Cattle Current Daily—Feb. 19, 2019

Cattle Current Daily—Feb. 19, 2019

Negotiated cash fed cattle trade ended up mainly steady on a live basis last week at $125/cwt. in the Southern Plains and Nebraska; unevenly steady in the western Corn Belt at $124-$126. Dressed trade was steady in Nebraska at $200 and steady to $1 lower in the western Corn Belt at $199-200.

Futures and equity markets were closed Monday, in observance of President’s Day. As well, many AMS reports were not issued. 

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Estimated net returns for feedlot steer closeouts were slightly negative for January, but increase or remain near breakeven for the next several months, according to the Historical and Projected Kansas Feedlot Net Returns from Kansas State University (KSU).

January closeouts for steers were estimated at -$2.34 per head. Estimated returns are +$74.69 per head this month and +$117.39 in March, with estimated feeding cost of gain (FCOG) of $86.03 and $85.14, respectively. 

Keep in mind, estimates are on a cash-to-cash basis and assume no price risk management.

“The main change in January estimates from last month’s projections is a nearly $5 lower fed cattle basis,” explains Glynn Tonsor, KSU agricultural economist.

For April through August, estimated steer closeouts range from -$41.02 to +$39.09. Estimated FCOG is $83.50 to $86.27/cwt.

Similarly, projected closeouts for heifers in January was -$26.63 per head. Heifer returns are projected at +$47.43 this month and at +$71.49 in March with FCOG of $91.55 and $92.73/cwt. Through August, projected net heifer returns range from -$97.17 in April to +$14.15 in May. Estimated FCOG is $91.36 to $95.33/cwt.

2019-02-18T18:37:39-05:00

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