Cattle Current Podcast—June 27, 2019

Cattle Current Podcast—June 27, 2019

Cattle futures rocketed higher Wednesday, led by Feeder Cattle, apparently buoyed by technical buying and the simple fact they were so oversold.

Live Cattle futures closed an average of $1.43 higher ($1.10 higher at the back to $2.12 higher).

Although still a touch lower week to week, Feeder Cattle futures closed an average of $4.22 higher.

Cash fed cattle trade remained undeveloped. There were only 315 head (three lots) offered in the weekly Fed Cattle Exchange auction, and no sales.

Corn futures closed 2¢ to 4¢ lower through Jul ’20 and then fractionally mixed.

Soybean futures closed 6¢ to 9¢ lower through Sep ’20 and then mostly 2¢ to 5¢ lower.

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

Choice boxed beef cutout value was 6¢ higher Wednesday afternoon at $219.70/cwt. Select was 39¢ lower at $198.56.

2019-06-26T20:01:01-05:00

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