Cattle Current Daily—Nov. 23, 2020

Cattle Current Daily—Nov. 23, 2020

Negotiated cash fed cattle prices ended last week steady, according to data from the Agricultural Marketing Service (AMS). Live prices were at $110/cwt. in the Southern Plains and Nebraska and at $109-$110 in the western Corn Belt. Dressed prices are steady at $172.

Estimated cattle slaughter for the week ending Nov. 21 was 665,000 head, according to USDA. That would be 12,000 head more than the prior week, but 3,000 head fewer than the same week last year. Estimated year-to-date total cattle slaughter of 28.73 million head would be 1.07 million fewer (-3.59%) than same period last year.

Estimated beef production for the week of 559.1 million lbs. would be 9.3 million lbs. more than the previous week and 5.4 million lbs. more than the same week last year. Year-to-date estimated beef production of 23.87 billion lbs. would be 245.8 million lbs. less (-1.02%) than the same period last year.

Cattle futures closed mixed on Friday with higher Lean Hog futures helping reverse some early pressure and firm following the previous session’s pullback.

Live Cattle futures closed narrowly mixed, from an average of 33¢ lower to an average of 14¢ higher.

Feeder Cattle futures closed mixed, from an average of 55¢ lower across the front half of the board to an average of 27¢ higher.

Choice boxed beef cutout value was 65¢ higher Friday afternoon at $238.35/cwt. Select was $1.09 higher at $214.98.

Corn futures closed mostly fractionally mixed.

Soybean futures closed 2¢ to 6¢ higher through Sep and then mostly 1¢ lower.

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Major U.S. financial indices closed lower Friday, pressured by the continued rise in COVID-19 infections.

The Dow Jones Industrial Average closed 219 points lower. The S&P 500 closed 24 points lower. The NASDAQ was down 49 points.

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USDA’s monthly Cattle on Feed report issued Friday—for feedlots with 1,000 head or more capacity—will likely be viewed as neutral to slightly friendly.

There were 2.19 million head placed in October which was 270,000 head fewer (-10.97%) than a year earlier. Estimates ahead of the report suggested placements to be about 1.5% more.

In terms of weights, 49% went on feed weighing less than 600 lbs.; 39% weighing 700-899 lbs.; 12% weighing 900 lbs. or more.

Marketings of 1.87 million head in October were just 2,000 fewer (-0.11%) than a year earlier, about in line with pre-report estimates.

Cattle on feed Nov. 1 were 11.97 million head, which was 157,000 head more (+1.33%) than a year earlier. That was slightly less than expectations. The number is the most for the month since the data series began in 1996.

2020-11-21T18:41:12-06:00

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