Cattle Current Daily—Sept. 23, 2020

Cattle Current Daily—Sept. 23, 2020

Cattle futures closed lower Tuesday, especially Feeder Cattle, with the lack of cash direction, demand wonderments and perhaps queasiness over the next Cattle on Feed report due out Friday.

Live Cattle futures closed an average of 64¢ lower (20¢ to $1.02 lower).

Except for 62¢ higher in spot Sep, Feeder Cattle futures closed an average of $1.33 lower (47¢ to $1.67 lower).

Choice boxed beef cutout value was 78¢ lower Tuesday afternoon at $215.44/cwt. Select was 48¢ higher at $206.30.

Corn futures closed unchanged to fractionally mixed.

Soybean futures closed 1¢ to 3¢ lower through Sep ’21 and then 5¢ to 8¢ lower.

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Major U.S. financial indices closed higher Tuesday, with technical buying the apparent driver.

The Dow Jones Industrial Average closed 140 points higher. The S&P 500 closed 34 points higher. The NASDAQ closed 184 points higher.

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Total pounds of beef in freezers as of Aug. 31 were 5% more than the previous month but 2% less than last year, according to the latest Cold Storage report from USDA.

Frozen pork supplies were up 2% from the previous month but down 23% from last year.

Total red meat supplies in freezers were 3% more than the previous month but 13% less than last year.

Total frozen poultry supplies were up 1% from the previous month but down 2% from a year earlier.

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Projected cattle feeding returns improve significantly in September, compared to recent months, according to the latest monthly Historical and Projected Kansas Feedlot Net Returns from Kansas State University.

Net returns for closeouts in August were estimated at -$162.33/head for steers and -$101.76 for heifers. Keep in mind, estimates are on a cash basis and do not include price risk management.

Starting in September, though, net returns for steers are projected to be positive for the next seven months (September through March), ranging from $20.56/head in September to $101.52 in October, with feedlot cost of gain ranging from $80.01/cwt. in September to $84.71 in February.

Projected net returns are positive for heifers during the same period of time, ranging from $8.41/head in January to $66.18 in October, with feedlot cost of gain of $87.67/cwt. in September to $91.42 in March.

2020-09-22T19:46:26-05:00

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