Cattle Current Podcast—Aug. 24, 2020

Cattle Current Podcast—Aug. 24, 2020

Based on reports from the Agricultural Marketing Service, negotiated cash fed cattle prices ended the week $2 higher in the Southern Plains at $106/cwt.  on a live basis, steady to 50¢ higher in the Northern Plains at $106.00-$106.50 and $2 higher in the western Corn Belt at $107-$109. Dressed trade was unevenly steady at $169.

Through Thursday, the five-area direct weighted average steer price was $106.62/cwt. on a live basis, which was $2.13 more than the previous week and $2.19 less than the same time last year, keeping in mind the market was dealing with the aftermath of the Tyson plant fire in 2019. The dressed steer price of $169.11 was $1.05 higher than the prior week, but $5.91 less the same time a year earlier.

Cattle futures closed lower on Friday as traders awaited the monthly Cattle on Feed report (see below).

Live Cattle futures closed an average of 85¢ lower, (30¢ lower at the back to $1.22 lower at the front).

Feeder Cattle futures closed an average of $1.07 lower (50¢ lower at the front to $1.55 lower at the back).

Choice boxed beef cutout value was 56¢ higher Friday afternoon at $225.94/cwt. Select was $2.68 higher at $208.99.

Total estimated cattle slaughter for the week ending Aug. 22 was 652,000 head, according to USDA. That was 8,000 head more than the previous week’s estimate, but 17,000 head fewer than the same week last year. Estimated beef production for the week of 542.9 million lbs. was 10.5 million lbs. more than the previous week and 7 million lbs. more than the prior year.

Corn futures closed mostly fractionally mixed to 1¢ higher.

Soybean futures closed fractionally lower to 1¢ higher. 

2020-08-22T14:46:34-05:00

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