Cattle Current Daily-Oct. 1, 2018

Cattle Current Daily-Oct. 1, 2018

Negotiated cash fed cattle trade was mainly steady with the previous week at $110-$111/cwt. on a live basis and mostly $174 in the beef.

Cattle futures closed little changed Friday but mostly to the upside.

Live Cattle futures closed an average of 20¢ higher.

Except for 95¢ lower in newly minted away Sep, Feeder Cattle futures closed an average of 59¢ higher.

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

Choice boxed beef cutout value was 83¢ lower Friday afternoon at $203.88/cwt. Select was 88¢ higher at $193.44.

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Major U.S. financial indices closed little changed Friday as investors squared the books for the week, month and quarter.

The Dow Jones Industrial Average closed 18 points higher. The S&P 500 closed fractionally lower. The NASDAQ was up 4 points.

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Heading into fall, availability of winter wheat pasture looks to be well above normal, say analysts with the Livestock Marketing Information Center (LMIC), noting the planting pace is ahead of last year and the 5-year average.

“Early planting and quick germination will grant cattle earlier access to those fields and allow for longer grazing without sacrificing harvesting wheat for grain,” LMIC analysts say, in the latest Livestock Monitor.

In fact, there likely will be the most cattle grazing wheat pasture since 2007 in Kansas, Oklahoma and Texas, according to LMIC. Analysts there say the number of winter-grazing cattle in those three states averaged about 2.1 million head over the last 18 years (based on Jan. 1 numbers). There were 1.50 million head last year, the least since 2013.

“As of Jan. 1, 2019, the 3-state total could be 1.8 to 2.0 million head,” AMS analysts say. “At that midpoint (1.9 million head), it would indicate the number of head winter grazing has increased from the prior year by 400,000 head (up 27%). That number would go a long way in absorbing the growth in this year’s national calf crop, but it may also bunch-up sales of short yearling animals coming off those pastures as early as mid-February.”

2018-09-30T16:22:10+00:00

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