Cattle Current Daily—Oct. 14, 2020

Cattle Current Daily—Oct. 14, 2020

Negotiated cash fed cattle trade was limited on very light demand in Nebraska and the western Corn Belt through Tuesday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were a few live sales in Nebraska at $107-$108/cwt.

Cattle futures on Tuesday gained back a fair portion of what was lost in the previous session, although it was tough to see a concrete reason, given the 6,000-contract decline in Live Cattle open interest a day earlier. 

Live Cattle futures closed an average of 84¢ higher (40¢ to $1.50 higher).

Feeder Cattle futures closed an average of 79¢ higher (57¢ to $1.27 higher).

Choice boxed beef cutout value was $2.18 lower Tuesday afternoon at $212.44/cwt. Select was 26¢ lower at $200.08.

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Major U.S. financial indices closed lower Tuesday amid mixed economic news. Pressure included resurgent COVID cases and two major pharmaceutical companies suspending late-stage vaccine trials on health concerns.

The Dow Jones Industrial Average 157 points lower. The S&P 500 closed 22 points lower. The NASDAQ was down 12 points.

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AGR Partners LLC (AGR), along with existing co-investor StepStone Group, completed the purchase of Green Plains Inc.’s remaining 50% ownership in their joint venture in Green Plains Cattle Company LLC (GPCC), the fourth largest cattle feeder in the United States. Investment funds managed by AGR will become the majority owners of GPCC, with completion of the transaction.

GPCC has a total one-time capacity of more than 355,000 head, according to company sources. The company began in 2014 with the acquisition of Supreme Cattle Feeders in Kismet, KS. In 2017, the company added a 30,000 head operation in Hereford, TX, a 50,000 head operation in Eckley, CO, and a 105,000 head operation in Leoti, KS. A year later they acquired a combined 100,000 head operation in Tulia, TX and Sublette, KS.

AGR and StepStone Group originally completed the purchase of a 50% ownership stake of GPCC in September 2019.

“We are excited to increase our ownership in Green Plains Cattle Company,” says Daniel Masters, managing director of AGR Partners. “GPCC and the management team have a proven operational model delivering strong long-term economic, environmental and social outcomes. We look forward to continuing to build the company.”

2020-10-13T19:45:55-05:00

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