Cattle Current Podcast—Sept. 5, 2019

Cattle Current Podcast—Sept. 5, 2019

Negotiated cash fed cattle trade remained largely undeveloped through Wednesday afternoon. The early tone was bearish, though, with AMS reporting early dressed sales in Nebraska $3-$8 lower at $167, on light trade and moderate demand.

Fat cattle auctions were mixed.

For instance, there was no trend, but demand was good and trade active at Tama, IA, where Choice 2-4 steers weighing an average of 1,371 lbs. brought $110.21/cwt.

On the other hand, the AMS reporter at Sioux Falls Regional said demand was light and activity slow—few packer buyers present—for the high quality grading steers and heifers, offered in a fair weighing condition. All told, 434 head of Ch 2-3 steers weighing an average of 1,431 brought $101.34.

Lower Corn futures continued to support Feeder Cattle futures Wednesday, while apparently continued queasiness over demand and supply-side logistics helped apply some pressure to front-month Live Cattle.

Live Cattle futures closed mixed but mostly higher, from 2¢ to 75¢ lower in three contracts to an average of 47¢ higher.

Feeder Cattle futures closed an average of $1.16 higher.

Wholesale beef values were steady on Choice and sharply lower on Select with light demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 1¢ lower Wednesday afternoon at $230.65/cwt. Select was $2.67 lower at $208.95.

Corn futures closed 2¢ to 3¢ lower through May ‘20 and then mostly fractionally mixed.

Soybean futures closed 6¢ to 7¢ higher through Aug ’20 and then mostly 3¢ to 4¢ higher.

2019-09-04T18:50:03-06:00

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