Cattle Current-Week ending July 7

Cattle Current-Week ending July 7

Most auctions were closes for the 4th of July holiday last week, but trade was active and demand was good at the few late-week sales on heavy offerings, according to the Agricultural Marketing Service (AMS).

“Despite the lower trends in boxed beef, futures, and feedlot trade throughout the last several weeks, many feeders continue to trend at higher prices,” AMS analysts say. “There is good demand from farmer feeder participation, with many thinking they can make a profit or break even when factoring in costs at these price levels.”

Feeder Cattle futures closed an average of $3.03 lower week to week on Friday ($2.05 to $3.85 lower).

Live Cattle futures closed an average of 93¢ lower week to week on Friday (7¢ to $1.52 lower).

Wholesale beef values and cash fed cattle prices continued to decline seasonally.

Cash fed cattle prices were mainly $1 lower in the Southern Plains and Northern Plains at $118/cwt. on a live basis, with a few in Nebraska $1 higher than the previous week at $119. They were $1-$2 lower in Iowa-Minnesota at $117-$118. Dressed trade for the week was $2 lower at $188.

Choice boxed beef cutout value was $5.89 lower week to week on Friday at $218.84/cwt. Select was $5.91 lower at $202.51.

“The price decline has yet to turn margins negative because packers continue to purchase cattle for lower prices each week, and wholesale beef prices are strong,” says Andrew P. Griffith, agricultural economist at the University of Tennessee, in his weekly market comments. “However, the softening prices do not mean there is no concern about the future. Wholesale beef prices are likely to continue slipping the next few weeks, as Labor Day is the last remaining summer grilling holiday. Purchases for Labor Day will not support beef prices for at least a month, as the holiday weekend is still eight weeks away. Packers will work diligently to maintain price levels the next several weeks, but they will continue to harvest a large number of animals which will keep beef production elevated and put pressure on prices.”

Friday to Friday Change*

 

Weekly Auction Receipts

Receipts Auction Change Direct Change Video/Internet Change Total Change
July 7 15,800 – 118,400 38,200 + 2,000 55,500 – 31,600 109,500 – 148,000

 

CME Feeder Index

CME Feeder Index July 6 Change
  $148.19 – $1.04

*Thursday-to Thursday for CME Feeder Index

 

Cash Stocker and Feeder

North Central

Steers-Cash July 7 Change 
600-700 lbs. $172.31 –  $10.97
700-800 lbs. $168.13 +   $0.55
800-900 lbs. $155.33 +   $3.46

 

South Central

Steers-Cash July 7 Change
500-600 lbs. $178.80 + $16.25
600-700 lbs. $171.32 + $15.27
700-800 lbs. $159.72 + $10.10

 

Southeast

Steers-Cash July 7 Change 
400-500 lbs. $155.74 –  $1.82
500-600 lbs. $148.06 –  $4.46
600-700 lbs. $139.26 –  $4.53

(AMS National Weekly Feeder & Stocker Cattle Summary)

 

Wholesale Beef Value

Boxed Beef  (p.m.) July 7 ($/cwt) Change
Choice $218.84 –   $5.89
Select $202.51 –   $5.91
Ch-Se Spread    $16.33 +   $0.02

 

Futures

Feeder Cattle  July 7 Change
Aug $145.025 –  $2.900
Sep $145.025 –  $3.000
Oct $143.925 –  $3.000
Nov $142.925 –  $2.850
Jan ’18 $139.225 –  $3.350
Mar $136.575 –  $3.850
Apr $136.075 –  $3.250
Aug $136.050 –  $2.050

 

Live Cattle  June 30 Change
Aug $114.775 –  $1.525
Oct $113.825 –  $1.375
Dec $114.600 –  $1.200
Feb ’18 $115.300 –  $0.975
Apr $114.475 –  $0.325
Jun $108.200 –  $0.075
Aug $106.575 –  $0.425
Oct $107.275 –  $0.775
Dec $107.775 –  $0.775

 

Corn futures July 7 Change
Jul $3.822 + $0.118
Sep $3.924 + $0.114
Dec $4.046 + $0.126
Mar ’18 $4.136 + $0.124
May $4.182 + $0.112
Jul $4.226 + $0.102

 

Oil CME-WTI July 7 Change
Aug $44.23 –  $1.81
Sep $44.39 –  $1.90
Oct $44.56 –  $1.95
Nov $44.80 –  $1.97
Dec $45.07 –  $1.98
Jan ’18 $45.33 –  $1.98

 

Equities

Equity Indexes July 7 Change
Dow Industrial Average 21414.34 +  64.71
NASDAQ   6153.08 +  12.66
S&P 500   2425.18 +    1.77
Dollar (DXY)        95.99 +    0.36
2017-07-09T16:29:27+00:00

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