Cattle Current Daily—Sept 23, 2024

Cattle Current Daily—Sept 23, 2024

Cattle futures continued higher Friday, spurred along by higher cash fed cattle prices.  

Live Cattle futures closed an average of $1.01 higher across a wide range, from 5¢ higher at the back to $2.50 higher in spot Oct, except for 10¢ lower in away Dec.

Feeder Cattle futures were mixed Friday, closing from an average of 37¢ higher in five contracts to an average of 48¢ lower.

Week to week on Friday, Live Cattle futures closed an average of $2.92 higher, and Feeder Cattle futures closed an average of $4.52 higher.

Negotiated cash fed cattle trade was slow on light demand in the Texas Panhandle through Friday afternoon with FOB live prices $2 higher at $183/cwt., according to the Agricultural Marketing Service. Trade and demand were moderate in Kansas with FOB live prices $2-$3 higher at $183.

Trade and demand were moderate in the North. FOB live prices were $2-$3 higher in Nebraska at $184 and $1-$2 higher in the western Corn Belt at $184-$185. Dressed delivered prices were $2 higher in Nebraska at $290-$292. Dressed delivered prices the previous week were $288-$294 in the western Corn Belt.

Choice boxed beef cutout value was 63¢ higher Friday afternoon at $300.19/cwt. Select was 33¢ higher at $288.59.

Estimated total cattle slaughter last week of 610,000 head was 10,000 head fewer than the previous week and 17,000 head fewer than the previous year. Estimated year-to-date total cattle slaughter of 22.7 million head was 943,000 head fewer (-4%). Estimated year-to-date beef production of 19.1 billion pounds was 192.9 million pounds less (-1%).

Harvest pressure continued to weigh on grain futures Friday.

Corn futures were mostly 3¢ to 4¢ lower. Kansas City Wheat futures were fractionally lower to 1¢ lower. Soybean futures were mostly 1¢ to 2¢ lower.

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

Major U.S. financial indices closed narrowly mixed, retaining the week’s sharp gains.

The Dow Jones Industrial Average closed 38 points higher. The S&P 500 closed 11 points lower. The NASDAQ was down 65 points.

Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME closed 3¢ to 18¢ lower through the front six contracts.

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

Markets will likely view Friday’s monthly Cattle on Feed report as plumb neutral.

For feedlots with 1,000 head or more capacity, August placements of 1.98 million head were 28,000 head fewer (-1.4%) year over year, which was in line with expectations ahead of the report.

In terms of placement weights, 35% went on feed weighing 699 lbs. or less, 47% weighing 700-899 lbs. and 18% weighing 900 lbs. or more.

Marketings in August of 1.82 million head were 67,000 head fewer (-3.6%) than the prior year, also in line with expectations.

Cattle on feed Sept. 1 of 11.2 million head were 71,000 head more (+0.6%) year over year, which was also in line with estimates ahead of the report.

2024-09-22T11:23:16-05:00

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.