Cattle Current Daily—March 27, 2019

Cattle Current Daily—March 27, 2019

Negotiated cash fed cattle trade remained undeveloped through Tuesday afternoon.

Live Cattle futures closed an average 48¢ lower (12¢ to 77¢ lower).

Except for 57¢ and 2¢ higher in the front two contracts, Feeder Cattle futures closed an average of 89¢ lower.

Corn futures closed mostly 1¢ to 2¢ lower.

Soybean futures closed 3¢ to 5¢ lower.

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

Choice boxed beef cutout value was 51¢ higher Tuesday afternoon at $229.51/cwt. Select was 26¢ higher at $218.99.

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Major U.S. financial indices closed higher, Tuesday. Early on, the rising 10-year Treasury yield offered support.

The Dow Jones Industrial Average closed 140 points higher. The S&P 500 closed 20 points higher. The NASDAQ was up 53 points.

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Plenty of folks are eager to see the Prospective Plantings report from USDA on Friday, but it will likely spawn more questions than answers, as surveys for the report occurred before the bomb cyclone and subsequent flooding, which is projected to continue for the next couple of months.

“Taking a brief look at intended national plantings, versus actual acreage seeded in the past two primary flood years—2011 and 1993—1993 was significantly worse with spring flooding, plus devastating growing season flooding,” say analysts with the Livestock Marketing Information Center (LMIC), in the most recent Livestock Monitor. “However, note that the balance of this year Midwest crops could be different than those years due to relative crop prices, etc. In 2011, the corn area planted was about 240,000 acres below the prospective indication (down 0.3%), while soybean acreage was down 1.6 million acres (dropped 2.0%). In 1993, the difference (actual plantings minus prospective survey) was a corn drop of about 3.25 million acres (-4.3%), and a soybean increase of 785,000 acres (up 1.3%).”

Markets will focus on three areas in order to assess corn and soybean prices, according to LMIC.

First is plantings. Next is the portion of planted acres harvested for grain; LMC analysts note Midwest flooding could increase planting area abandoned as the growing season unfolds. Finally, is the yield per acre.

2019-03-26T19:48:27-05:00

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