Cattle Current Weekly Highlights—Week ending Dec. 27, 2019

Cattle Current Weekly Highlights—Week ending Dec. 27, 2019

There was no price trend for calves and feeder cattle last week, given the holiday and just 21,700 head trading hands via auction, direct sales and video-Internet, according to the Agricultural Marketing Service (AMS).

Recent optimism remains intact, though, given the way Cattle futures shrugged off the previous week’s Cattle on Feed report.

Feeder Cattle futures closed an average of 85¢ higher week to week on Friday.

Live Cattle futures closed an average of 92¢ higher. 

“Unseasonably warm weather was noted in several areas during the mid-week holiday, however a weekend weather system is forecasted to bring rain to the Southern Plains and large snow accumulations to areas of the Northern Plains,” say AMS analysts. 

Fed Cattle Prices Step Higher

Cattle futures received support from continued firmness in cash fed cattle prices, which gained for another week.

Negotiated cash fed cattle trade was yet to be fully developed through Friday afternoon, but early prices were higher. The Texas Cattle Feeders Association reported its members trading at $122/cwt., which was $2 higher than the previous week. Likewise, AMS reported live sales in Kansas at $122, which was $2 higher than the prior week. In Nebraska, dressed sales were mostly $3 higher at mostly $196. Although too few to trend, early dressed sales in the western Corn Belt were $3-$4 higher at $195-$196.

“Higher placements the last three months have rebuilt feedlot inventories going into 2020,” says Derrell Peel, Extension livestock marketing specialist at Oklahoma State University, in his weekly market comments. “Feedlots will be a bit front loaded in the first quarter of the new year and marketings are expected strong against the April Live Cattle futures contract. Of course, weather often impacts cattle performance and the timing of feedlot production this time of year and may affect feedlot marketings through the winter.”

Wholesale beef values continued to trade along the seasonal bottom.

Choice boxed beef cutout value was 74¢ lower week to week on Friday at $208.96/cwt. Select was $3.54 higher at $204.57.

The average dressed steer carcass weight for the week ending Dec. 14 was 904 lbs., according to USDA’s Actual Slaughter Under Federal Inspection report. That was 2 lbs. lighter than the previous week but 12 lbs. heavier than the previous year. The average dressed heifer carcass weight was 835 lbs., which was 5 lbs. lighter than the previous week but 6 lbs. heavier than a year earlier.

Friday to Friday Change*

Weekly Auction Receipts

 

Dec.27 Auction Direct

Video/net

Total
 

5,300

(-217,700)

16,400

(-29,100)

-0-

(-14,000)

21,700

(-260,800)

 

CME Feeder Index

CME Feeder Index* Dec. 26 Change
  $144.61 –   $1.68

*Thursday-to Thursday for CME Feeder Index

 

Cash Stocker and Feeder

North Central

Steers-Cash Dec. 27 Change
600-700 lbs. $154.54 –  $1.11
700-800 lbs. $149.49 + $0.71
800-900 lbs. $148.69 + $2.97

 

Prior Week South Central

Steers-Cash Dec. 20 Change
500-600 lbs. $156.87 + $6.28
600-700 lbs. $145.81 + $1.25
700-800 lbs. $146.15 + $2.43

 

Prior Week Southeast

Steers-Cash Dec. 20 Change
400-500 lbs. $150.05 + $3.48
500-600 lbs. $140.49 + $6.72
600-700 lbs. $133.19 + $0.71

(AMS National Weekly Feeder & Stocker Cattle Summary)

 

Wholesale Beef Value

Boxed Beef  (p.m.) Dec. 27 ($/cwt) Change
Choice $208.96 –  $0.74
Select $204.57 + $3.54
Ch-Se Spread $4.39 –  $4.28

 

Futures

Feeder Cattle  Dec. 27 Change
Jan ’20 $145.550 + $1.275
Mar $144.800 + $0.425
Apr $147.200 + $0.700
May $148.500 + $1.025
Aug $153.325 + $1.050
Sep $153.950 + $1.350
Oct $153.800 + $0.500
Nov $153.00 + $0.500

 

Live Cattle   Dec. 27 Change
Dec $123.500 + $1.275
Feb ’20 $126.700 + $0.900
Apr $127.775 + $1.050
Jun $119.100 + $0.975
Aug $116.650 + $0.825
Oct $118.375 + $0.875
Dec $120.650 + $0.875
Feb ’21 $122.250 + $0.725
Apr $122.900 + $0.800

 

Corn  Dec. 27 Change
Mar ’20 $3.900 + $0.024
May $3.966 + $0.026
Jul $4.026 + $0.032
Sep $4.022 + $0.028
Dec $4.034 + $0.018
Mar ’21 $4.122 + $0.012

 

Oil CME-WTI Dec. 27 Change
Feb $61.72 + $1.28
Mar $61.53 + $1.28
Apr $61.21 + $1.26
May $60.79 + $1.24
Jun $60.28 + $1.21
Jly $59.70 + $1.16

 

Equities

Equity Indexes Dec. 27 Change
Dow Industrial Average  28645.26 + 190.17
NASDAQ   9006.72 +   81.66
S&P 500   324o.02 +    18.80
Dollar (DXY)        97.01 –       0.67
2019-12-28T16:14:13-05:00

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