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Cattle Current Weekly Highlights—Week ending Sept. 13, 2019

Cattle futures rallied after potentially finding the lows on Monday, but cash calf and feeder cattle prices continued under pressure most of the week.

Steers and heifers sold mostly $2-$6/cwt. lower, with calves as much as $10 lower, according to the Agricultural Marketing Service (AMS).

Week to week on Friday, Feeder Cattle futures closed an average of $3.29 higher ($2.55 to $3.77 higher).

“The most pressing issue from a marketing standpoint comes from the expectation that calf prices will continue to soften from now through November,” says Andrew P. Griffith, agricultural economist at the University of Tennessee, in his weekly market comments. “Producers are already taking a hit on the chin with relatively low calf prices…the market is poor and there is no near term improvement in sight with the fall marketing rush around the corner.”

In his neck of the woods, where dryness is spreading, Griffith noted some producers are compounding the situation by using available forage to hold calves longer in hopes of market improvement.

“The available marketing alternatives become fewer the longer a person waits to make a decision,” Griffith says. “Not only do alternatives become fewer, but the check often gets smaller.”

Fed Cattle Prices Sag

Fed cattle prices continued to grind lower on lighter week-to-week trade through late Friday afternoon.

Week to week through Thursday afternoon, on lighter trade, the Five Area direct average steer price was $2.82 lower at $99.49/cwt. on a live basis. The average dressed steer price was $6.69 lower at $159.50.

Through Friday afternoon, USDA reported negotiated prices in the Texas Panhandle $1 lower at $99. 

Live Cattle futures rallied, though, helped along by surging Lean Hog futures. Week to week on Friday, they were an average of $3.91 higher ($3.45 to $4.70 higher).

Plentiful supplies and the continued bottleneck resulting from less harvest capacity, resulting from the Tyson plant fire, continue to cap fed cattle price potential.

So far, it appears that positive fed cattle basis continues to encourage timely fed cattle marketing, maintaining currentness. However, Griffith explains that could change, given the incentive of further-out futures premiums.

“Cattle feeders have been willing sellers of fat cattle most of the year, but the market is beginning to send signals that may derail the marketing schedule and result in heavier cattle being marketed,” Griffith says. “The deferred contract months are trading at a premium compared to the October contract, which provides cattle feeders an incentive to feed cattle longer. The December Live Cattle contract has a $6/cwt. premium priced in compared to October while the February contract has more than a $12 premium. These types of premiums may result in feedlot managers deciding to keep cattle on feed two to three weeks longer in hopes of capturing higher prices. This decision will also result in more beef hitting the market.”

At the same time, besides seasonal pressure, wholesale beef prices continue downward, adjusting to fundamental price levels before the Tyson fire.

Choice boxed beef cutout value was $6.43 lower week to week on Friday at $220.88/cwt. Select was $3.34 lower at $198.60.

“Prices are closing in on $20 lower than their weekly peak but remain $5 higher than where they were prior to the fire,” Griffith explains. “It is likely boxed beef prices will continue to moderate as fall approaches since the market is typically soft compared to the summer. The next round of support for beef prices will be the holiday season, but holiday price support is a few months down the road.”

Chinese purchases of U.S. pork last week, if continued, could provide some support.

Friday to Friday Change*

Weekly Auction Receipts

Receipts

Sep. 13

Auction (head)

(change)

Direct

(head)

(change)

Video-Net (head)

(change)

Total

(head)

(change)

 

176,400

(+69,600)

73,500

(+15,400)

122,000

(+107,300)

371,900

(+192,300)

 

CME Feeder Index

CME Feeder Index* Sept. 12 Change
  $136.09 –  $2.27

*Thursday-to Thursday for CME Feeder Index

 

Cash Stocker and Feeder

North Central

Steers-Cash Sept. 13 Change
600-700 lbs. $147.21 –  $8.08
700-800 lbs. $143.06 –  $4.09
800-900 lbs. $135.35 –  $5.10

 

South Central

Steers-Cash Sept. 13 Change
500-600 lbs. $142.74 –  $5.35
600-700 lbs. $141.30 –  $3.48
700-800 lbs. $137.73 –  $2.01

 

Southeast

Steers-Cash Sept. 13 Change
400-500 lbs. $139.62 –  $5.15
500-600 lbs. $132.09 –  $5.47
600-700 lbs. $126.86 –  $5.12

(AMS National Weekly Feeder & Stocker Cattle Summary)

 

Wholesale Beef Value

Boxed Beef  (p.m.) Sept. 13 ($/cwt) Change
Choice $220.88 –  $6.43
Select $198.60 –  $3.34
Ch-Se Spread $22.28 –  $3.09

 

Futures

Feeder Cattle  Sept. 13 Change
Sep $136.500 + $3.150
Oct $134.575 + $3.675
Nov $134.025 + $3.650
Jan ’20 $131.975 + $3.500
Mar $131.400 + $3.000
Apr $132.625 + $3.000
May $132.975 + $2.550
Aug $135.975 + $3.775

 

Live Cattle   Sept. 13 Change
Oct $98.075 +$3.200
Dec $104.375 +$4.625
Feb ’20 $111.100 +$4.700
Apr $115.050 +$4.200
Jun $107.950 +$3.675
Aug $106.250 +$3.850
Oct $107.950 +$3.500
Dec $110.800 +$3.950
Feb ’21 $112.300 +$3.450

 

Corn futures Sept. 13 Change
Sep $3.554 +$0.130
Dec $3.686 +$0.132
Mar ’20 $3.814 +$0.128
May $3.904 +$0.130
Jul $3.970 +$0.124
Sep $4.006 +$0.106

 

Oil CME-WTI Sept. 13 Change
Oct $54.85 –  $1.67
Nov $54.80 –  $1.63
Dec $54.59 –  $1.58
Jan ’20 $54.27 –  $1.55
Feb $53.94 –  $1.52
Mar $53.61 –  $1.49

 

Equities

Equity Indexes Sept. 13 Change
Dow Industrial Average  27219.52 + 422.06
NASDAQ     8176.71 +    73.64
S&P 500     3007.39 +    28.68
Dollar (DXY)          97.86 –      0.53
Cattle Current Weekly Highlights—Week ending Sept. 13, 2019 2019-09-15T14:28:23-05:00

Cattle Current Podcast—Sept. 16, 2019

Despite last week’s rally in Cattle futures, negotiated cash fed cattle prices continued under pressure from available supplies and the continued bottleneck in fed cattle harvest capacity left from the Tyson fire.

Through Friday afternoon, USDA reported negotiated prices in the Texas Panhandle $1 lower at $99. 

Week to week through Thursday afternoon, on lighter trade, the Five Area direct average steer price was $2.82 lower at $99.49/cwt. on a live basis.

Cattle futures closed narrowly mixed to marginally lower Friday as traders likely took some profits from the week’s strong gains.

Except for an  average of 32¢ higher in the back two contracts, Live Cattle futures closed an average of 30¢ lower.

Feeder Cattle futures closed narrowly mixed, from 35¢ lower to 32¢ higher.

Wholesale beef values were steady on Select and higher on Choice, with moderate to good demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 91¢ higher Friday afternoon at $220.88/cwt. Select was unchanged at $198.60.

Corn and Soybean futures manly tread water Friday on likely week-end profit taking.

Corn futures closed mostly 1¢ higher across the front half of the board and then mostly fractionally lower to 1¢ lower.

Soybean futures closed 1¢ to 3¢ higher across the front half of the board and then mostly fractionally lower to 1¢ lower.

Cattle Current Podcast—Sept. 16, 2019 2019-09-15T14:04:47-05:00

Cattle Current Daily—Sept. 16, 2019

Despite last week’s rally in Cattle futures, negotiated cash fed cattle prices continued under pressure from available supplies and the continued bottleneck in fed cattle harvest capacity left from the Tyson fire.

Through Friday afternoon, USDA reported negotiated prices in the Texas Panhandle $1 lower at $99. 

Week to week through Thursday afternoon, on lighter trade, the Five Area direct average steer price was $2.82 lower at $99.49/cwt. on a live basis.

Cattle futures closed narrowly mixed to marginally lower Friday as traders likely took some profits from the week’s strong gains.

Except for an  average of 32¢ higher in the back two contracts, Live Cattle futures closed an average of 30¢ lower.

Feeder Cattle futures closed narrowly mixed, from 35¢ lower to 32¢ higher.

Wholesale beef values were steady on Select and higher on Choice, with moderate to good demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 91¢ higher Friday afternoon at $220.88/cwt. Select was unchanged at $198.60.

Corn and Soybean futures manly tread water Friday on likely week-end profit taking.

Corn futures closed mostly 1¢ higher across the front half of the board and then mostly fractionally lower to 1¢ lower.

Soybean futures closed 1¢ to 3¢ higher across the front half of the board and then mostly fractionally lower to 1¢ lower.

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Major U.S. financial indices closed narrowly mixed and little changed Friday, with probably position squaring offsetting continued optimism over a trade resolution between the U.S. and China.

The Dow Jones Industrial Average closed 37 points higher. The S&P 500 closed 2 points lower. The NASDAQ was down 17 points.

*******************************

Sustainability may not be a deal breaker for consumers, but it can be a tie breaker, according to recent research from the NPD Group.

“Marketers need to understand that sustainability can be a deciding factor for consumers,” says Darren Seifer, food and beverage industry analyst for NPD Group (NPD). “While concerns like taste, convenience, health, and affordability are still primary factors for choosing foods and beverages, a company’s sustainability efforts can be the tie breaker if all other factors are equal.”

According to NPD, 9% of adults consider the environment as a top factor when making food and beverage purchase decisions. Young adults, ages 18-44 years old, are most likely to feel this way.

That adds some quantification to the quest in recent years by grocers, food manufacturers and restaurant operators to initiate sustainability efforts as socially responsible corporate citizens and to support consumer interests.

Among NPD’s findings:

One in ten U.S. adults, or roughly 20 million consumers, said that they have switched to a different food or beverage brand because it had earth-friendly packaging.

Over half of adults who ordered restaurant take-out or delivery in the past 30 days report that the restaurant they ordered from had earth-friendly practices, like using food containers made from recycled materials, according to NPD’s  Health Aspirations & Behavioral Tracking Service. 

Cattle Current Daily—Sept. 16, 2019 2019-09-15T14:06:42-05:00

Cattle Current Podcast—Sept. 13, 2019

Negotiated cash fed cattle trade remained mainly undeveloped through Thursday afternoon. USDA reported some live trade in the Texas Panhandle at $99/cwt., at the upper end of the $97-$99 price range paid in the region so far this week. Live sales there last week were at $100.

Despite early pressure, Cattle futures continued to extend gains on Thursday, helped by the limit-up move in Lean Hog futures—across all but the back contract—presumably stemming from recent Chinese pork purchases and reports the U.S. will delay imposing additional tariffs, for a while.

Live Cattle futures closed an average of 60¢ higher (22¢ to $1.32 higher).

Feeder Cattle futures closed an average of 47¢ higher.

Wholesale beef values were steady on moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 8¢ higher Thursday afternoon at $219.97/cwt. Select was 20¢ higher at $198.60.

Corn and Soybean futures climbed Thursday, especially soybeans, on reduced yield and production estimated in the monthly World Agricultural Supply and Demand Estimates.

Corn futures closed mostly 5¢ to 7¢ higher. 

Soybean futures closed 20¢ to 29¢ higher through Jan ’21 and then mostly 15¢ to 19¢ higher.

Cattle Current Podcast—Sept. 13, 2019 2019-09-12T19:32:40-05:00

Cattle Current Daily—Sept. 13, 2019

Negotiated cash fed cattle trade remained mainly undeveloped through Thursday afternoon. USDA reported some live trade in the Texas Panhandle at $99/cwt., at the upper end of the $97-$99 price range paid in the region so far this week. Live sales there last week were at $100.

Despite early pressure, Cattle futures continued to extend gains on Thursday, helped by the limit-up move in Lean Hog futures—across all but the back contract—presumably stemming from recent Chinese pork purchases and reports the U.S. will delay imposing additional tariffs, for a while.

Live Cattle futures closed an average of 60¢ higher (22¢ to $1.32 higher).

Feeder Cattle futures closed an average of 47¢ higher.

Wholesale beef values were steady on moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 8¢ higher Thursday afternoon at $219.97/cwt. Select was 20¢ higher at $198.60.

Corn and Soybean futures climbed Thursday, especially soybeans, on reduced yield and production estimated in the monthly World Agricultural Supply and Demand Estimates (see below).

Corn futures closed mostly 5¢ to 7¢ higher. 

Soybean futures closed 20¢ to 29¢ higher through Jan ’21 and then mostly 15¢ to 19¢ higher.

*******************************

Major U.S. financial indices closed higher Thursday.

Positive news included the aforementioned report that President Trump was delaying the imposition of added tariffs on Chinese imports for two weeks, as the two sides prepare for renewed negotiations in October.

Also, the European Central Bank lowered its deposit rate by 10 basis points to -0.50% and also renewed quantitative easing in the form of buying €20 billion of bonds per month, beginning in November.

The Dow Jones Industrial Average closed 45 points higher. The S&P 500 closed 8 points higher. The NASDAQ was up 24 points.

*******************************

The World Agricultural Supply and Demand Estimates released yesterday reduced beef production and fed cattle prices for this year, compared to the previous month’s estimate

Beef production for this year was estimated 90 million lbs. less than the previous month at 26.95 billion lbs., primarily on the slower expected pace of fed cattle slaughter and lighter carcass weights in the fourth quarter. That would still be 81 million lbs. more than last year.

The average 5-area direct fed steer price (all grades) for this year is estimated at $113.50/cwt., which is $3 less than the previous month’s estimate, based on current prices and anticipated continued price weakness. Price for the third quarter is forecast at $107; $103 in the fourth quarter.

Total red meat and poultry production for this year is forecast at 104.60 billion lbs., which is 21 million lbs. less than the previous month’s estimate, but would be 2.17 billion lbs. more than last year. Higher expected broiler production offsets lower forecasts for beef, pork and turkey production.

Cattle Current Daily—Sept. 13, 2019 2019-09-12T19:27:51-05:00

Cattle Current Podcast—Sept. 12, 2019

Negotiated cash fed cattle trade remained undeveloped through Wednesday afternoon.

Choice 2-4 steers (172 head) weighing an average of 1,380 lbs. brought an average of $102.84/cwt. at the fat auction in Tama, IA. At Sioux Falls Regional, in South Dakota, though, 365 head of Choice 2-4 steers weighing an average 1,455 lbs. brought an average of $99.68.

There were 636 head offered in the weekly Fed Cattle Exchange Auction. No sales, but two lots—a pen each of steers and heifers—were passed out at $99.

Cattle futures continued to rally, extending gains from the previous session and lifting hopes that markets carved out a bottom on Monday.

Live Cattle futures closed an average of $1.80 higher ($1.55 to $2.40 higher). That’s an average of $3.67 higher in the last two sessions.

Feeder Cattle futures closed an average of $2.46 higher, making for an average increase of $3.78 over the last two days.

Wholesale beef values were sharply lower on light demand and moderate to heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $5.49 lower Wednesday afternoon at $219.89/cwt. Select was $2.58 lower at $198.40.

Grain futures traded lower on apparent profit taking Wednesday.

Corn futures closed mainly fractionally lower to 1¢ lower. 

Soybean futures closed 4¢ to 5¢ lower through Sep ’20 and then mostly 1¢ to 2¢ lower.

Cattle Current Podcast—Sept. 12, 2019 2019-09-11T18:38:24-05:00

Cattle Current Daily—Sept. 12, 2019

Negotiated cash fed cattle trade remained undeveloped through Wednesday afternoon.

Choice 2-4 steers (172 head) weighing an average of 1,380 lbs. brought an average of $102.84/cwt. at the fat auction in Tama, IA. At Sioux Falls Regional, in South Dakota, though, 365 head of Choice 2-4 steers weighing an average 1,455 lbs. brought an average of $99.68.

There were 636 head offered in the weekly Fed Cattle Exchange Auction. No sales, but two lots—a pen each of steers and heifers—were passed out at $99.

Cattle futures continued to rally, extending gains from the previous session and lifting hopes that markets carved out a bottom on Monday.

Live Cattle futures closed an average of $1.80 higher ($1.55 to $2.40 higher). That’s an average of $3.67 higher in the last two sessions.

Feeder Cattle futures closed an average of $2.46 higher, making for an average increase of $3.78 over the last two days.

Wholesale beef values were sharply lower on light demand and moderate to heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $5.49 lower Wednesday afternoon at $219.89/cwt. Select was $2.58 lower at $198.40.

Grain futures traded lower on apparent profit taking Wednesday.

Corn futures closed mainly fractionally lower to 1¢ lower. 

Soybean futures closed 4¢ to 5¢ lower through Sep ’20 and then mostly 1¢ to 2¢ lower.

*******************************

Major U.S. financial indices closed higher Wednesday, led by tech stocks, especially Apple.

The Dow Jones Industrial Average closed 227 points higher. The S&P 500 closed 21 points higher. The NASDAQ was up 85 points.

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“Strong basis can help pull cattle through the supply chain, even at low prices, because producers who hedged their cattle want to take advantage of the additional revenue that larger basis provides,” says Josh Maples, Extension livestock economist at Mississippi State University, in the latest issue of In the Cattle Markets. “That is likely the case in recent weeks even as fed prices have deteriorated.”

For those with passing familiarity, Maples explains fed cattle basis is the difference between cash fed cattle prices and spot month Live Cattle futures. He points to last week to illustrate. The 5-area weekly weighted average cash price at the end of last week for all grades of live steers was $101.73/cwt. October Live Cattle futures (the spot month) averaged $97.76 last week. So, the average basis was a positive $3.97.

Those who hedge cattle swap price risk for basis risk, which generally poses less risk, Maples says.

“Using a simplified example, assume a manager purchased a group of steers in March 2019 with plans to feed them for six months and immediately hedged by selling an October 2019 Live cattle futures contract which was trading at $116 at the time. After that point, prices going down helps them in their futures position but hurts them in their cash position, hence they are hedged against the impact of price changes,” Maples explains. “If this manager sold their steers last week and offset (bought back) their futures contract, they would have made $18.24/cwt. in the futures market ($116.00 – $97.76 = $18.24). Their cash cattle were worth much less than they were in March and they sold them for $101.73. Add the $18.24 made in the futures market to the $101.73 from selling the fed steers and this manager earned $119.97, which is $3.97 more than the futures price locked-in back in March ($119.97 – $116 = $3.97). This improvement over the locked-in price is due to the positive basis last week.”

Bottom line, based on average weekly nearby futures and average weekly fed steer price averages, Maples notes basis has been positive since the middle of April.

“This means that hedgers closing out in these weeks generally took home more than what they originally locked-in,” Maples says. “Conversely, from September 2018 through March 2019, basis was negative for 28 out of 32 weeks; hedgers generally took home less than their lock-in price. This shows that there is still risk in hedging, but the range (distribution) of basis risk is usually not as wide as the range of price risk.”

Cattle Current Daily—Sept. 12, 2019 2019-09-11T18:36:14-05:00

Cattle Current Podcast—Sept. 11, 2019

Negotiated cash fed cattle trade remained undeveloped through Tuesday afternoon.

Choice 2-4 steers sold $4.25-$4.50/cwt. lower at the fat auction in Dunlap, IA, bringing an average of $97.76 at an average weight of 1,374 lbs.

Cattle futures showed some life, though, with support from oversold conditions and after early follow-through pressure.

Live Cattle futures closed an average of $1.87 higher ($1.67 to $2.35 higher).

Feeder Cattle futures closed an average of $1.32 higher.

Wholesale beef values were lower on light demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.57 lower Tuesday afternoon at $225.38/cwt. Select was 94¢ lower at $200.98.

Grain futures traded higher Tuesday, perhaps on this week’s USDA Crop Progress report (see below), as well as some defensiveness heading into Thursday’s World Agricultural Supply and Demand Estimates.

Corn futures closed 6¢ to 7¢ higher through Sep ’20 and then mostly 3¢ to 4¢ higher. 

Soybean futures closed 10¢ to 14¢ higher through Sep ’20 and then fractionally higher to 3¢ higher.

Cattle Current Podcast—Sept. 11, 2019 2019-09-10T19:00:18-05:00

Cattle Current Daily—Sept. 11, 2019

Negotiated cash fed cattle trade remained undeveloped through Tuesday afternoon.

Choice 2-4 steers sold $4.25-$4.50/cwt. lower at the fat auction in Dunlap, IA, bringing an average of $97.76 at an average weight of 1,374 lbs.

Cattle futures showed some life, though, with support from oversold conditions and after early follow-through pressure.

Live Cattle futures closed an average of $1.87 higher ($1.67 to $2.35 higher).

Feeder Cattle futures closed an average of $1.32 higher.

Wholesale beef values were lower on light demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.57 lower Tuesday afternoon at $225.38/cwt. Select was 94¢ lower at $200.98.

Grain futures traded higher Tuesday, perhaps on this week’s USDA Crop Progress report (see below), as well as some defensiveness heading into Thursday’s World Agricultural Supply and Demand Estimates.

Corn futures closed 6¢ to 7¢ higher through Sep ’20 and then mostly 3¢ to 4¢ higher. 

Soybean futures closed 10¢ to 14¢ higher through Sep ’20 and then fractionally higher to 3¢ higher.

*******************************

Major U.S. financial indices softened Tuesday, led by tech stocks, but closed little changed.

The Dow Jones Industrial Average closed 73 points higher. The S&P 500 closed fractionally higher. The NASDAQ was down 3 points.

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Plenty of folks will be sorting through the monthly World Agricultural Supply and Demand Estimates (due Thursday morning) for clues about where USDA sees crop yield and production at this point.

Allendale Incprojects the USDA number for corn production at 13.90 billion bu. Based on its own Nationwide Yield Survey, Allendale projects production at 13.78 billion bu., with a yield of 167.71 bu./acre.

As for soybeans, Allendale projects yield at 46.13 bu./acre for production of 3.50 billion bu. They expect USDA to come out with an estimate of 3.68 billion bu.

In the meantime, corn crop condition lost ground last week, according to the most recent Crop Progress report for the week ending Sept. 8.

89% of corn was at the dough stage, which was 10% less than last year and 8% less than average. 55% was dented, which was 29% less than last year and 22% less than the average. 11% was mature, compared to 33% a year earlier and 24% for the five-year average. 55% was in Good (45%) or Excellent (10%) condition, which was 3% less than the previous week and 13% less than last year. 14% was in Poor (10%) or Very Poor condition (4%), which was 2% more than a year earlier.

92% of soybeans were setting pods, which was 8% less than the previous year and 7% less than the average. 55% were rated in Good (45%) or Excellent (10%) condition, the same as a week earlier, but 13% less than a year ago. 12% were in Poor (9%) or Very Poor (3%) condition, which was 2% more than a year earlier.

71% of spring wheat was harvested, which was 21% less than last year and 16% less than average.

97% of sorghum was headed, which was 2% less than the previous year and 1% less than the average. 65% was coloring, compared to 78% for the prior year and 74% for average. 27% was mature, which was 6% less than last year and 10% less than average. 22% was harvested, which was 2% less than last year and the average. 68% was in Good (53%) or Excellent (15%) condition, which was 15% more than a year earlier. 6% was rated as Poor (5%) or Very Poor (1%), compared to 17% last year.

51% of the nation’s pasture and range was rated in Good (43%) or Excellent (8%) condition, compared to 53% a week earlier and 43% last year. 20% was rated as Poor (14%) or Very Poor (6%), compared to 26% a year earlier.

Cattle Current Daily—Sept. 11, 2019 2019-09-10T18:57:50-05:00

Cattle Current Podcast—Sept. 10, 2019

Although there was no negotiated cash fed cattle trade reported by USDA through Monday afternoon, other sources reported live trade breaking out in various regions at $96-$97/cwt., another step lower from last week’s slide.

The average 5-area direct price for steers last week was $3.86 lower on a live basis at $101.73/cwt., according to USDA. The average dressed steer price was $5.69 lower at $165.83.

After attempts for stability early in the session, Live Cattle futures lost ground, while Feeder Cattle remained under pressure.

Live Cattle futures closed mixed, from an average of 39¢ lower (six contracts) to an average of 13¢ higher, with heavy trade and expanding open interest.

Except for 52¢ and 20¢ lower on either end of the board, Feeder Cattle futures closed an average of $1.15 lower.

Wholesale beef values were steady to weak on light to moderate demand and moderate to heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 36¢ lower Monday afternoon at $226.95/cwt. Select was 2¢ lower at $201.92.

Corn futures closed 1¢ lower through Mar ’20 and then mostly fractionally higher. 

Soybean futures closed mostly unchanged to fractionally higher across the front half of the board and then mostly 3¢ higher.

Cattle Current Podcast—Sept. 10, 2019 2019-09-09T20:34:26-05:00

This Is A Custom Widget

This Sliding Bar can be switched on or off in theme options, and can take any widget you throw at it or even fill it with your custom HTML Code. Its perfect for grabbing the attention of your viewers. Choose between 1, 2, 3 or 4 columns, set the background color, widget divider color, activate transparency, a top border or fully disable it on desktop and mobile.

This Is A Custom Widget

This Sliding Bar can be switched on or off in theme options, and can take any widget you throw at it or even fill it with your custom HTML Code. Its perfect for grabbing the attention of your viewers. Choose between 1, 2, 3 or 4 columns, set the background color, widget divider color, activate transparency, a top border or fully disable it on desktop and mobile.

This Is A Custom Widget

This Sliding Bar can be switched on or off in theme options, and can take any widget you throw at it or even fill it with your custom HTML Code. Its perfect for grabbing the attention of your viewers. Choose between 1, 2, 3 or 4 columns, set the background color, widget divider color, activate transparency, a top border or fully disable it on desktop and mobile.

This Is A Custom Widget

This Sliding Bar can be switched on or off in theme options, and can take any widget you throw at it or even fill it with your custom HTML Code. Its perfect for grabbing the attention of your viewers. Choose between 1, 2, 3 or 4 columns, set the background color, widget divider color, activate transparency, a top border or fully disable it on desktop and mobile.