Cattle Current Daily—July 22, 2019

Cattle Current Daily—July 22, 2019

Negotiated cash fed cattle trade ended up mainly steady to $1 lower last week at $111/cwt. in the Southern Plains, $113.00-$113.50 in Nebraska and $114-$116 in the western Corn Belt. Dressed trade was steady at $182-$185.

Cattle futures closed higher Friday, with support from Lean Hogs and perhaps some boost from the potential impact excessive heat will have on production.

Live Cattle futures closed an average of 52¢ higher.

Feeder Cattle futures closed an average of 45¢ higher.

Corn futures closed 5¢ to 6¢ higher through Jul ’20 and then mostly 1¢ higher.

Soybean futures closed 15¢ to 20¢ higher through Sep ’20 and then mostly 13¢ higher.

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

Choice boxed beef cutout value was 8¢ higher Friday afternoon at $213.42/cwt. Select was 90¢ higher at $189.51.

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Major U.S. financial indices closed lower Friday, amid mixed quarterly earnings reports and geopolitical angst stemming from Iran’s seizure of a British oil tanker.

The Dow Jones Industrial Average closed 68 points lower. The S&P 500 closed 18 points lower. The NASDAQ was down 60 points.

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There were no surprises in Friday’s monthly USDA Cattle on Feed report (feedlots with 1,000 head or more capacity), with the numbers about dead on with pre-report estimates.

Cattle feeders placed 1.76 million head in June, which was 2.34% (-42,000 head) less than a year earlier. In terms of placement weight, 38.72% weighed less than 699 lbs., 44.48% weighed 700-899 lbs. and 16.80% weighed 900 lbs. or more.

Marketings in June of 1.94 million head were 3.04% (-61,000 head) less than the previous year, keeping in mind there was one less business day this year.

Cattle on feed July 1 of 11.48 million head were 1.75% (+198,000 head) more than last year. This makes the third month in a row that the on-feed number was the largest since the data series began in 1996, according to the Agricultural Marketing Service.

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USDA’s semiannual Cattle report hints at slowing herd expansion and fewer calves year over year.

The nation’s herd of beef cows—34.0 million head—was the same as a year earlier.

All cattle and calves were 103 million head July 1, even with the same time a year ago.

The estimated feeder cattle supply outside feedlots July 1 was 37.1 million head, which is 0.3% more than last year. However, the 4.4 million head of heifers for beef replacement were 200,000 head (-4.5%) less than the previous July.

As well, this year’s estimated calf crop of 36.3 million head was 102,700 (-0.3%) fewer than the same period a year earlier. That’s with an estimated 26.5 million calves born in the first half 2019, which would be 100,000 fewer than the same period last year.

2019-07-20T16:38:22-05:00

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