Cattle Current Daily—Oct. 23, 2019

Cattle Current Daily—Oct. 23, 2019

Cattle futures were mixed on Tuesday, with Lean Hogs helping pressure Live Cattle.

Live Cattle futures closed mixed, from an average of 26¢ lower across most of the board (12¢ lower to $1.07 lower in spot Oct) to an average of 9¢ higher in three contracts.

Feeder Cattle futures closed an average of 45¢ higher.

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

Choice boxed beef cutout value was 80¢ higher Tuesday afternoon at $220.93/cwt. Select was $3.64 higher at $198.08.

Corn futures closed mostly unchanged to fractionally higher.

Soybean futures closed 1¢ to 2¢ higher. 

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Major U.S. financial indices closed lower Tuesday on mixed quarterly earnings reports.

The Dow Jones Industrial Average closed 39 points lower. The S&P 500 closed 10 points lower. The NASDAQ was down 58 points.

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Winter wheat planting and development made strong progress last week, according to the most recent weekly USDA Crop Progress report for the week ending Oct. 20.

77% of winter wheat was planted, which was 6% more than the previous year and 2% more than the average. 53% had emerged, compared to 52% last year and 53% for average.

86% of corn was mature, compared to 99% a year earlier and 97% for the five-year average. 30% was harvested, which was 18% less than last year and 17% less than average. 56% was in Good (45%) or Excellent (11%) condition, which was 1% more than the previous week and 12% less than last year. 14% was in Poor (10%) or Very Poor condition (4%), which was 1% less than a week earlier and 2% more than a year earlier.

94% of soybeans were dropping leaves, which was 4% less than the previous year and 3% less than the average. 46% were harvested, which was 5% less than a year earlier and 18% less than average. 54% were rated in Good (45%) or Excellent (9%) condition, the same as a week earlier and 12% less than a year ago. 14% were in Poor (10%) or Very Poor (4%) condition, which the same as a week earlier and 3% more than a year earlier.

92% of sorghum was mature, which was 4% more than last year and 3% more than average. 49% was harvested, which was 4% more than last year but 4% less than the average. 64% was in Good (50%) or Excellent (14%) condition, which was 11% more than a year earlier. 8% was rated as Poor (7%) or Very Poor (1%), compared to 18% last year.

43% of the nation’s pasture and range was rated in Good (36%) or Excellent (7%) condition, which was the same as a week earlier and 7% less than a year earlier. 27% was rated as Poor (18%) or Very Poor (9%), which was 1% less than the previous week and 7% more than a year earlier.

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Beef in freezers continues to suggest strong demand. As of Sept. 30, total pounds of beef in freezers were 1% less than the previous month and 8% less than the same time last year, according to the monthly USDA Cold Storage report released Tuesday.

Frozen pork supplies were down 1% from the previous month but up 2% from last year.

Total red meat supplies in freezers were down 2% from the previous month and down 4% from last year.

Total frozen poultry supplies were 1% less than the previous month and 5% less than a year ago.

2019-10-22T19:22:19-06:00

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