Cattle Current Daily-July 17

Cattle Current Daily-July 17

Continued gains in Feeder Cattle futures on Friday helped lift Live Cattle as well.

Live Cattle futures closed an average of 57¢ higher (37¢ higher to 82¢ higher).

Feeder Cattle futures closed an average of $1.51 higher ($1.10 to $2.57 higher).

Choice boxed beef cutout value was 50¢ lower Friday afternoon at $209.35/cwt. Select was $1.84 lower at $195.42.

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Major financial indices closed higher on Friday, buoyed by a strong start to quarterly earnings reports.

The Dow Jones Industrial Average closed 84 points higher. The S&P 500 closed 11 points higher. The NASDAQ closed 38 points higher.

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Projected U.S. feed grain supplies for 2017-18 are 2% less than last year, according to the Feed Outlook issued by USDA’s Economic Research Service (ERS) on Friday. If the projected production of 443.0 million metric tons comes to pass, however, it will be the third most in history.

As for hay, ERS analysts explain, “Demand increased substantially in the last several weeks as drought has rapidly worsened in South Dakota, North Dakota, and Montana However, hay supplies are tight for two reasons. First is the time frame, as producers are cutting or just finishing early cuttings and putting up the hay, not selling it. Second, is the presumed poor yield because of the drought.”

Compounding the problem for producers facing drought in the Northern Plains, according to ERS are the lowest beginning hay stocks in the aforementioned states since 2013.

“According to data from USDA’s Agricultural Marketing Service, hay prices rose sharply since last year at this time, particularly in South Dakota,” ERS analysts say. “If rains do not resume soon, many producers will need to liquidate herds, move cattle to other regions, or buy hay (or other supplemental feeds) from distant locations at high cost.”

2017-07-16T22:42:13-05:00

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