Cattle Current Daily—Oct. 21, 2021

Cattle Current Daily—Oct. 21, 2021

Negotiated cash fed cattle trade was slow with moderate demand in all major cattle feeding regions through Wednesday afternoon, according to the Agricultural Marketing Service.

Trade in the Southern Plains was mostly steady at $124/cwt.

Although too few to trend, there were some early live sales in Nebraska at $124.00-$126.50, and some in the western Corn Belt at $124-$125, compared to $124 in both regions last week. Early dressed sales were steady at $196.00.

Cattle futures closed higher Wednesday, bolstered by higher outside markets, leveling wholesale beef values, slightly higher cash prices and positioning ahead of Friday’s Cattle on Feed report. Trade volume remained on the low side.

Live Cattle futures closed an average of 74¢ higher (50¢ to 95¢ higher).

Choice boxed beef cutout value was 85¢ lower Wednesday afternoon at $280.03/cwt. Select was $1.27 higher at $262.80/cwt.

Feeder Cattle futures closed an average of $1.05 higher (50¢ to $1.32 higher).

Higher outside markets and energy prices helped boost Corn Futures Wednesday, while exports and more non-commercial interest boosted the entire grain complex.

Corn futures closed 7¢ to 9¢ higher — mostly 8¢ higher — across most of the board.

Soybean futures closed mostly 18¢ to 20¢ higher through Jan ‘23.

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Major U.S. financial indices closed mainly higher on the back of quarterly corporate earnings reports that continue to beat estimates.

The Dow Jones Industrial Average closed 152 points higher. The S&P 500 closed 16 points higher. The NASDAQ was up 7 points.

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Projected cattle feeding returns are expected to improve for most of the next eight months, reflecting higher fed cattle prices and lower cost of gain compared to recent months, according to the latest Historical and Projected Kansas Feedlot Net Returns from Kansas State University. 

After a projected -$4.24 per head for fed steers in October, forecast returns between November and June of next year range from -$9.26 in January to +$94.49 in March.

Losses are projected in only three of those months: -$1.24/head in November, -$9.26 in January and -$3.25 in June.

Feedlot Cost of Gain for steers was projected to be $115.22/cwt. in October. It declines steadily from there: $112.81 in November to $100.83 in June.

Keep in mind that these projections are cash-based and reflect no price risk management.

2021-10-20T22:58:24-06:00

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