Cattle Current Daily—Aug. 2, 2021

Cattle Current Daily—Aug. 2, 2021

Negotiated cash fed cattle prices last week were $1 higher in the Southern Plains at $122/cwt. and unevenly steady in Nebraska at $122. Dressed trade in Nebraska was $1 higher at $196. Dressed prices in the western Corn Belt were $196, compared to $195-$202 the previous week; no established trend for live trade.

Through Thursday, the average five-area direct fed steer price was $121.05/cwt., 40¢ more than the previous week. The average steer price in the beef was $197.49, which was 70¢ more.

Cattle futures softened further Friday amid week-end and month-end position squaring.

Live Cattle futures closed an average of  60¢ lower.

Feeder Cattle futures closed an average of  32¢ lower (5¢ to $1.02 lower).

Choice boxed beef cutout value was $3.24 higher Friday afternoon at $278.46/cwt. Select was $2.37 higher at $259.19/cwt.

Estimated total cattle slaughter last week of 649,000 head was 1,000 more than the previous week and 13,000 more than the same week last year. Estimated year-to-date total cattle slaughter of 19.24 million head is 826,000 more (+4.5%) than the same period last year.

Corn futures closed 10¢ 11¢ lower through new-crop contracts and then mostly 5¢ to 7¢ lower.

Soybean futures closed mostly 14¢ to 29¢ lower.

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Major U.S. financial indices closed the week lower on Friday as concern among investors seems to be corporate earnings, while strong in the second quarter, may have peaked – especially with megacap tech companies like Amazon.

The Dow Jones Industrial Average closed 149 points lower. The S&P 500 closed 24 points lower. The NASDAQ was down 106 points. l

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The Livestock Marketing Information Center (LMIC) revised beef production lower this year based on the reduced beef cow numbers in the recent semiannual Cattle report.

“LMIC is now projecting prices could be almost 7% higher than a year ago for fed cattle, which would support strong gains in the feeder cattle complex,” say the organization’s analysts, in the latest Livestock Monitor.

These are among specific points LMIC made regarding the Cattle report:

“The beef cow decline was expected, given year-to-date slaughter is up 9% or 152,000 head. Heifer slaughter, too, was in line with a decline, up 9% over last year.”

“One of the more surprising numbers was the calf crop, which was reported as even with a year ago, even though total cows (beef + dairy) was down by 500,000 head.” 

“…the dairy cow herd has shown stronger growth in 2021 reaching 9.5 million head, a 1.6% increase over 2020. Dairy replacements indicated that trend may continue as dairy farmers held back 2.5% more heifers than a year ago.” 

2021-08-01T19:32:46-06:00

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