Cattle Current Daily—July 25, 2019

Cattle Current Daily—July 25, 2019

There was little to no country trade for negotiated cash fed cattle through Wednesday afternoon, but early signs pointed to steady money or just either side of even.

Slaughter steers sold steady to $1 higher at Sioux Falls Regional in South Dakota. Slaughter heifers sold steady to $2 higher.

At the fat auction in Tama, IA, however, Choice Steers and heifers sold 75¢ to $1 lower: $117.30/cwt. for Ch 2-4 steers at an average of 1,339 lbs.

There were only 378 head offered in the weekly Fed Cattle Exchange auction and no takers.

Cattle futures traded sideways until a bounce in Feeder Cattle.

Except for 15¢ lower in spot Aug and unchanged in Feb, Live Cattle futures closed an average of 10¢ higher.

Feeder Cattle futures closed an average of 34¢ higher.

Corn futures closed mostly fractionally lower.

Soybean futures closed mostly 4¢ to 5¢ higher. 

Wholesale beef values were steady to weak on light to moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 18¢ lower Wednesday afternoon at $213.60/cwt. Select was 29¢ lower at $189.42.

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Major U.S. financial indices closed mixed Wednesday, with mixed quarterly earnings reports. For instance, AT&T and UPS beat expectations, while Boeing and Caterpillar disappointed.

The Dow Jones Industrial Average closed 79 points lower. The S&P 500 closed 14 points higher. The NASDAQ was up 70 points.

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This year’s estimated calf crop of 36.3 million head is 102,700 head fewer (-0.3%) than the same period a year earlier, according to last week’s semiannual Cattle report from USDA. That’s with an estimated 26.5 million calves born in the first half of 2019, which would be 100,000 fewer than the same period last year.

“This combined with steer slaughter below a year ago, fewer steers on feed and elevated cow and heifer slaughter indicate that the data is supporting a lot of anecdotal stories over the last couple of years of reproductive problems,” says David Anderson, Extension livestock economist at Texas A&M University, in the most recent issue of In the Cattle Markets. “Reports of reproductive problems have often been attributed to extreme weather events, but also some uncertain factors. This combination of data might also suggest that the calf crop or maybe even the cow herd has been slightly overestimated the last couple of years.”

2019-07-24T18:30:58-06:00

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