Cattle Current Daily—Aug. 16, 2019

Cattle Current Daily—Aug. 16, 2019

Other than the $105 paid in the Southern Plains a day earlier, negotiated cash fed cattle trade remained undeveloped through Thursday afternoon.

Cattle futures mostly edged higher, with plenty of uncertainty in the wake of this week’s volatile trade.

After unchanged in spot Aug, Live Cattle futures closed an average of 37¢ higher, except for 27¢ and 2¢ lower in near Dec and Feb, respectively.

Other than 10¢ and 25¢ lower in two contracts toward the back, Feeder Cattle futures closed an average of 43¢ higher, (2¢ higher to $1.30 higher in spot Aug).

Wholesale beef values were sharply higher on good demand and light offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $3.78 higher Thursday afternoon at $236.12/cwt. Select was $4.75 higher at $210.67. That was $19.24 for Choice week to week and $18.30 more for Select, driven by the recent supply disruption.

Corn futures closed mostly fractionally higher.

Soybean futures closed mostly 6¢ to 9¢ lower.

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Major U.S. financial indices closed mixed Thursday, stemming the steep slide from the previous day. Support included more than expected retail sales in July.

Advance estimates of U.S. retail and food services sales for July were $523.5 billion, which was of 0.7% more than the previous month and 3.4% more than the previous year, according to the U.S. Commerce Department.

The Dow Jones Industrial Average closed 99 points higher. The S&P 500 closed 7 points higher. The NASDAQ was down 7 points.

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Carcass weights continue lighter year over year, according the most recent USDA Actual Slaughter Under Federal Inspection report.

The average dressed steer weight for the week ending Aug. 3 was 872 lbs., which was 3 lbs. heavier than the previous week, but 8 lbs. lighter than a year earlier. The average dressed heifer weight of 805 lbs. was 5 lbs. heavier week to week, but 4 lbs. lighter year over year.

Total cattle slaughter for the week of 632,874 head was 8,419 more than the same week a year earlier. Fed cattle slaughter was 30,613 head fewer. Beef production for the week was 1.3 million lbs. more at 510.7 million lbs.

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Count analysts with the Livestock Marketing Information Center (LMIC) among those less bullish than USDA when it comes to corn production this year.

“The challenge for this year’s crop is now focused on favorable weather conditions to reach maturity in optimal condition,” say LMIC analysts, in the latest Livestock Monitor. “Delayed planting means that the crop will have less time to develop, which elevates the risks of lower average yields per acre and fewer acres of harvestable quality when combines move through the fields later this year.”

The USDA Crop Production estimates that drove corn prices lower this week forecast 90.01 million acres planted to corn, 82 million acres harvested, and yield at 169.5 bu./acre for production of an estimated 13.9 billion bu.

Between impacts of delayed planting and the chance of an early frost, LMIC forecasts 81.5 million corn acres harvested with an average yield of 166 bu./acre.

for production of 13.5 billion bu., the least since 2012. These numbers support a an average corn price at the farm for the new crop year of slightly more than $4/bu., according to LMIC analysts.

2019-08-15T18:06:39-06:00

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