Cattle Current Daily—Oct. 18, 2019

Cattle Current Daily—Oct. 18, 2019

Negotiated cash fed cattle trade remained undeveloped through Thursday afternoon, based on USDA reports.

Cattle futures softened.

Other than 5¢ and 50¢ higher in the front two contracts, Live Cattle futures closed an average of 34¢ lower. That was despite reports that Cargill suspended some operations at its Dodge City facility, in the wake of an explosion in a stand alone building.

Feeder Cattle futures closed an average of $1.15 lower (85¢ to $1.60 lower). Pressure likely included early spillover pressure from Live Cattle, as well as higher front-month Corn futures.

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

Choice boxed beef cutout value was 17¢ lower Thursday afternoon at $218.11/cwt. Select was $1.23 higher at $192.60.

Corn futures closed mostly 2¢ to 3¢ higher.

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

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Major U.S. financial indices regained losses from the previous session Thursday, with renewed hopes over a Brexit deal and continued strong quarterly earnings reports.

The Dow Jones Industrial Average closed 23 points higher. The S&P 500 closed 8 points higher. The NASDAQ was up 32 points.

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“Warmer than expected weather patterns and improved supplies of forage may have extended cattle grazing periods, slowing the pace of placements in third-quarter 2019,” say analysts with USDA’s Economic Research Service (ERS), in the latest monthly Livestock, Dairy and Poultry Outlook. “However, some of these feeder cattle will likely need to be moved off grass and into the feedlots in fourth-quarter 2019, keeping feeder prices under pressure in the fourth quarter.”

ERS pegs prices for feeder steers (750-800 lbs., basis Oklahoma City) the week of Oct. 7 at $147.26/cwt., which was $12 higher than the recent trough of $134.80 the week of Sept. 9 and more than $6 higher than the week before the Tyson plant fire.

Based on recent price strength, ERS increased the average expected feeder steer price in the fourth quarter by $4 to $137. The annual price forecast for feeder steers next year was unchanged at $141.

2019-10-17T22:15:18-06:00

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