from $5.20 for 2018/19.

Beef middle meats and ground beef are in the midst of their annual seasonal price run-up ahead of the big 3 grilling holidays – Memorial Day (5/27), Father’s Day (6/16) and July 4th. So far this year, #180 choice boneless strips at $8.17/lb are up 54.7% after starting the year a $5.28 – and are currently 4.5% above a year ago.

In April’s Livestock, Dairy & Poultry Outlook, the USDA (again) dropped its first-half 2019 broiler output forecast to 21.16B pounds, now up just 0.4% from a year ago. Looking at Q1 data, the total number of (broiler) head slaughtered was up 0.3% from a year ago, while YOY slaughter weights were marginally negative.

In Thursday’s Cattle on Feed Report, the USDA said new placements onto feedlots in March were up 4.8% from a year ago. The April 1st feedlot inventory at 11.96M head was 2.0% above a year ago and the highest April inventory since the data series began in 1996.