Cattle Current Podcast—June 28, 2021

Cattle Current Podcast—June 28, 2021

Negotiated cash fed cattle trade was mostly inactive on light demand in all major cattle feeding regions through Friday afternoon, according to the Agricultural Marketing Service.     

Through Thursday, AMS reported 43,484 confirmed negotiated sales for the week, compared to 76,273 head the previous week and 86,986 the previous year.

Although there were too few transactions to trend, a few live sales traded $1-$2 higher in Nebraska at $125-$126/cwt. and a few $2 higher in the western Corn Belt at $126.

The previous week, live prices were at $122/cwt. in the Southern Plains and $124 in the North. Dressed prices were at $195.

Through Thursday, the five-area direct average steer price was $2.69 higher week to week on a live basis at $125.54/cwt. The average steer price in the beef was $2.32 higher at $197.86.

Lower Corn futures helped Feeder Cattle futures gain steam on Friday, while Live Cattle inched higher with relatively few traded in the cash market this week.

Live Cattle futures closed an average of 19¢ higher, from 53¢ higher in Dec ’21 to 3¢ higher in Jun ’22.

Feeder Cattle futures closed an average of $2.40 higher, from $2.40 higher at the front to 93¢ higher toward the back.

Choice boxed beef cutout value was $2.86 lower Friday afternoon at $304.56/cwt. Select was 4¢ higher at $276.18.

Grain futures closed mostly down on Friday with more rain forecast. As well, the Supreme Court ruled in favor of small refineries seeking exemptions from federal requirements to blend ethanol or other bio-fuels with their products.

Corn futures closed mostly 10¢ to 17¢ lower through July ’23.

Soybean futures closed mostly 20¢ to 40¢ lower through Sept ’22.

2021-06-27T21:56:24-05:00

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