Cattle Current Daily-July 3

Cattle Current Daily-July 3

Negotiated cash fed cattle trade for the week was $3-$5 lower at mostly $118-$119/cwt. Dressed trade was mostly $4-$5 lower at $189-$191.

Even so, Cattle futures continued to find stability toward the end of the week. Some credited Friday’s higher close, after early pressure, to the overall lack of trade.

Other than $1.10 lower in expiring June and 20¢ lower in spot Aug, Live Cattle futures closed an average of 61¢ higher (22¢ to 97¢ higher).

Feeder Cattle futures closed an average of $1.32 higher (75¢ to $2.32 higher).

Choice boxed beef cutout value was $1.82 lower Friday afternoon at $224.73/cwt. Select was $1.74 lower at $208.42.

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Major financial indices ended the seesaw week mixed on Friday as investors prepared for a long weekend. Although markets will be open today—closing early—you get the idea lots of folks are making this a 4-day weekend.

The Dow Jones Industrial Average closed 62 points higher. The S&P 500 closed 3 points higher. The NASDAQ closed 3 points lower.

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The Acreage and Quarterly Grain Stocks reports from USDA on Friday added fuel to grain markets that have been surging in recent days with expanding drought in the Northern Plains.

Corn

Corn planted area for all purposes in 2017 is estimated at 90.9 million acres, down 3% from last year.

Corn stocks of 5.23 billion bu. are 11% more than the same time last year. On-farm corn stocks were up 15% from a year ago and off-farm stocks were up 6%.

Soybeans

Soybean planted area for 2017 is estimated at a record-high 89.5 million acres, up 7% from last year. Soybean area for harvest is estimated at a record-high 88.7 million acres, which is 7% more than last year.

Soybeans stocks of 963 million bu. are 11% more than a year earlier. On-farm soybean stocks were up 18% from a year ago; off-farm stocks up 7%.

Wheat

The all wheat planted area for 2017 is estimated at 45.7 million acres, 9% less than last year and the lowest all wheat planted area since records began in 1919.

Wheat stocks of 1.18 billion bu. are 21% more than a year ago. On-farm all wheat stocks were down 3% from last year, while off-farm stocks were up 28%.

2017-07-02T18:28:18-06:00

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