Cattle Current Daily—Sept. 20, 2019

Cattle Current Daily—Sept. 20, 2019

Negotiated cash fed cattle trade remained undeveloped through Thursday afternoon, according to USDA reports. Although too few to trend, there were a few live trades reported at $100-$101/cwt. in Kansas, which was $1 higher than last week.

Cattle futures closed mostly narrowly higher as traders anticipated cash trade and Friday’s monthly Cattle on Feed report.

Except for an average of 45¢ lower in the front two contracts, Live Cattle futures closed an average of 35¢ higher.

Except for an average of 20¢ lower in May, Feeder Cattle futures closed an average of 49¢ higher, from 7¢ higher to $1.00 higher.

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

Choice boxed beef cutout value was 7¢ lower Thursday afternoon at $218.17 cwt. Select was 19¢ higher at $192.16.

Corn futures closed fractionally higher to 1¢ higher.

Soybean futures closed 1¢ to 4¢ higher through Aug ’20 and then mostly 3¢- 6¢ lower.

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Major U.S. financial indices closed little changed on Thursday.

The Dow Jones Industrial Average closed 52 points lower. The S&P 500 closed unchanged. The NASDAQ was up 5 points.

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Depending on which analysts you consult, many expect Friday’s monthly Cattle on Feed report to show August placements approximately 6-8% less year over year, fueled in part by available forage and the tougher prices. August marketings are expected to be about 1.5% less. Most believe cattle on feed Sept. 1 will be less year to year—up to 1% less—for the first time in several years.

In the meantime, fed cattle slaughter continues to suggest current feedlot marketing, despite the logistical challenges from the hole in capacity, due to the Tyson fire.

The average fed steer dressed weight the week ending Sept. 7 was 893 lbs. according to USDA’s Actual Slaughter Under Federal Inspection report. That was 9 lbs. heavier week to week but 3 lbs. less year to year. Likewise the average dressed heifer weight was 4 lbs. heavier week to week, but 4 lbs. lighter year over year at 815 lbs.

2019-09-19T23:33:59-05:00

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