Cattle Current daily—Oct. 28, 2019

Cattle Current daily—Oct. 28, 2019

Except for the Southern Plains, negotiated cash fed cattle trade remained undeveloped through Friday afternoon, based on USDA reports. Live sales in the Southern Plains on Thursday were at $110/cwt., which was $1 higher in Kansas and $2 higher in the Texas Panhandle.

Cattle futures strengthened Friday, supported by steady to higher cash trade, increasing wholesale beef values and higher Lean Hog futures.

Live Cattle futures closed an average of 94¢ higher.

Feeder Cattle futures closed an average of 86¢ higher.

Wholesale beef values were steady to firm on moderate demand offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 18¢ lower Friday afternoon at $225.44/cwt. Select was 75¢ higher at $199.84.

Corn futures closed unchanged to fractionally lower.

Soybean futures closed 9¢ to 13¢ lower through Aug. 20 and then mostly 4¢ to 6¢ lower.

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Major U.S. financial indices closed higher Friday, amid strong quarterly earnings reports and chatter about progress being made on the first phase of a U.S.-China trade deal.

The Dow Jones Industrial Average closed 152 points higher. The S&P 500 closed 12 points higher. The NASDAQ was up 57 points.

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Markets will likely view Friday’s monthly Cattle on Feed report as neutral. Except for about 0.5% more placements than pre-report estimates, numbers reflected most expectations.

Placements in September for feedlots with 1,000 head or more capacity were 2.09 million head. That was 2.04% more (+42,000 head) than last year. As for placement weights: 37.02% weighed less than 700 lbs., 44.67% weighed 700-899 lbs. and 18.30% weighed 900 lbs. or more.

Marketings in September of 1.74 million head were 1.11% more (+19,000 head) than a year earlier.

Cattle on feed Oct. 1 of 11.28 million head were 1.07% less (-122,000 head) than the same time last year. There were 2.32% more (+100,000 head) heifers and heifer calves on feed.

2019-10-27T14:29:01-06:00

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