Cattle Current Daily—Oct. 29, 2024

Cattle Current Daily—Oct. 29, 2024

Cattle futures were higher Monday, shrugging off Friday’s Cattle on Feed report, supported by high cash trade.

Toward the close, Live Cattle futures were an average of 24¢ higher. Feeder Cattle futures were an average of 86¢ higher.

Negotiated cash fed cattle trade was at a standstill in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $2-$3 higher in the Texas Panhandle at $190-$191/cwt., mostly $2 higher in Kansas at mainly $190 and $2-$3 higher in the North at mostly $190. Dressed delivered prices were $2 higher in Nebraska at $298 and $2-$4 higher in the western Corn Belt at $298-$300 in a light test.

Choice boxed beef cutout value was $1.26 higher Monday afternoon at $323.50/cwt. Select was $2.90 lower at $292.18.

Grain and Soybean futures were lower again Monday on the decline on Crude Oil futures and the planting pace in South America.

Toward the close and through Sep ’25 contracts, Corn futures were 1¢ to 5¢ lower. Kansas City Wheat futures were 10¢ lower. Soybean futures were 9¢ to 13¢ lower.

******************************

Major U.S. financial indices closed higher Monday, helped along by a sell0ff in Crude Oil futures as traders removed war risk premium.

The Dow Jones Industrial Average closed 273 points higher. The S&P 500 closed 15 points higher. The NASDAQ was up 48 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were $3.54 to $3.81 lower through the front six contracts.

******************************

Continued large inventories of heifers on feed confirms that little or no heifer retention is starting in 2024, according to Derrell Peel, Extension livestock marketing specialist at Oklahoma State University, in his weekly market comments. 

“Heifer slaughter is down 1.7% year over year thus far in 2024,” Peel says.  “Heifer slaughter would have to drop significantly more if heifers were being retained for breeding. In the most recent beef herd expansion, heifer slaughter decreased an average of just over 10% each year in 2014 and 2015.”

The quarterly inventory of heifers on feed was 4.6 million head, down 0.9% year over year. Heifers made up 39.7% of the total feedlot inventory on October 1, up slightly from the 39.6% in July. 

Heifers have averaged 39.5% of total feedlot inventories for the past 10 quarters, since July 2022, and have been above the 15-year average of 36.9% since October 2018, according to Peel.

2024-10-28T19:34:50-06:00

This Is A Custom Widget

This Sliding Bar can be switched on or off in theme options, and can take any widget you throw at it or even fill it with your custom HTML Code. Its perfect for grabbing the attention of your viewers. Choose between 1, 2, 3 or 4 columns, set the background color, widget divider color, activate transparency, a top border or fully disable it on desktop and mobile.

This Is A Custom Widget

This Sliding Bar can be switched on or off in theme options, and can take any widget you throw at it or even fill it with your custom HTML Code. Its perfect for grabbing the attention of your viewers. Choose between 1, 2, 3 or 4 columns, set the background color, widget divider color, activate transparency, a top border or fully disable it on desktop and mobile.

This Is A Custom Widget

This Sliding Bar can be switched on or off in theme options, and can take any widget you throw at it or even fill it with your custom HTML Code. Its perfect for grabbing the attention of your viewers. Choose between 1, 2, 3 or 4 columns, set the background color, widget divider color, activate transparency, a top border or fully disable it on desktop and mobile.

This Is A Custom Widget

This Sliding Bar can be switched on or off in theme options, and can take any widget you throw at it or even fill it with your custom HTML Code. Its perfect for grabbing the attention of your viewers. Choose between 1, 2, 3 or 4 columns, set the background color, widget divider color, activate transparency, a top border or fully disable it on desktop and mobile.