Cattle Current Podcast—Mar. 24, 2020

Cattle Current Podcast—Mar. 24, 2020

Although trade was light, Cattle futures closed limit up Monday, higher for the third consecutive session— higher in four of the last five sessions. Support included sky-rocketing wholesale beef values, Tyson’s announcement last week of a one-time support payment for cattle it harvests this week—$5/cwt. on a live basis and $7.94/cwt. in the beef—as well as the friendly Cattle on Feed report. China buying U.S. grain last week also helped.

Live Cattle futures closed limit-up $3.00. At $101.60, spot Live Cattle remains hugely discounted to cash.

Feeder Cattle futures closed limit-up $4.50.

Choice boxed beef cutout values were sharply higher on good demand and heavy offerings.

Choice boxed beef cutout value was $3.57 higher Monday afternoon at $257.32/cwt. Select was $4.97 higher at $245.14.

Corn futures closed mostly fractionally higher to 1¢ higher.

Soybean futures closed 10¢ to 21¢ higher through Jan ‘21, and then 1¢ higher to mostly 2¢ lower.

2020-03-23T17:29:04-05:00

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