Cattle Current Daily—Apr. 25, 2019

Cattle Current Daily—Apr. 25, 2019

Cattle futures headed south Wednesday, amid presumable profit taking, technical pressure and chatter that the seasonal top in cash fed cattle prices is on the books.

Live Cattle futures closed an average of $1.99 lower ($1.50 to $2.77 lower), with the heaviest trade in a month. 

Feeder Cattle futures closed an average of $2.66 lower ($1.72 lower at the back to $3.10 lower in spot May).

Despite futures negativity, negotiated cash fed cattle trade was at steady money in the Southern Plains at $126/cwt. on moderate trade and demand. There were too few transactions to trend in other regions, but the tone of early sales was decidedly lower in Nebraska and the western Corn Belt.

There were 461 head offered in the weekly Fed Cattle Exchange Auction: 124 head (one lot of Kansas steers) sold for a weighted average price of $127, for delivery at 1-9 days.

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

Choice boxed beef cutout value was $1.15 lower Wednesday afternoon at $232.96/cwt. Select was 98¢ lower at $220.28.

Corn futures closed 2¢ to 4¢ lower.

Soybean futures continued lower, closing down mostly 6¢ to 7¢.

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Major U.S. financial indices closed lower on Wednesday amid mixed quarterly earnings reports and more fretting about the trade impasse with China.

The Dow Jones Industrial Average closed 59 points lower. The S&P 500 closed 6 points lower. The NASDAQ was down 18 points.

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Nearly 150,000 growers in Iowa, Nebraska, Missouri and Kansas are affected by flooding, according to Farm Market iD (FMID), a provider of farm and grower data.

According to FMID, there are nearly 90,000 grain bins located in the flooded areas, which are valued at $4 billion for the structures. The 1.24 billion bu. of storage capacity in the affected area equates to 31% of on-farm grain storage.

“The amount and cost of lost grain and the construction costs to rebuild will impact farmers for years, and some may have a hard time recovering,” says Steve Rao, CEO of FMID. “That said, the majority of on-farm grain storage has not been affected.”

FMID estimates there are 16 million acres in the affected areas intended for planting to corn, wheat or soybeans.

2019-04-24T20:00:43-05:00

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