Cattle Current Daily—Oct. 20, 2021

Cattle Current Daily—Oct. 20, 2021

Negotiated cash fed cattle trade ranged from limited on light demand to a standstill through Tuesday afternoon, according to the Agricultural Marketing Service. There were too few transactions to trend.

Live prices last week were steady in the Southern Plains on a live basis at $124/cwt. and steady to $2 higher at $124 in Nebraska and the western Corn Belt. Dressed prices were at $196, which was steady in Nebraska but steady to $3 higher in the western Corn Belt.

Choice boxed beef cutout value was 79¢ higher Tuesday afternoon at $280.88/cwt. Select was $1.72 higher at $261.53/cwt.

Cattle futures closed narrowly mixed Tuesday amid light trade with Feeder Cattle futures showing signs of firming.

Live Cattle futures closed mixed, from an average of 25¢ lower to an average of 13¢ higher.

Feeder Cattle futures closed mixed, from an average of 34¢ lower through the front five contracts to an average of 64¢ higher the rest of the way.

Corn futures closed mostly 1¢ to 2¢ lower.

Soybean futures closed mostly 6¢ to 8¢ higher.

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Major U.S. financial indices closed higher Tuesday, propelled once again by strong quarterly corporate earnings reports.

The Dow Jones Industrial Average closed 198 points higher. The S&P 500 closed 33 points higher. The NASDAQ was up 107 points.

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Higher costs make this a good winter to focus more intently on feed management, says Derrell Peel, Extension livestock marketing specialist at Oklahoma State University.

Based on USDA’s Agricultural Prices for August, Peel points out national average alfalfa hay prices week 20.5% higher year over year. The national average price for other hay was up 13.4%.

“The epicenter of hay market impacts appears to be North Dakota along with surrounding states. Prices for alfalfa hay in August (North Dakota) were up 109.5% year over year with other hay prices up 69.4%,” Peel explains, in his weekly market comments. “In South Dakota, August alfalfa hay price was up 62.0% and other hay price was up 62.9%. Minnesota prices for alfalfa and other hay were up 63.1% and 54.5%, respectively. In Montana, alfalfa hay price was up 53.8% over last year in August and other hay price was up 39.3%.”

Even in the Southern Plains, where there was less drought impact, hay prices were higher. Specifically, Peel says other hay prices are 23.5% higher year over year in Oklahoma and up 10.6% in Texas. At the same time, current corn prices in the region are 40-50% higher.

“With higher prices for hay and supplement feeds, producers can reduce winter feeds costs with enhanced management. The process begins with understanding nutritional requirements of cattle by stage of production. Testing and weighing hay will help determine the nutritional contribution of hay to meet cattle needs,” Peel says. “Careful feeding of hay can help reduce waste and make hay stretch farther. Determine the additional needs for protein and energy and source supplement feeds that provide needed nutrients.”

2021-10-19T20:35:40-06:00

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