Cattle Current Daily—Dec. 31, 2019

Cattle Current Daily—Dec. 31, 2019

The 5-area direct weighted average price for steers last week was $122.28/cwt. on a live basis and $195.22 in the beef. Week to week, that was $1.92 higher and $3.37 higher, respectively.

Cattle futures hovered on either side of even Monday, amid light holiday trade.

Live Cattle futures closed narrowly mixed, from an average of 16¢ lower to an average of 24¢ higher (60¢ higher in nearly spent spot Dec).

Feeder Cattle futures closed narrowly mixed, from an average of 25¢ lower across the front half of the board to an average of 37¢ higher.

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

Choice boxed beef cutout value was 70¢ higher Monday afternoon at $209.66/cwt. Select was 84¢ higher at $205.41.

Corn futures closed fractionally lower to 1¢ lower through Mar ’21 and then mostly fractionally higher.

Soybean futures closed 8¢ to 11¢ higher through Sep ’20 and then mostly 3¢ to 5¢ higher. Presumably, support included more positive chatter about the Phase-one U.S.-China trade deal being signed as early as next week.

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Major U.S. financial indices closed lower Monday, with little news and likely year-end profit taking and positioning.

The Dow Jones Industrial Average closed 183 points lower. The S&P 500 closed 18 points lower. The NASDAQ was down 60 points.

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Between a likely smaller calf crop and slightly less per capita domestic beef availability, the Livestock Marketing Information Center (LMIC) projects cash fed cattle prices in 2020 to be 1-4% higher than this year, with most of the gains coming in the second half of the year.

“A smaller forecasted spring-born 2020 calf crop and a normal summer growing season sets the stage for next year’s fall-weaned calves to price near to slightly above 2017’s prices,” LMIC analysts say.

That gibes with early-release tables from USDA’s Long-Term Agricultural Projections (to-2029), which will be published in February.

USDA projects the annual average 5-area direct fed steer price in 2020 at $116.00/cwt., compared to $115.50 this year. The price in 2021 is forecast at $120.93.

Likewise, USDA projects the annual feeder steer price in 2020 (basis Oklahoma City) at $141.00, compared to $140.50 this year. The average price in 2021 is forecast at $151.11.

2019-12-30T17:36:40-06:00

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