Cattle Current Daily—Feb. 14, 2020

Cattle Current Daily—Feb. 14, 2020

Lower prices for negotiated cash fed cattle continued in Nebraska and the western Corn Belt late Wednesday and Thursday with live sales $2-$3 lower at $119/cwt. and dressed sales $3 lower at $190.

Cattle futures continued to regain some footing amid more active trade and expanding open interest for the first time in a spell.

Live Cattle futures closed an average of 79¢ higher, from 40¢ higher to $1.40 higher in the back contract.

Feeder Cattle futures closed an average of $1.26 higher, from 60¢ higher to $1.77 higher toward the front of the board.

Wholesale beef values were steady on Choice and lower on Select with light to moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 14¢ higher Thursday afternoon at $206.45/cwt. Select was $1.51 lower at $203.79.

Corn futures closed mostly fractionally lower to 1¢ lower.

Soybean futures closed 2¢ to 3¢ higher.

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Major U.S. financial indices softened Thursday, amid reports of a jump in Chinese coronavirus cases and questions about how China is counting diagnosed and confirmed cases.

The Dow Jones Industrial Average closed 128 points lower. The S&P 500 closed 5 points lower. The NASDAQ was down 13 points.

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“There are a number of factors that indicate that the land market will continue to be steady in 2020,” says Randy Dickhut, senior vice president of real estate operations for Farmers National Company (FNC). “Interest rates are low and are poised to remain so during the foreseeable future and government support through MFP payments will likely continue if Chinese trade issues are not fully resolved. Overall, agriculture is in adequate financial shape, but there are individual and regional concerns.”

FNC analysts add that buyer demand, relative to the supply, needs to continue for prices to maintain the plateau trend of the past few years. In 2019, for instance, they say prices held steady with less than the average supply of agricultural land for sale. 

“Investor interest in cropland increased somewhat in 2019 with several new entities entering the market and also from an increase in purchasing activity by existing institutional investors,” Dickhut says.

With buyers generally more cautious last year, some markets saw a move to private treaty listings or bid sales instead of the traditional public land auction, according to FNC.

2020-02-13T18:28:20-06:00

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