Cattle Current Daily—Oct. 16, 2019

Cattle Current Daily—Oct. 16, 2019

Negotiated cash fed cattle trade was undeveloped through Tuesday afternoon, based on USDA reports. Early expectations are for steady to higher prices.

Cattle futures ended up mostly narrowly higher amid two-sided action, awaiting direction from this week’s cash market.

Live Cattle futures closed an average of 31¢ higher, except for unchanged in near Dec.

Feeder Cattle futures closed mixed, unchanged to 55¢ lower in the front three contracts and then an average of 31¢ higher.

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

Choice boxed beef cutout value was 80¢ higher Tuesday afternoon at $218.02/cwt. Select was $2.15 higher at $191.48.

Corn futures closed 2¢ to 4¢ lower through May ’20 and then mostly fractionally lower.

Soybean futures closed 3¢ to 6¢ lower through Aug ‘20 and then mostly fractionally lower to 1¢ lower.

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Major U.S. financial indices closed higher Tuesday on positive corporate earnings and optimism over a resolution to Brexit.

The Dow Jones Industrial Average closed 237 points higher. The S&P 500 closed 29 points higher. The NASDAQ was up 100 points.

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Pasture and range conditions continued to erode last week, compared to the same time last year, according to the most recent weekly USDA Crop Progress report for the week ending Oct. 13.

96% of the corn crop was dented, which was 4% less than last year and the average. 73% of corn was mature, compared to 96% a year earlier and 92% for the five-year average. 22% was harvested, which was 16% less than last year and 14% less than average. 55% was in Good (44%) or Excellent (11%) condition, which was 1% less than the previous week and 13% less than last year. 15% was in Poor (11%) or Very Poor condition (4%), which was the same as a week earlier and 3% more than a year earlier.

85% of soybeans were dropping leaves, which was 9% less than the previous year and 8% less than the average. 26% were harvested, which was 11% less than a year earlier and 23% less than average. 54% were rated in Good (45%) or Excellent (9%) condition, 1% more than a week earlier and 12% less than a year ago. 14% were in Poor (10%) or Very Poor (4%) condition, which was 1% less than a week earlier and 3% more than a year earlier.

81% of sorghum was mature, which was 1% more than last year but 1% less than average. 40% was harvested, which was 2% less than last year and 6% less than the average. 65% was in Good (51%) or Excellent (14%) condition, which was 10% more than a year earlier. 7% was rated as Poor (6%) or Very Poor (1%), compared to 17% last year.

65% of winter wheat was planted, which was 1% more than the previous year and on par with the average. 41% had emerged, compared to 42% last year and 40% for average.

43% of the nation’s pasture and range was rated in Good (35%) or Excellent (8%) condition, which was 2% less than a week earlier and 6% less than a year earlier. 28% was rated as Poor (18%) or Very Poor (10%), which was 1% more than the previous week and 7% more than a year earlier.

2019-10-15T19:28:49-06:00

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