Cattle Current Daily—Sept. 24, 2019

Cattle Current Daily—Sept. 24, 2019

Cattle futures rallied Monday, helped along by stronger cash fed cattle prices last week, as well as Friday’s bullish Cattle on Feed report.

Live Cattle futures closed an average of $1.54 higher ($1.05 to $2.62 higher).

Feeder Cattle futures closed an average of $2.03 higher ($1.77 to $2.70 higher).

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

Choice boxed beef cutout value was 52¢ lower Monday afternoon at $216.45 cwt. Select was 88¢ lower at $190.84.

Corn futures closed 1¢ to 2¢ higher.

Soybean futures closed 5¢ to 9¢ higher through Sep ’20 and then mostly 1¢ to 2¢ higher. 

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Major U.S. financial indices closed narrowly mixed and little changed on Monday. Pressure included weak manufacturing data out of Europe, adding to concerns about the global economy.

The Dow Jones Industrial Average closed 14 points higher. The S&P 500 closed fractionally lower. The NASDAQ was down 5 points.

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Although the cyclical peak in feedlot inventories likely remains in the future, Derrell Peel, Extension livestock marketing specialist at Oklahoma State University notes the year-over-year decline of 1.3% decline in September was the first monthly decrease since December of 2016.

“The short-term disruption of the plant fire in August and early September likely delayed some feedlot placements, but a larger 2018 calf crop and generally good forage conditions in 2019 likely means that significant numbers of yearlings are still to be marketed in the fourth quarter,” Peel explains in his weekly market comments. “The estimated 2019 calf crop is equal to 2018 levels, meaning that plenty of new-crop calves will be marketed this fall, with feeder supplies ample through 2020. It will likely be a few more months before we will see sustained year-over-year decreases in feedlot inventories.”

Peel also points out August feedlot placements estimated in the monthly Cattle on Feed report were down for the fourth consecutive month.

“Total placements the last six months, capturing the bulk of current cattle on feed, are down 0.8% percent year over year,” Peel says. “Monthly marketings for the past six months are up 1.0% year over year. Feedlots have continued to market cattle timely and maintain currentness.”

2019-09-23T19:37:24-06:00

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