Cattle Current Daily—Dec. 24 to 27, 2021

Cattle Current Daily—Dec. 24 to 27, 2021

Markets head into what will be a long holiday weekend for many on a positive note.

Cattle futures gained again Thursday with traders apparently content to position on the plus side heading into the long weekend. Although trade was holiday-light, open interest in Live Cattle expanded the last two days. Higher outside markets added support.

Feeder Cattle futures closed an average of $1.25 higher (72¢ higher at the back to $1.82 higher toward the front).

Live Cattle futures closed an average of $1.22 higher (70¢ higher toward the back to $2.25 higher toward the front).

Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Thursday afternoon, according to the Agricultural Marketing Service.

For the week, live prices are $1 lower in the Texas Panhandle at $135/cwt. and $1-$3 lower in Kansas and Nebraska at $135. Dressed trade in Nebraska is steady to $1 lower at $217-$218. Last week, live prices were at $138 in the western Corn Belt and dressed trade was at $217-$218.

Choice boxed beef cutout value was $1.08 higher Thursday afternoon at $262.94/cwt. Select was $2.12 higher at $252.95/cwt.

Corn futures closed mostly 1¢ to 3¢ higher.

Soybean futures closed 3¢ to 7¢ higher through Sep ‘22 and then mostly 6¢ lower.

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Major U.S. financial indices rolled higher Thursday. Apparently FDA’s emergency use authorization of the Pfizer COVID treatment pill and Thursday’s authorization of an antiviral pill from Merck added confidence.

The Dow Jones Industrial Average closed 196 points higher. The S&P 500 closed 29 points higher. The NASDAQ was up 131 points.

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Logic says markets should view the latest monthly Cattle on Feed report (1,000 head and more capacity) as neutral to a touch friendly.

Cattle feeders placed 1.97 million head in November, which was 68,000 head more (+3.6%) than a year earlier. That was in line with pre-report expectations.

In terms of placement weights, 53.3% went on feed weighing 699 lbs. or less, 35.5% weighing 700-899 lbs. and 11.2% weighing 900 lbs. or more.

Marketings in November of 1.87 million head were 94,000 head more (+5.3%) than a year earlier. That was a touch more than pre-report expectations.

Cattle on feed Dec. 1 of 11.98 million head were 51,000 head fewer (-0.4%) than the same time last year.

2021-12-23T19:04:49-06:00

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