Cattle Current Daily—Aug. 10, 2021

Cattle Current Daily—Aug. 10, 2021

Negotiated cash fed cattle trade was at a standstill in the Southern Plains and Nebraska through Monday afternoon, according to the Agricultural Marketing Service. It was mostly inactive on light trade in the Western Corn Belt.

Last week in the Texas Panhandle, live sales traded from $121 to $122. In Kansas, live sales traded at $121. In Nebraska live sales traded at $125 and dressed at $198. In the Western Corn Belt, live sales were at $125-$126 and dressed at $198.

Steep declines in Lean Hog futures pressured Cattle futures Monday despite last week’s stronger cash trade and surging wholesale beef prices. By the end of the session, though, they were back to about even.

Live Cattle futures closed an average of 27¢ lower (15¢ to 45¢), except for unchanged in spot Aug.

Feeder Cattle futures closed mixed, down an average of 19¢, except for 28¢ higher in Apr.

Choice boxed beef cutout value was $3.54 higher Monday afternoon at $299.80/cwt. Select was $3.72 higher at $280.81/cwt.

Crop progress and an improved weather outlook pressured Corn futures Monday.

Corn futures closed mostly 2¢ to 3¢ lower.

Soybean futures closed mostly 4¢ to 7¢ lower, except for 11¢ higher in Spot Aug.

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Major U.S. financial indices closed mixed Monday. The spread of the Delta variant of Covid, as well as anticipation of year-end stimulus tapering, weighed on the market.

The Dow Jones Industrial Average closed 107 points lower. The S&P 500 closed 4 points lower.The NASDAQ closed 24 points higher. 

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“Triple-digit gains in Choice cutout values last week created optimism, however traders are still questioning where beef prices will land once Labor Day buying is complete,” says Brenda Boetel, Extension livestock economist at the University of Wisconsin-River Falls, in the latest issue of In the Cattle Markets. “Feeders are expected to focus on further advancement of cash values following the moderate $1 to $2/cwt. gains last week. This could create a wider gap between asking prices and bids once each side becomes more active.”

2021-08-10T01:54:05-06:00

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