Cattle Current Daily—Oct. 1, 2019

Cattle Current Daily—Oct. 1, 2019

Cattle futures were mixed on Monday, with Live Cattle mostly higher, but Feeder Cattle mostly lower, pressured by surging Corn futures.

Except for 45¢ and 27¢ lower in the front two contracts, Live Cattle futures closed an average of 40¢ higher.

Except for 45¢ and 30¢ higher in the back two contracts, Feeder Cattle futures closed an average of 77¢ lower (37¢ lower to $1.92 lower in spot Oct).

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

Choice boxed beef cutout value was 14¢ lower Monday afternoon at $212.44/cwt. Select was $2.75 lower at $187.11.

Corn and soybean futures rallied Monday, in the wake of a bullish USDA grain stocks report (see below), as well as positive export news for corn.

Corn futures closed 12¢ to 16¢ higher through Jul ’20 and then mostly 4¢ higher.

Soybean futures closed 13¢ to 20¢ higher through Nov ’20 and then 5¢ to 11¢ higher. 

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Major U.S. financial indices closed out the third quarter on a higher note Monday, with support from more optimism surrounding U.S.-China trade talks later this month. Nothing specific on trade talks; more of the he-said, she-said stuff.

The Dow Jones Industrial Average closed 96 points higher. The S&P 500 closed 14 points higher. The NASDAQ was up 59 points.

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USDA surprised plenty of folks with its quarterly Grain Stocks report issued Monday.

Old crop corn stocks in all positions Sept. 1 totaled 2.11 billion bu., which was 1% less than a year earlier. That was a more significant decline than the trade was expecting. Of the total stocks, 753 million bu. were stored on farms, up 22% from a year earlier. Off-farm stocks of 1.36 billion bu. were 10% less than a year ago.

Likewise, old-crop soybeans stored in all positions totaled 913 million bu. at the beginning of the month, up 108% from the previous year, but significantly less than pre-report expectations. Soybean stocks stored on farms totaled 265 million bu., up 162% percent from a year ago. Off-farm stocks, at 648 million bushels were up 92% from last September.

As well, the weekly Crop Progress report continues to underscore late crop development.

For the week ending Sept. 29, 88% of the corn crop was dented, which was 12% less than last year and 10% less than the average. 43% of corn was mature, compared to 84% a year earlier and 73% for the five-year average. 11% was harvested, which was 14% less than last year and 8% less than average. 57% was in Good (46%) or Excellent (11%) condition, the same as the previous week but 12% less than last year. 14% was in Poor (10%) or Very Poor condition (4%), which was 1% more than a week earlier and 2% more than a year earlier.

55% of soybeans were dropping leaves, which was 26% less than the previous year and 21% less than the average. 7% were harvested, which was 15% less than a year earlier and 13% less than average. 55% were rated in Good (46%) or Excellent (9%) condition, 1% more than a week earlier, but 13% less than a year ago. 13% were in Poor (10%) or Very Poor (3%) condition, which was 3% more than a year earlier.

90% of spring wheat was harvested, which was 10% less than last year and 9% less than average.

95% of sorghum was coloring, which was 2% less than the previous year but on par with the average. 54% was mature, which was 6% less than last year and 9% less than average. 30% was harvested, which was 3% less than last year and 5% less than the average. 65% was in Good (50%) or Excellent (15%) condition, which was 11% more than a year earlier. 8% was rated as Poor (6%) or Very Poor (2%), compared to 17% last year.

39% of winter wheat was planted, which was 2% less than the previous year but 1% more than the average. 11% had emerged, compared to 12% last year and 13% for average.

45% of the nation’s pasture and range was rated in Good (37%) or Excellent (8%) condition, the same as a week earlier and 2% less than a year earlier. 25% was rated as Poor (17%) or Very Poor (8%), which was 1% more than the previous week but 2% more than a year earlier.

2019-09-30T19:50:14-06:00

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