Daily Cattle Current Podcast

Daily Cattle Current Podcast 2017-06-03T14:35:39-06:00

Daily Cattle Current Podcast

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Cattle Current Podcast—Feb. 26, 2021

Negotiated cash fed cattle trade was limited on light demand in Nebraska through Thursday afternoon, according to the Agricultural Marketing Service. There were a few live trades at $114/cwt., and a few in the beef at $182, but too few to trend.

There were also a few dressed trades in the western Corn Belt at $182, but too few to trend.

Last week, live sales were at $114 in the Southern Plains and Nebraska; $114-$115 in the western Corn Belt. Dressed trade was at $180-$182.

Cattle feeders offered 790 head (6 lots) in Central Stockyards’ special Fed Cattle Exchange auction Thursday, all from the Southern Plains. None sold. Reserve prices were $115-$116 and bids were $114.25 to $114.50.

Cattle futures closed mixed Thursday. Weaker Corn futures, tied to lower export sales and profit taking, helped Feeder Cattle.

Feeder Cattle futures closed an average of 35¢ higher.

Sharply lower outside markets, the continued lack of cash direction and weaker export sales helped to mostly pressure Live Cattle.

Net U.S. beef export sales of 8,500 metric tons for 2021 were 63% less than the previous week and 66% less than the prior four-week average, according to the U.S. Export Sales report for the week ending Feb. 18. Increases were primarily for South Korea, Japan, Mexico, Canada, and Taiwan.

Live Cattle futures closed an average of 33¢ lower, except for an average of 17¢ higher in three contracts.

Choice boxed beef cutout value was 36¢ lower Thursday afternoon at $240.39/cwt. Select was $1.00 lower at $228.79.

The average dressed steer weight the week ending Feb. 13 was 919 lbs., the same as a week earlier, but 14 lbs. heavier than the previous year, according to USDA’s Actual Slaughter Under Federal Inspection report. The average dressed heifer weight of 850 lbs. was 2 lbs. heavier than the prior week and 17 lbs. heavier than the previous year. Fed cattle slaughter of 468,241 head was 40,812 head less than the previous week; 20,542 head less than the prior year.

Corn futures closed 3¢ to 7¢ lower through Sep ‘21, and then mostly 1¢ to 2¢ lower.

Soybean futures closed 5¢ to 18¢ lower through Jan ‘22, and then mostly fractionally higher to 1¢ higher.

February 25th, 2021|

Cattle Current Podcast—Feb. 25, 2021

Negotiated cash fed cattle tradewas limited on light demand in all major cattle feeding regions through Wednesday afternoon, according to the Agricultural Marketing Service. There were a few live trades in the Southern Plains steady with last week at $114/cwt., but too few to trend.

Cattle feeders offered 1,145 head (9 lots) in Central Stockyards’ (CS) Fed Cattle Exchange auction Wednesday, all from the Southern Plains. Of those, 409 head sold (250 heifers and 159 steers) for a weighted average price of $114.25/cwt. CS will host a special sale Thursday.

On the other hand, slaughter steers sold steady to $3 lower, with instances of $4 lower at Sioux Falls Regional in South Dakota. There were 534 head of Choice 3-4 steers weighing an average of 1,654 lbs., bringing an average of $112.06, which was $2-$3 lower than cash trade in the region last week.

Cattle futures closed higher Wednesday, helped along by sharply higher outside markets, broad commodity support and recent strength in Lean Hog futures.

 Live Cattle futures closed an average of 91¢ higher.

Feeder Cattle futures closed an average of $1.23 higher, from 67¢ higher at the back to $2.15 higher toward the front.

Choice boxed beef cutout value was 46¢ higher Wednesday afternoon at $240.75/cwt. Select was 74¢lower at $229.79. 

Corn futures closed mostly 3¢ to 7¢ higher.

Soybean futures closed 14¢ to 18¢ higher through Jan ‘22, and then mostly 5¢ to 10¢ higher.

February 24th, 2021|

Cattle Current Podcast—Feb. 24, 2021

Negotiated cash fed cattle trade was at a standstill in Kansas through Tuesday afternoon, according to the Agricultural Marketing Service. Elsewhere, it was limited on light demand, with too few transactions to trend.

Cattle futures softened Tuesday, with spot Live Cattle soon to expire, the lack of cash direction and bearish outside markets early in the session.

Live Cattle futures closed an average of 85¢ lower, from 10¢ to $1.85 lower.

Feeder Cattle futures closed an average of $1.01 lower, from 67¢ to $1.35 lower.

Choice boxed beef cutout value was 31¢ higher Tuesday afternoon at $240.29/cwt. Select was 55¢ higher at $230.53.

Corn futures closed 1¢ to 2¢ higher through Jly ‘21, and then mostly fractionally mixed.

Soybean futures closed 10¢ to 22¢ higher through Sep ‘22, and then mostly 8¢ higher.

February 23rd, 2021|

Cattle Current Podcast—Feb. 23, 2021

Negotiated cash fed cattle trade was at a standstill in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.

Live sales last week were at $114/cwt. in the Southern Plains and Nebraska; at $114-$115 in the western Corn Belt. Dressed trade was at $180-$181 in Nebraska and at $180-$182 in the western Corn Belt.

Last week’s five-area direct average steer price was 39¢ higher on a live basis at $113.99/cwt. The average five-area dressed steer price was 47¢ higher at $180.57.

Despite rising Corn futures prices and higher feedlot placements than expected (Friday’s Cattle on Feed report), Feeder Cattle futures shook off early pressure to mostly extend gains. Live Cattle futures closed narrowly mixed, though, amid plentiful fed cattle supplies and short-term uncertainty.

Live Cattle futures closed narrowly mixed, from an average of 28¢ lower across the front half of the board to an average of 16¢ higher.

Feeder Cattle futures closed an average of 27¢ higher, except for an average of 32¢ lower in the back two contracts.

Choice boxed beef cutout value was 75¢ higher Monday afternoon at $239.98/cwt. Select was $2.08 higher at $229.98.

Grain Futures rebounded with last week’s USDA forecast during the Agricultural Outlook Forum.

Corn futures closed mostly 6¢ to 9¢ higher.

Soybean futures closed mostly 5¢ to 15¢ higher.

February 22nd, 2021|

Cattle Current Podcast—Feb. 22, 2021

Negotiated cash fed cattle trade last week ended up steady in the Southern Plains at $114/cwt., according to the Agricultural Marketing Service. Live trades were steady to $1 higher in Nebraska at $114; dressed trade steady to $1 higher at $180-$181. In the western Corn Belt, prices were steady to $2 higher on a live basis at $114-$115 and steady to $2 higher in the beef at $180-$182.

Through Thursday, the five-area direct average steer price was $114.11/cwt. on a live basis, which was 33¢ more than the previous week but $5.66 lower than the same week last year. The average five-area dressed steer price was 64¢ higher week to week at $180.71, which was $9.39 less year over year.

Cattle futures closed higher Friday with steady cash prices, lower Corn futures, the week’s strong wholesale beef values and expectations for packers to pick up production following storm disruptions.

Live Cattle futures closed an average of 71¢ higher.

Feeder Cattle futures closed an average of 90¢ higher.

Choice boxed beef cutout value was 38¢ higher Friday afternoon at $239.23/cwt. Select was 43¢ higher at $227.90.

Estimated cattle slaughter for the week of 552,000 head was 56,000 head fewer than the previous week and 74,000 head fewer than the same week last year. Estimated year-to-date cattle slaughter of 4.50 million head is 263,000 head fewer (-5.52%) than last year. Estimated year-to-date beef production of 3.81 billion lbs. is 124.8 million lbs. less (-3.17%) than the same time last year.

Corn futures closed 6¢ to 7¢ lower through the front three contracts, mostly fractionally higher to 1¢ higher through Jly ’23 and then mostly 3¢ lower.

Soybean futures closed mostly 3¢ to 9¢ higher.

February 20th, 2021|

Cattle Current Podcast—Feb. 19, 2021

Negotiated cash fed cattle trade was limited on light demand in all major cattle feeding regions through Thursday afternoon, according to the Agricultural Marketing Service. Live sales were steady with the prior week at $114/cwt. in the Southern Plains. There were a few live sales at $114 in Nebraska and a few in the western Corn Belt at $115, but too few to trend.

Prices last week were $113-$114 in Nebraska on a live basis and at $112-$115 in the western Corn Belt. Dressed trade was at $180.

Cattle feeders offered 1,518 head of Southern Plains steers and heifers in Central Stockyards’ special Fed Cattle Exchange auction on Thursday. Of those, 737 head sold (5 lots), via live weight and Bid-the-Grid for $114/cwt. The exception was 41 head bringing $113.75.

Cattle futures closed mixed but mostly lower Thursday, pressured again by supply chain disruptions and uncertainty about post-storm impacts. Positioning ahead of Friday’s monthly Cattle on Feed report also could have been in play.

Live Cattle futures closed an average of 70¢ lower (17¢ to $1.22 lower), except for an average of 32¢ higher in the back three contracts.

Feeder Cattle futures closed an average of 48¢ lower, except from unchanged to an average of 8¢ higher in three contracts.

Choice boxed beef cutout value was $1.34 higher Thursday afternoon at $238.85/cwt. Select was $1.83 higher at $227.47.

The average dressed steer weight the week ending Feb. 6 was 919 lbs., which was 1 lb. lighter than the previous week but 16 lbs. heavier than the same time a year earlier, according to USDA’s Actual Slaughter Under Federal Inspection report. The average dressed heifer weight of 848 lbs. was 5 lbs. lighter week to week but 14 lbs. heavier year over year. Total fed cattle slaughter for the week of 509,053 head was 16,884 head more than the same week last year.

Corn futures closed mixed, mostly from 1¢ lower to 1¢ higher.

Soybean futures closed 6¢ to 8¢ lower through the front four contracts, then 2¢ lower to mostly 2¢ to 4¢ higher.

February 18th, 2021|

Cattle Current Podcast—Jan. 18, 2021

Negotiated cash fed cattle trade was at a standstill in all major cattle feeding regions through Wednesday afternoon, according to the Agricultural Marketing Service. There was some trade in the Texas Panhandle on Tuesday at $114/cwt., which was steady with last week.

Impacts from the severe weather, including reports of reduced slaughter at some packing plants in the Southern Plains, due to rolling power outages, might help explain what appears to be a tough road to maintaining steady fed cattle prices this week. Reduced production also helps account for the atypical rise in wholesale beef values.

Cattle feeders offered 1,444 head (9 lots) in Central Stockyards’ (CS) weekly Fed Cattle Exchange auction, all from Kansas and Texas. None sold. The reserve price for most was $114.50/cwt. CS will host another sale Thursday.

Choice steers and heifers sold 75¢ to $1.00/cwt. higher amid a light offering at the fat auction in Tama, IA. The deepest test was 198 head of Choice 2-4 heifers weighing an average of 1,362 lbs., bringing an average of $114.92. That was at the upper end of last week’s country trade in the region.

At Sioux Falls Regional, though, slaughter steers sold steady, while heifers traded $2-$3 lower. There were 171 Choice 2-3 steers weighing an average of 1,457 lbs. and bringing an average of $113.37.

Cattle futures closed lower Wednesday, pressured by supply chain disruptions, as well as uncertainty about post-storm impacts.

Live Cattle futures closed an average of 58¢ lower, from 2¢ lower toward the back to $1.65 lower toward the front.

Feeder Cattle futures closed an average of $1.26 lower, from 85¢ lower to $2.35 lower in spot Mar.

Choice boxed beef cutout value was $2.74 higher Wednesday afternoon at $237.51/cwt. Select was $3.61 higher at $225.64.

Corn futures closed mostly 1¢ to 3¢ higher through Sep ‘22, and then mostly unchanged to fractionally higher.

Soybean futures closed mostly 1¢ to 3¢ lower, except for 3¢ higher in near Nov and Jan.

February 17th, 2021|

Cattle Current Podcast—Feb. 17, 2021

Negotiated cash fed cattle trade was at a standstill in all major cattle feeding regions through Tuesday afternoon, according to the Agricultural Marketing Service.

Trade last week was steady in the Southern Plains at $114/cwt. on a live basis, $1-$2 higher in Nebraska at $113-$114 and steady to $1 higher in the western Corn Belt at $112-$115. Dressed trade was steady to $2 higher at $180.

Futures markets closed mixed but mainly higher Tuesday, with Feeder Cattle fading pressure from surging grain futures and Live Cattle helped by higher wholesale beef values and recently increasing open interest.

Live Cattle futures closed mixed, from an average of 41¢ lower in four contracts (5¢ lower at the back to $1.05 lower in spot Feb) to an average of 31¢ higher.  

Feeder Cattle futures closed an average of 78¢ higher, except for an average of 10¢ lower in the front three contracts.

Choice boxed beef cutout value was $2.33 higher Tuesday afternoon at $234.77/cwt. Select was 62¢ higher at $222.03.

Grain futures surged, led by wheat and concerns about winter kill from the severe weather.

Corn futures closed 11¢ to 13¢ higher through Sep ‘21, 7¢ to 9¢ higher through the next four contracts and then mostly 3¢ to 4¢ higher. 

Soybean futures closed 11¢ to 17¢ higher. 

February 16th, 2021|

Cattle Current Podcast—Feb. 16, 2021

Negotiated cash fed cattle trade was at a standstill in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.

Trade last week was steady in the Southern Plains at $114/cwt. on a live basis, $1-$2 higher in Nebraska at $113-$114 and steady to $1 higher in the western Corn Belt at $112-$115. Dressed trade was steady to $2 higher at $180.

The five-area direct average steer price last week was about even with the prior week at $113.83/cwt. on a live basis and at $180.10 in the beef. Confirmed trade volume was 19,328 head fewer at 62,079.

Futures markets were closed Monday in observance of President’s Day. Week to week on Friday, Live Cattle futures closed an average of 79¢ higher (45¢ to $1.40 higher). Feeder Cattle futures closed an average of $1.29 higher, from 17¢ higher at the back to $2.57 higher at the front.

Choice boxed beef cutout value was 7¢ higher Monday afternoon at $232.44/cwt. Select was 48¢ higher at $221.41.

February 15th, 2021|

Cattle Current Podcast—Feb. 15, 2021

Negotiated cash fed cattle trade ranged from slow to limited trade on light demand up north, to mostly inactive in the Southern Plains, through Friday afternoon, according to the Agricultural Marketing Service.

For the week:

Live prices in the Southern Plains were steady at $114/cwt.

Live prices in Nebraska were $1-$2 higher at $113-$114. Dressed trade was steady to $2 higher at $180.

Live prices in the western Corn Belt were steady to $3 higher at $114-$115. Dressed trade was steady to $2 higher at $180.

The five-area direct average steer price through Thursday was $113.78/cwt. on a live basis, which was 50¢ lower than the previous week and $5.10 less than the prior year. The average steer price in the beef of $180.07 was 75¢ less than the prior week and $10.19 less than the previous year.

Estimated total cattle slaughter last week was 611,000 head, which was 42,000 head fewer than the previous week. Estimated year-to-date cattle slaughter of 3.95 million head is 185,000 head fewer (-4.47%) than the same period last year. Estimated year-to-date beef production of 3.35 billion lbs. is 68.2 million lbs. less (-2.0%) than a year earlier.

Cattle futures closed higher Friday with support from consolidating grain futures prices, as well as the outlook for higher cash prices next week, given the frigid weather and what appeared to be sluggish fed cattle trade for the week.

Live Cattle futures closed an average of 98¢ higher, from 22¢ lower toward the back to $2.05 higher toward the front.

Feeder Cattle futures closed an average of 98¢ higher (60¢ to $1.70 higher).

Choice boxed beef cutout value was 59¢ lower Friday afternoon at $232.37/cwt. Select was 64¢ higher at $220.93.

Corn futures closed 2¢ to 4¢ lower through Jly ‘22, and then mostly fractionally lower to 1¢ lower. 

Soybean futures closed 4¢ to 5¢ higher through Aug ‘21, and then mostly fractionally higher to 2¢ higher.

February 13th, 2021|

Cattle Current Podcast—Feb. 12. 2021

Negotiated cash fed cattle trade was slow on light demand in all major cattle feeding regions through Thursday afternoon, according to the Agricultural Marketing Service. There were a few live trades in Nebraska, but too few to trend.

For the week so far, live trade in the Southern Plains is steady at $114/cwt. Dressed trade is steady to $2 higher at $180 in Nebraska and the western Corn Belt. Live trade in the latter two regions last week was at $112-$114.

Cattle futures closed narrowly mixed on Thursday.

Live Cattle futures closed an average of 52¢ higher, except for 80¢ lower in spot Feb. 

Feeder Cattle futures closed an average of 20¢ lower, except for unchanged to an average of 9¢ higher in three contracts.

Choice boxed beef cutout value was 6¢ lower through Thursday afternoon at $232.96/cwt. Select was 67¢ lower at $220.29.

The average dressed steer weight the week ending Jan. 30 was 920 lbs., which was 6 lbs. lighter than the previous week but 23 lbs. heavier than the same week a year earlier, according to USDA’s Actual Slaughter Under Federal Inspection report. The average dressed heifer weight of 853 lbs. was 2 lbs. heavier than the prior week and 20 lbs. heavier than the previous year.

Grain futures recovered some gains from the previous session’s steep decline as markets continue carving out a trading range.

Corn futures closed 6¢ to 7¢ higher through the front three contracts, and then 1¢ to 4¢ higher. 

Soybean futures closed 10¢ to 15¢ higher through Nov ‘21, and then mostly 3¢ to 5¢ higher.

February 11th, 2021|

Cattle Current Podcast—Feb. 11, 2021

Negotiated cash fed cattle trade was slow on light demand in Kansas through Wednesday afternoon at $114/cwt. on a live basis, which was steady with last week.

Trade was also slow on light demand in the western Corn Belt with early dressed sales steady to $2 higher at $180. Live prices there last week were at $112-$114.

Elsewhere, trade was limited on light demand, with too few transactions to trend, according to the Agricultural Marketing Service.

Last week: live prices in the Texas Panhandle and Nebraska were at mostly $114; dressed trade in Nebraska was at $178-$180.

Cattle feeders offered 1,251 head (10 lots) in Central Stockyards’ weekly Fed Cattle Exchange auction. Of those, 518 head (four lots) from the Southern Plains sold for a weighted average price of $114/cwt., via live weight and Bid-the-Grid. That was steady with the previous week’s country trade in the region.

Slaughter steers and heifers sold $3-$5 higher at Sioux Falls Regional in South Dakota. There were 147 head of Choice 3-4 steers weighing an average of 1,548 lbs., bringing an average of $113.79. That was at the upper end of last week’s country price for the region.

Cattle futures closed mixed on Wednesday. Sharply lower Corn futures helped boost Feeder Cattle, while softer Choice wholesale beef values and demand uncertainty pressured Live Cattle.

Live Cattle futures closed an average of 87¢ lower, from 55¢ lower to $1.32 lower.

Feeder Cattle futures closed an average of 39¢ higher, from 10¢ to 85¢ higher

Choice boxed beef cutout value was $1.27 lower Wednesday afternoon at $233.02/cwt. Select was 23¢ higher at $220.96.

Grain futures fell hard on Wednesday, with likely profit taking following the WASDE report leaving South American production unchanged, whereas the trade expected a reduction.

Corn futures closed 11¢ to 21¢ lower through the front four contracts, 5¢ to 8¢ lower through the next five contracts and then mostly 1¢ to 2¢ lower.

Soybean futures closed 24¢ to 47¢ lower through Jan ‘22, 12¢ to 18¢ lower through the next five contracts and then mostly 8¢ lower.

February 10th, 2021|

Cattle Current Podcast—Feb. 10, 2021

Negotiated cash fed cattle trade was mostly inactive on light demand in the Southern Plains through Tuesday afternoon, according to the Agricultural Marketing Service. Elsewhere, trade was at a standstill.

Pressure in Corn futures helped boost Cattle futures Tuesday, especially Feeder Cattle.

Live Cattle futures closed an average of 32¢ higher (15¢ to 87¢ higher) except for an average of 25¢ lower in two contracts.

Feeder Cattle futures closed an average of $1.32 higher.

Choice boxed beef cutout value was $1.91 lower Tuesday afternoon at $234.29/cwt. Select was 12¢ higher at $220.73.

Corn futures closed 7¢ to 8¢ lower through the front three contracts and then mostly 1¢ to 2¢ lower. Estimated U.S. and world ending stocks were more than the average of expectations.

Soybean futures closed mostly 10¢ to 14¢ higher through Jan ‘22 and then mostly 8¢ to 9¢ higher.

February 9th, 2021|

Cattle Current Podcast—Feb. 9, 2021

Negotiated cash fed cattle trade was mostly inactive on very light demand in the western Corn Belt through Monday afternoon, according to the Agricultural Marketing Service. Elsewhere, trade was at a standstill.

Regionally, prices last week were mainly $1-$2 higher on a live basis at $114/cwt. in the Southern Plains, mostly $114 in Nebraska and at $112-$114 in the western Corn Belt. Dressed trade was steady to $2 higher at $178-$180.

The five-area direct steer price was $113.64/cwt. last week on a live basis, which was $1.00 more than the previous week. The average steer price in the beef of $179.26 was $1.70 higher.

Live Cattle futures mostly edged higher Monday, helped along by the higher cash prices and prospects of higher money this week as the coldest temperatures of the year erode cattle performance.

Live Cattle futures closed an average of 18¢ higher, except for 15¢ lower and 10¢ lower at either end of the board.

Feeder Cattle futures closed lower beneath the weight of grain futures, which likely got a boost from positioning ahead of Tuesday’s World Agricultural Supply and Demand Estimates.

Feeder Cattle futures closed an average of $1.29 lower, from 72¢ lower toward the front to $2.15 lower at the back.

Choice boxed beef cutout value was $1.62 higher Monday afternoon at $236.20/cwt. Select was 18¢ lower at $220.61.

Corn futures closed 11¢ to 15¢ higher through the front three contracts and then mostly 1¢ to 6¢ higher.

Soybean futures closed mostly 14¢ to 21¢ higher.

February 8th, 2021|

Cattle Current Podcast—Feb. 8, 2021

Negotiated cash fed cattle trade and prices were mostly $1 higher in the Southern Plains at $114/cwt. on a live basis, with moderate trade and demand, according to the Agricultural Marketing Service.

In Nebraska, trade was slow to moderate with moderate demand through Friday afternoon. Live prices were steady to $1 higher at $112-$114, but mostly $114. Dressed trade there on Thursday was steady to $2 higher at $178-$180.

Live prices in the western Corn Belt on Thursday were at $112-$114, which was generally $1.50-$2.00 higher. Dressed prices were mainly steady to $2 higher at $178-$180.

The average dressed steer weight the week ending Jan. 23 was 926 lbs., according to USDA’s Actual Slaughter Under Federal Inspection report. That was 1 lb. heavier than the previous week and 25 lbs. heavier than the prior year. The average dressed heifer weight of 851 lbs. was 1 lb. heavier than the previous week and 19 lbs. heavier than the prior year.

Total estimated cattle slaughter last week was 653,000 head, the same as the previous week; 22,000 head more than the same week last year. Year-to-date estimated cattle slaughter of 3.34 million head is 178,000 fewer (-5.0%) than the same time last year.

Cattle futures edged lower Friday, with recently softer wholesale beef values, some likely week-end profit taking, and in the face of higher cash prices.

Live Cattle futures closed an average of 21¢ lower, except for an average of 15¢ higher in the front two contracts.

Feeder Cattle futures closed an average of 48¢ lower, from 25¢ lower at the back to $1.22 lower in spot Mar.

Corn futures closed fractionally mixed to 1¢ lower through Jly ’22 and then 3¢ to 9¢ higher.

Soybean futures closed 1¢ to 3¢ higher, except for 1¢ to 5¢ lower in the front three contracts.

February 6th, 2021|

Cattle Current Podcast—Feb. 5, 2021

Negotiated cash fed cattle trade was slow with light to moderate demand in Nebraska and the western Corn Belt through Thursday afternoon, according to the Agricultural Marketing Service.

Although there were too few to trend, early dressed sales in Nebraska were at $180/cwt., which was $2 more than last week. Live sales there last week were at $112-$113.

In the western Corn Belt, early dressed sales were steady to $2 higher than last week at $178-$180, but too few to trend. Early live sales were 50¢ to $3 higher at $113, but too few to trend.

Trade was mostly inactive on very light demand in the Southern Plains. Live prices there last week were at $113.

Cattle futures closed higher Thursday, extending gains from the previous session, with moderating grain futures prices and the outlook for higher cash fed cattle prices.

Live Cattle futures closed an average of 50¢ higher, from 12¢ higher to $1.30 higher.

Feeder Cattle futures closed an average of 63¢ higher.

Choice boxed beef cutout value was $1.03 lower Thursday afternoon at $234.25/cwt. Select was $2.95 lower at $220.44.

Corn futures closed fractionally mixed to 2¢ lower through Sep ’21 and then mostly 1¢ to 2¢ higher.

Soybean futures closed mostly 1¢ to 4¢ higher through Sep ‘21, and then mostly 7¢ to 8¢ higher.

February 4th, 2021|

Cattle Current Podcast—Feb. 4, 2021

Negotiated cash fed cattle trade was at a standstill in Kansas and Nebraska through Wednesday afternoon, according to the Agricultural Marketing Service. Elsewhere, trade was mostly inactive on very light demand.

Cattle feeders offered 1,362 head (eight lots) in Central Stockyard’s weekly Fed Cattle Exchange Auction, all from the Southern Plains. Of those, 699 head sold (four lots of heifers) for a weighted average price of $113.71/cwt., via live weight and Bid-the-Grid. That was a bit higher than country trade in the region last week.

At Sioux Falls Regional fat auction, though, slaughter steers and heifers sold steady to $2 lower. There were 436 head of Choice 3-4 steers weighing an average of 1,554 lbs. bringing an average of $110.66/cwt. That was at the low end of the last week’s country price.

Cattle futures closed narrowly mixed, but mostly edged higher after the front months on Wednesday. Pressure included resurgent grain futures prices and softer wholesale beef values.

Live Cattle futures closed an average of 38¢ higher, except for an average of 28¢ lower in the front two contracts.

Feeder Cattle futures closed an average of 29¢ higher, except for an average of 36¢ lower in the front three contracts.

Choice boxed beef cutout value was $1.48 lower Wednesday afternoon at $235.28/cwt. Select was $1.65 lower at $223.39.

Corn futures closed 4¢ to 9¢ higher through May ‘22 and then mostly unchanged to fractionally lower.

Soybean futures closed 9¢ to 16¢ higher through Sep ‘21, and then mostly 1¢ to 4¢ higher.

February 3rd, 2021|

Cattle Current Podcast—Feb. 3, 2021

Negotiated cash fed cattle trade was at a standstill in the Southern Plains through Tuesday afternoon, according to the Agricultural Marketing Service. Elsewhere, trade was mostly inactive on very light demand.

Last week, cash fed cattle prices ended up $2-$3 higher in the Southern Plains at $113/cwt., $3 higher in the Northern Plains at $113 and $2.50-$5.00 higher in the western Corn Belt at $110.00-$112.50. Dressed trade was $5-$8 higher at $178.

Cattle futures gained again on Tuesday, supported by softer Corn futures, last week’s stronger cash prices and higher Lean Hog futures.

Live Cattle futures closed an average of 64¢ higher (40¢ higher at the back to $1.10 higher in spot Feb).

Feeder Cattle futures closed an average of $1.21 higher.

Choice boxed beef cutout value was $1.08 higher Tuesday afternoon at $236.76/cwt. Select was 55¢ lower at $225.04.

Corn futures closed 5¢ to 6¢ lower through the front three contracts and then mostly fractionally higher.

Soybean futures closed 10¢ to 11¢ lower through the front four contracts, and then mostly 2¢ lower to fractionally higher.

February 2nd, 2021|

Cattle Current Podcast—Feb. 2, 2021

The average five-area direct fed steer price was $3.21 higher on a live basis last week at $112.44/cwt. The average steer price in the beef was $4.98 higher at $177.56.

Monday’s negotiated cash fed cattle trade summary was unavailable from AMS at press time.

Through Friday afternoon, prices were $3-$4 higher on a live basis in the Northern Plains at mostly $113/cwt. Dressed sales in Nebraska were $5 higher at $178.

On Friday, the Texas Cattle Feeders Association reported its members trading cattle at just over $2 more week to week: $112.80 for steers and $112.91 for heifers.

Softer Corn futures early on Monday, along with last week’s stronger cash prices, helped Cattle futures mostly gain.

Live Cattle futures closed an average of 76¢ higher, except for an average of 16¢ lower in the front two contracts.

Feeder Cattle futures closed an average of $1.08 higher (20¢ higher in spot Mar to $2.55 higher toward the back).

Corn futures closed mostly 1¢ to 3¢ higher.

Soybean futures closed mostly 9¢ to 12¢ higher through Sep ‘22, except for 3¢ to 4¢ lower in the front three contracts.

February 1st, 2021|

Cattle Current Podcast—Feb. 1, 2021

Negotiated cash fed cattle prices were $3-$4 higher on a live basis in the Northern Plains on Friday at mostly $113/cwt., according to the Agricultural Marketing Service. That was with slow trade and light demand. Dressed sales in Nebraska were $5 higher at $178.

There were a few live sales in the Southern Plains at $113 and a few dressed trades in the western Corn Belt at $178, but too few to trend.

On Thursday, live sales in the western Corn Belt were $2-$7 higher at $112. Dressed trade the previous week was at $170-$173.

The prior week, live sales were at $110-$111 in the Texas Panhandle and at $110 in Kansas. On Friday, the Texas Cattle Feeders Association reported its members trading cattle at just over $2 more week to week: $112.80 for steers and $112.91 for heifers.

Despite higher cash cattle prices and increasing wholesale beef values, Cattle futures closed lower Friday, as grain futures continued to climb. Month-end position squaring likely played a role, too.

Live Cattle futures closed an average of $1.23 lower.

Feeder Cattle futures closed an average of $1.96 lower.

Corn futures closed mostly 3¢ to 6¢ higher mixed, except for 9¢ to 12¢ higher in the front three contracts.

Soybean futures closed 10¢ to 16¢ higher through Sep ‘22, and then 7¢ to 9¢ higher.

January 31st, 2021|

Cattle Current Podcast—Jan. 29, 2021

Negotiated cash fed cattle trade was limited on light demand in Kansas through Thursday afternoon, according to the Agricultural Marketing Service. There were a few live trades at $112/cwt., which was $2 higher than last week.

Trade was mostly inactive on light demand in Nebraska and the western Corn Belt with too few transactions to trend. It was at a standstill in the Texas Panhandle and Colorado.

The average dressed steer weight the week ending Jan. 16 was 925 lbs., which was 2 lbs. heavier than the previous week and 18 lbs. heavier than the same week last year, according to USDA’s Actual Slaughter Under Federal Inspection report. The average dressed heifer weight of 850 lbs. was 1 lb. lighter than the prior week but 16 lbs. heavier than the previous year.

Cattle futures edged lower Thursday amid light trade. 

Live Cattle futures closed an average of 38¢ lower, except for 7¢ higher in near Apr.

Feeder Cattle futures closed an average of 41¢ lower, other than 7¢ and 10¢ higher at either end of the board.

Choice boxed beef cutout value was $2.33 higher Thursday afternoon at $231.99/cwt. Select was $1.89 higher at $220.88.

Corn futures closed fractionally mixed to 1¢ higher through the front three contracts, 3¢ lower through Jly ‘22, and then mostly fractionally lower.

Soybean futures closed mostly 14¢ to 21¢ lower.

January 28th, 2021|

Cattle Current Podcast—Jan. 28, 2021

Negotiated cash fed cattle trade was at a standstill in Kansas and the Northern Plains through Wednesday afternoon, according to the Agricultural Marketing Service. Elsewhere, trade was mostly inactive on light demand, with too few transactions to trend. With that said, early indications point toward higher prices.

Cattle feeders offered 1,570 head (11 lots) in Central Stockyard’s weekly Fed Cattle Exchange Auction, all from the Southern Plains. Of those, 1,128 head (seven lots) sold for a weighted average price of $112.97/cwt. ($112.95 for steers and $113.00 for heifers). The marketing method included both live weight and Bid-the-Grid™. Country trade in the region last week was at $110-$111.

Also, slaughter steers and heifers traded $3-$4 higher in the fat auction at Sioux Falls Regional, where 128 head of Choice 3-4 steers brought an average price of $110.06. That’s at the top end of the $105-$110 paid in country trade last week.

Cattle futures closed lower Wednesday with Live Cattle pressured by the lack of cash direction and lower outside markets, while Feeder Cattle continued to adjust to the rebound in Corn futures.

Live Cattle futures closed an average of 54¢ lower.

Feeder Cattle futures closed an average of 92¢ lower, from 2¢ lower in the spot contract to $1.67 lower at the back.

Choice boxed beef cutout value was 66¢ higher Wednesday afternoon at $229.66/cwt. Select was $1.66 higher at $218.99.

Corn futures closed 1¢ to 2¢ lower, except for fractionally higher to 1¢ higher in the front three contracts.

Soybean futures closed 2¢ to 4¢ higher through Sep ‘21 and then mostly 3¢ to 5¢ lower.

January 27th, 2021|

Cattle Current Podcast—Jan. 27, 2021

Negotiated cash fed cattle trade was at a standstill in the Northern Plains and the Southern Plains through Tuesday afternoon, according to the Agricultural Marketing Service. Trade in the western Corn Belt was inactive on very light demand.

Heavy snow in parts of Nebraska and Kansas could help push trade to later in the week

Live Cattle futures closed an average of 44¢ higher Tuesday, supported by rising wholesale beef values.

Choice boxed beef cutout value was $2.33 higher Tuesday afternoon at $229.06/cwt. Select was $1.12 higher at $217.33.

Feeder Cattle futures, however, closed an average of $1.80 lower, pressured by another day of sharply higher grain futures.

Corn futures closed 11¢ to 20¢ higher through Sep ‘21, 2¢ to 4¢ higher through Jly ’22 and then mostly 2¢ higher.

Soybean futures closed 17¢ to 26¢ higher through Jan ‘22 and then 11¢ to 16¢ higher.

January 26th, 2021|

Cattle Current Podcast—Jan. 26, 2021

Negotiated cash fed cattle trade was at a standstill in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.

Last week, live sales were mostly steady to $1 on either side of steady at $110-$111/cwt. in the Southern Plains, $109-$110 in the Northern Plains and at $105-$110 in the western Corn Belt. Dressed trade was steady to $3 lower at $170-$173.

The average five-area direct fed steer price last week was $109.23/cwt. on a live basis, which was 29¢ less than the prior week. The average steer price in the beef of $172.58 was 48¢ less.

Cattle futures shrugged off Friday’s monthly Cattle on Feed report and resurgent grain futures on Monday. They were pressured at the outset, but closed mostly higher by the end of the day, retaining strong gains from the previous session.

Live Cattle futures closed an average of 37¢ higher (2¢ to $1.07 higher), except for 20¢ lower in the spot contract.

Feeder Cattle futures closed an average of $1.11 higher (12¢ to $1.87 higher), except for 70¢ and 30¢ lower in the front two contracts.

Choice boxed beef value was $3.91 higher at $226.73/cwt. Select was $2.87 higher at $216.21.

Grain futures bounced back Monday from the previous session’s selloff as markets carve out a new trading range.

Corn futures closed 11¢ higher through the front three contracts and then mostly 2¢ to 4¢ higher.

Soybean futures closed 21¢ to 31¢ higher through Sep ‘22 and then mostly 14¢ to 19¢ higher.

January 25th, 2021|

Cattle Current Podcast—Jan. 25, 2021

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

Live sales for the week were mostly steady to $1 on either side of steady at $110-$111/cwt. in the Southern Plains, $109-$110 in the Northern Plains and $108-$110 in the western Corn Belt. Dressed trade was steady to $3 lower at $170-$173.

Through Thursday, the five-area direct average steer price was $109.23/cwt. on a live basis, which was 29¢ less than the previous week and $15.05 less than the same time last year. The average steer price in the beef was $172.59, which was 47¢ less than the previous week and $26.27 less year over year.

Sharply lower grain futures Friday helped fuel strong gains in Cattle futures. Higher wholesale beef prices added support, as did loftier Lean Hog futures, tied in part to reports of new African Swine Fever cases in China.

Live Cattle futures closed an average of $2.02 higher through the front four contracts, and then an average of 55¢ higher, except for 35¢ lower in the back contract.

Feeder Cattle futures closed an average of $2.81 higher, from $1.95 to $5.00 higher.

Choice boxed beef value was $1.62 higher Friday afternoon at $222.82/cwt. Select was $3.06 higher at $213.34.

Estimated total cattle slaughter for the week of 657,000 head was 6,000 more than the previous week and 13,000 head more than the same week last year. Estimated beef production for the week of 550.2 million lbs. was 5.4 million lbs. more than the previous week and 19.3 million lbs. more than the previous year.

Grain futures tumbled hard Friday, pressured by factors including profit taking and rains in South America.

Corn futures closed 17¢ to 23¢ lower through Jly ‘22 and then mostly 6¢ to 7¢ lower.

Soybean futures closed 44¢ to 58¢ lower through Aug ‘22 and then 31¢ to 38¢ lower.

January 23rd, 2021|

Cattle Current Podcast—Jan. 22, 2021

Negotiated cash fed cattle trade was slow to moderate on light demand in Nebraska through Thursday afternoon. Dressed trade was unevenly steady with the previous week at $173/cwt. There were a few live sales at $109, but too few to trend; $109-$110 last week.

Trade was limited on light demand in Kansas with a few live trades at $110, which was steady with the previous day and week.

Elsewhere, trade was mostly inactive on light demand, according to the Agricultural Marketing Service. Live trade in the Texas Panhandle on Wednesday was at $110, steady to $1 lower than last week. Trade in Colorado on Wednesday was steady to $1 higher at $109-$110.

Last week, live sales in the western Corn Belt were at $108-$109; dressed trade at $173.

Although steady to weak cash prices are a disappointment this week, Live Cattle futures stabilized and gained Thursday, likely helped along by rising wholesale beef values. Feeder Cattle also continued to extend gains. Positioning ahead of Friday’s Cattle on Feed report likely played a role, too.

Live Cattle futures closed an average of 46¢ higher, from 2¢ higher at the back to $1.07 higher toward the front.

Feeder Cattle futures closed an average of 72¢ higher, from 2¢ to $1.62 higher, except for unchanged in the back contract.

Choice boxed beef cutout value was $2.29 higher Thursday afternoon at $221.20/cwt. Select was $3.00 higher at $210.28.

The average dressed steer weight the week ending Jan. 9 was 923 lbs., which was 3 lbs. heavier than the prior week and 19 lbs. heavier than the prior year, according to the USDA Actual Slaughter Under Federal Inspection report. The average dressed heifer weight of 851 lbs. was the same as a week earlier but 17 lbs. heavier than the same week a year earlier. Total cattle slaughter for the week of 652,330 head was 9,420 head more year over year. Beef production for the week of 549.1 million lbs. was 19.6 million lbs. more than the previous year.

Corn futures closed 1¢ to 3¢ higher through the front three contracts and then mostly unchanged to fractionally mixed.

Soybean futures closed 1¢ to 3¢ lower, except for fractionally higher to 2¢ higher in the front three contracts.

January 21st, 2021|

Cattle Current Podcast—Jan. 21, 2021

Negotiated cash fed cattle trade was slow on light to moderate demand in Kansas through Wednesday afternoon. Live trades were unevenly steady with last week at $110/cwt. Trade was limited on light demand in the Texas Panhandle, where there were a few live sales at $110, but too few to trend. Elsewhere, trade was inactive with very light demand, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.42 higher Wednesday afternoon at $218.91/cwt. Select was 84¢ higher at $207.28.

Live Cattle futures edged lower again Wednesday as the week’s cash outlook appears either side of steady, despite continued strength in wholesale beef prices. They closed an average of 39¢ lower, except for from 2¢ higher in spot Feb.

Feeder Cattle futures extended gains Wednesday, helped along by another day of retreat in grain futures. They closed an average of 79¢ higher, from 40¢ to $1.12 higher.

Corn futures closed 4¢ to 6¢ lower through Jly ‘22 and then mostly 1¢ to 2¢ lower.

Soybean futures closed 16¢ to 21¢ lower.

January 20th, 2021|

Cattle Current Podcast—Jan. 20, 2021

Negotiated cash fed cattle trade was at a standstill in Kansas and the Northern Plains through Tuesday afternoon, according to the Agricultural Marketing Service. Elsewhere, trade was very limited with very light demand; too few transactions to trend.

Feeder Cattle futures extended gains Tuesday, helped along by softer Corn and Soybean futures. Live Cattle mostly edged lower.

Live Cattle futures closed an average of 26¢ lower, except for from 45¢ to $1.15 higher in the front three contracts.

Feeder Cattle futures closed an average of $1.44 higher, except for 17¢ lower in spot Jan. That’s mainly an average of $3.46 higher in the last two trading sessions.

Choice boxed beef cutout value was $2.45 higher through Tuesday afternoon at $217.49/cwt. Select was 60¢ higher at $206.44.

Corn futures closed 4¢ to 7¢ lower through the front six contracts, and then mostly 2¢ to 4¢ higher toward the back.

Soybean futures closed 23¢ to 31¢ lower through the front four contracts, mostly 7¢ to 8¢ lower through the next five contracts and then mostly 1¢ lower.

January 19th, 2021|

Cattle Current Podcast—Jan. 19, 2021

Negotiated cash fed cattle trade was at a standstill in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.

Live prices were generally $1-$3 lower last week at $108-$111/cwt. Dressed prices were $1-$4 lower at $172-$174.

The average five-area direct fed steer price last week was $109.52/cwt. on a live basis, which was $1.75 less than the previous week and $14.51 less than the same week last year. The average dressed steer price of $173.06 was $2.73 less than the prior week and $25.98 less than the prior year.

Futures and equity markets were closed Monday in observance of Martin Luther King Day.

Choice boxed beef cutout value was $2.12 higher Monday afternoon at $215.04/cwt. Select was $2.76 higher at $205.84.

January 18th, 2021|

Cattle Current Podcast—Jan. 18, 2021

Negotiated cash fed cattle trade was at a standstill in the Southern Plains and Colorado through Friday afternoon, according to the Agricultural Marketing Service. Elsewhere, it was mostly inactive on very light demand.

Live prices were generally $1-$3 lower last week at $108-$111/cwt. Dressed prices were $1-$4 lower at $172-$174.

Through Thursday, the average five-area direct fed steer price was $109.52/cwt. on a live basis, which was $1.96 less than the previous week and $14.48 less than the same week a year earlier. The average steer price in the beef was $173.06, which was $2.96 less than the previous week and $26.01 less than a year earlier.

Choice boxed beef cutout value was 45¢ lower Friday afternoon at $212.92/cwt. Select was $2.01 higher at $203.08. 

Total estimated cattle slaughter for the week of 651,000 head was the same as a week earlier and 18,000 head more than the same week a year earlier. Estimated beef production for the week of 544.8 million lbs. was 22.3 million lbs. more than the previous year.

The average dressed steer weight the week of Jan. 2 of 920 lbs. was 7 lbs. heavier than the previous week and 8 lbs. heavier than the same week a year earlier, according to the USDA Actual Slaughter Under Federal Inspection report. The average dressed heifer weight of 851 lbs. was 12 lbs. heavier than the previous week and 19 lbs. heavier than the prior year.

Cattle futures closed higher Friday. Bottom feeding might be one of the drivers, as was stronger wholesale beef values, rising open interest and a pause to increasing Corn futures.

Live Cattle futures closed an average of 93¢ higher, from 45¢ to $1.32 higher.

Feeder Cattle futures closed an average of $2.02 higher.

Corn futures closed 2¢ to 3¢ lower through the front three contracts, and then mostly 1¢ to 3¢ higher.

Soybean futures closed 12¢ to 13¢ lower through the front three contracts, and then mostly 1¢ to 5¢ higher.

January 16th, 2021|

Cattle Current Podcast—Jan. 15, 2021

Negotiated cash fed cattle trade was at a standstill in Colorado through Thursday afternoon, according to the Agricultural Marketing Service. Elsewhere, it was limited on light demand with too few transactions to trend.

For the week so far:

Texas Panhandle: $110-$111/cwt.

Kansas: $109-$110

Nebraska: $109-$110 on a live basis; $172 dressed.

Colorado: $109

Western Corn Belt: $108-$109 on a live basis; $173-$174 dressed.

Cattle futures were mixed Thursday, with Feeder Cattle losing ground beneath the weight of another surge higher in grain prices, while more positive supply fundamentals in the second quarter helped bolster deferred Live Cattle.

Live Cattle futures closed an average of 68¢ higher, except for an average of 19¢ lower in the front three.

Feeder Cattle futures closed an average of 64¢ lower except for 15¢ higher in the back contract.

Choice boxed beef cutout value was $2.37 higher Thursday afternoon at $213.37/cwt. Select was $2.01 higher at $201.07.

Strong exports continue to support corn and soybean prices, according to the latest USDA U.S. Export Sales report for the week ending Jan. 7.

Net U.S. corn export sales of 1.44 million metric tons (mt) for 2020-21 were 92% more than the previous week and 34% more than the prior four-week average.

Net U.S. soybean export sales of 908,000 mt for 2020-21 were up noticeably from the previous week and up 93% from the prior four-week average.

Corn futures closed 9¢ to 10¢ higher through the front three contracts, and then 1¢ to 5¢ higher.

Soybean futures closed 20¢ to 25¢ higher through Jan ‘22, and then mostly 10¢ to 16¢ higher.

January 14th, 2021|

Cattle Current Podcast—Jan. 14, 2021

Negotiated cash fed cattle prices for the week, through Wednesday afternoon, were $1-$3 less than the previous week on a live basis and $2-$3 lower in the beef, according to data from the Agricultural Marketing Service.

Live prices were $1 lower than the previous day and $2 less than the previous week in the Texas Panhandle at $110/cwt. Prices in Kansas were $1-$3 lower at $109-$111. Live prices in Nebraska the previous day were at $109-$111, which was steady to $1 lower than the previous week; dressed trade was $2-$3 lower at $173-$174. Live prices were $3 lower in Colorado at $109. Live prices in the western Corn Belt on Tuesday were at $108-$109, which was $1-$2 lower than the previous week; dressed trade was $3 lower at $174-$177.

Feeder Cattle futures mostly edged higher Wednesday, with Feeder Cattle recovering some of the previous session’s steep losses. Higher wholesale beef values also helped Live Cattle to firm after the front months.

Live Cattle futures closed mainly narrowly mixed but mostly higher, from an average of 22¢ lower in the front two contracts to an average of 35¢ higher.

Feeder Cattle futures closed an average of 61¢ higher.

Choice boxed beef cutout value was $1.86 higher Wednesday afternoon at $211.00/cwt. Select was 97¢ higher at $199.06.

Corn futures closed 7¢ to 8¢ higher through the front three contracts, and then mostly 3¢ to 4¢ lower.

Soybean futures closed 6¢ to 12¢ lower through Sep ‘21, and then mostly 1¢ to 4¢ higher.

January 13th, 2021|

Cattle Current Podcast—Jan. 13, 2021

Negotiated cash fed cattle trade was limited on light demand in Nebraska and the western Corn Belt through Tuesday afternoon, according to the Agricultural Marketing Service, with too few transactions to trend. Elsewhere, trade was at a standstill.

Feeder Cattle futures closed sharply lower Tuesday, pressured by more friendly World Agricultural Supply and Demand Estimates for corn and soybeans (see below). Firmer wholesale beef values and hopes for a recovering domestic economy later in the year helped Live Cattle close mainly higher. The recent and continued increase in open interest helped, as did strength in Lean Hog futures.

Live Cattle futures closed an average of 89¢ higher, except for 55¢ lower in the front three contracts.

Feeder Cattle futures closed an average of $1.98 lower from 90¢ lower at the back to $2.92 lower toward the front.

Choice boxed beef cutout value was $1.45 higher Tuesday afternoon at $209.14/cwt. Select was $2.35 higher at $198.09.

Grain futures surged higher Tuesday, fueled by the friendly World Agricultural Supply and Demand Estimates.

Corn futures closed 23¢ to 25¢ higher through the front four contracts, 12¢ to 16¢ higher through the next four and then mostly 5¢ higher.

Soybean futures closed 41¢ to 47¢ higher through the front four contracts, 19¢ to 33¢ higher through the next four and then mostly 10¢ to 16¢ lower.

January 12th, 2021|

Cattle Current Podcast—Jan. 12, 2021

Negotiated cash fed cattle trade was at a standstill through Monday afternoon, except for the western Corn Belt, where trade was mostly inactive on very light demand, according to the Agricultural Marketing Service.

Live prices last week were at $112/cwt. in the Southern Plains and Colorado, $110-$111 in Nebraska and $110 in the western Corn Belt. Dressed trade was at $176 in Nebraska and at $174-$177 in the western Corn Belt.

The average five-area direct fed steer price last week was $111.27/cwt. on a live basis, which was 24¢ less than the previous week. The average steer price in the beef was $175.79, which was 12¢ more than the previous week.

Cattle futures closed mostly lower Monday, with most of the declines in Live Cattle. Pressure included the inability to spark cash prices higher last week, as well as uneasiness ahead of the monthly World Agricultural Supply and Demand Estimates scheduled to be published Tuesday (see below). There was also likely pressure in the nearby contracts from the monthly Goldman roll, as that firm rolls forward underlying futures contracts in its excess return index portfolio, contracts set to expire in the next month.

Live Cattle futures closed an average of 49¢ lower, except for 7¢ higher in three contracts.

Feeder Cattle futures closed an average of 15¢ lower except for an average of 12¢ higher in the front two contracts.

Choice boxed beef cutout value was 89¢ higher Monday afternoon at $207.69/cwt. Select was 95¢ lower at $195.74.

Corn futures closed 3¢ to 4¢ lower through the front three contracts and then mostly 1¢ to 2¢ higher.

Soybean futures closed 1¢ to 2¢ lower through Aug ‘21 and then mostly 12¢ to 14¢ lower.

January 11th, 2021|

Cattle Current Podcast—Jan. 11, 2021

Negotiated cash fed cattle trade was at a standstill in the Texas Panhandle and Colorado through Friday afternoon, according to the Agricultural Marketing Service. Elsewhere, it was limited on light demand with too few transactions to trend.

For the week, despite hopes for gains, prices through Friday afternoon were generally unevenly steady.

Southern Plains: steady at $112/cwt.

Nebraska: steady to $1 lower on a live basis at $110-$111; steady to $1 higher in the beef at $176.

Colorado: Steady to $1 higher on a live basis at $112.

Western Corn Belt: steady to $2 lower on a live basis at $110; steady to $1 higher in the beef at $175-$177.

Through Thursday, the average five-area direct fed steer price was 1¢ higher on a live basis at $111.49/cwt. The average steer price in the beef was 47¢ higher at $176.02.

Cattle futures closed lower Friday. Pressure included demand uncertainty and continued grain market strength.

Live Cattle futures closed an average of 17¢ lower, except for 5¢ higher in Oct.

Feeder Cattle futures closed an average of 52¢ lower.

Choice boxed beef cutout value was 99¢ higher Friday afternoon at $206.80/cwt. Select was 10¢ higher at $196.69.

Corn futures closed 1¢ to 2¢ higher through the front four contracts and then mostly 1¢ lower.

Soybean futures closed 11¢ to 19¢ higher through Sep ‘21 and then mostly 4¢ to 8¢ higher.

January 9th, 2021|

Cattle Current Podcast—Jan. 8, 2021

Negotiated cash fed cattle trade was limited on light demand in Kansas, the Northern Plains and the western Corn Belt through Thursday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were a few dressed trades in Nebraska at $177/cwt., which was $1-$2 higher than last week, when live prices were $112 in the Southern Plains and $110-$112 up north.

Firmer Cattle futures and higher outside markets are helping foster optimism for higher cash prices.

The five-area weighted average steer price in December was $109.05/cwt., on a live basis (FOB), which was 20¢ higher than the previous month but $10.95 less than the previous year, according to USDA. The average steer price in the beef (delivered) was $170.94, which was 60¢ higher than the previous month but $20.24 less than the prior year.

Cattle futures closed mostly higher Thursday. Support included the likely need for packers to get cattle bought, in order to maintain the brisk processing pace. Feeder Cattle also benefitted from a pause in escalating Corn futures.

Live Cattle futures closed an average of 26¢ higher, except for 2¢ lower and 25¢ lower on either end of the board.

Feeder Cattle futures closed an average of $1.11 higher.

Choice boxed beef cutout value was 54¢ higher Thursday afternoon at $205.81/cwt. Select was 51¢ higher at $196.59.

The average dressed steer weight the week ending Dec. 25 was 913 lbs., according to USDA’s Actual Slaughter Under Federal Inspection report. That was 8 lbs. less than the previous week but 8 lbs. heavier than the same week a year earlier. The average dressed heifer weight of 839 lbs. was 8 lbs. less than the previous week but 2 lbs. heavier than the prior year.

Corn futures closed unchanged to 1¢ lower.

Soybean futures closed 3¢ to 6¢ lower through Sep ‘21 and then mostly 1¢ to 2¢ higher.

January 7th, 2021|

Cattle Current Podcast—Jan. 7, 2021

Negotiated cash fed cattle trade was at a standstill in the Northern Plains through Wednesday afternoon. Elsewhere, it was mostly inactive on very light demand, according to the Agricultural Marketing Service.

Cattle feeders offered 1,142 head (mostly from the Southern Plains) in Central Stockyards weekly Fed Cattle Exchange auction on Wednesday. One lot of Southern Plains heifers (42 head) sold for a weighted average price of $112/cwt., via Bid-The-Grid™, which was steady with last week’s country trade in the region.

Likewise, fed steers and heifers traded mostly steady at Sioux Falls Regional’s fat auction. There were 301 head of Choice 3-4 steers weighing an average of 1,559 lbs., bringing an average price of $110.76. Country trade in the region last week was at $110-$112.

Cattle futures closed mixed Wednesday, with Live Cattle firming, while Feeder Cattle were pressured by higher grain prices.

Live Cattle futures closed an average of 40¢ higher, except for 5¢ lower and 60¢ lower on either end of the board.

Feeder Cattle futures closed an average of 68¢ lower.

Choice boxed beef cutout value was 63¢ lower Wednesday afternoon at $205.27/cwt. Select was 41¢ lower at $196.08.

Corn futures closed mostly 2¢ to 3¢ higher.

Soybean futures closed mostly 11¢ to 14¢ higher.

January 6th, 2021|

Cattle Current Podcast—Jan. 6, 2020

Negotiated cash fed cattle trade was mostly inactive on very light demand in the western Corn Belt through Tuesday afternoon, according to the Agricultural Marketing Service. Elsewhere, it was at a standstill.

Prices on a live basis last week were at $112/cwt. in the Southern Plains, at $111-$112 in Colorado and at $110-$112 in Nebraska and the western Corn Belt. Dressed prices were at $175-$176.

Cattle futures rebounded Tuesday, with Live Cattle gaining back most of what was lost in the previous session, while Feeder Cattle regained about half, on an average basis. That was despite another surge in grain futures prices.

Live Cattle futures closed an average of $1.62 higher, except for $1.40 lower in the back contract.

Feeder Cattle futures closed an average of $1.35 higher, from 75¢ to $2.02 higher.

Choice boxed beef cutout value was $3.97 lower Tuesday afternoon at $205.90/cwt. Select was 4¢ lower at $196.49.

Corn futures closed 8¢ higher through the front three contracts and then mostly 3¢ higher.

Soybean futures closed 26¢ to 33¢ higher through the front six contracts and then mostly 18¢-21¢ higher.

January 5th, 2021|

Cattle Current Podcast—Jan. 5, 2020

Negotiated cash fed cattle trade was at a standstill in the Southern Plains and Nebraska through Monday afternoon. Elsewhere, it was mostly inactive on very light demand.

Prices on a live basis last week were at $112/cwt. in the Southern Plains, at $111-$112 in Colorado and at $110-$112 in Nebraska and the western Corn Belt. Dressed prices were at $175-$176.

The five-area average direct fed steer price last week was $2.32 higher than the previous week on a live basis at $111.51/cwt. The average steer price in the beef was $3.87 higher at $175.67.

Cattle futures fell hard Monday, beneath the weight of sharply lower outside markets and the unrelenting rise in feed costs.

Live Cattle futures closed an average of $1.83 lower.

Feeder Cattle futures closed an average of $2.72 lower, from $1.15 lower toward the back to $4.20 lower toward the front.

Choice Boxed beef cutout value was 8¢ lower Monday afternoon at $209.87/cwt. Select was 88¢ higher at $196.53.

Corn futures closed mostly fractionally lower.

Soybean futures closed mostly 4¢ to 6¢ higher.

January 4th, 2021|

Cattle Current Podcast—Jan. 1-4, 2021

Negotiated cash fed cattle prices for the week were generally steady to mostly $2 higher on a live basis through Thursday afternoon, according to the Agricultural Marketing Service: $112/cwt. in the Southern Plains, mostly $112 in Nebraska, mostly $111 with a few up to $112 in Colorado. They were steady to $6 higher week to week in the western Corn Belt at $110-$112. Dressed trade was $3-$4 higher at $175-$176.

Cattle futures closed mostly higher Thursday, helped along by stronger front-month Lean Hog futures.

Live Cattle futures closed an average of 62¢ higher.

Feeder Cattle futures closed an average of 26¢ higher, except for an average of 17¢ lower in three contracts.

Choice boxed beef cutout value was 58¢ lower Thursday afternoon at $209.95/cwt. Select was $4.21 lower at $195.65.

The average dressed steer weight of 921 lbs. the week ending Dec. 19 was 1 lb. lighter than the previous week, but 17 lbs. heavier than the same time a year earlier, according to USDA’s Actual Slaughter Under Federal Inspection report. The average dressed heifer weight of 847 lbs. was 1 lbs. lighter than the previous week, but 14 lbs. heavier year over year.

Net U.S. beef export sales of 14,900 metric tons reported for 2020 were up noticeably from the previous week and up 82% from the prior four-week average, according to the U.S. weekly Export Sales report for the week ending Dec. 24. Increases were primarily for Japan, China, South Korea, Mexico and Canada.

December 31st, 2020|

Cattle Current Podcast—Dec. 31, 2020

Negotiated cash fed cattle prices edged higher Wednesday amid light trade. Although there were too few transactions to trend in any region, there were some live trades $1 higher in the Southern Plains at $111/cwt., some at steady money in Nebraska at $110 and a few $2-$6 higher in the western Corn Belt at $112. There were also a few dressed sales $4 higher in Nebraska at $176.

Cattle feeders offered 1,015 head (six lots) in the Central Stockyards weekly Fed Cattle Exchange auction Wednesday. One lot of heifers—194 head—from the Southern Plains sold for a weighted average price of $111/cwt. on a live basis.

Cattle futures closed mostly lower Wednesday, especially Feeder Cattle, as grain futures continued surging higher.

Live Cattle futures closed an average of 19¢ lower, except for 7¢ and 27¢ higher at either end of the board.

Feeder Cattle futures closed an average of $1.14 lower.

Choice boxed beef cutout value was 23¢ higher Wednesday afternoon at $210.53/cwt. Select was $4.38 higher at $199.86.

Corn futures closed 5¢ to 8¢ higher through Sep ‘21 and then mostly 1¢ to 2¢ higher.

Soybean futures closed mostly 5¢ to 7¢ higher.

December 30th, 2020|

Cattle Current Podcast—Dec. 30, 2020

Negotiated cash fed cattle trade was limited on light demand in Nebraska and the western Corn Belt through Tuesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service. Elsewhere, it was at a standstill.

Last week, prices in the Southern Plains were $2 higher on a live basis at $110/cwt., $5 higher in Nebraska at $110 and $1-$5 higher in the western Corn Belt at $106-$110. Dressed trade was $7 higher at $172.

Cattle futures closed lower Tuesday with pressure from surging grain futures and despite the prospect of higher cash prices this week as packers reload and retailers restock.

Live Cattle futures closed an average of 63¢ lower, except for an average of 5¢ higher in two contracts toward the back.

Feeder Cattle futures closed an average of 99¢ lower from 52¢ lower at the back to $1.37 lower in spot Jan.

Choice boxed beef cutout value was $2.48 higher Tuesday afternoon at $210.30/cwt. Select was $1.17 lower at $195.48.

Corn futures closed mostly 5¢ to 9¢ higher through Jly ‘22 and then mostly fractionally higher.

Soybean futures closed 35¢ to 40¢ higher through Aug ’21, and then mostly 6¢ to 13¢ higher.

 

December 29th, 2020|

Cattle Current Podcast—Dec. 29, 2020

Negotiated cash fed cattle trade was mostly inactive on very light demand in the western Corn Belt through Monday afternoon, according to the Agricultural Marketing Service. Elsewhere, it was at a standstill.

Last week, prices in the Southern Plains were $2 higher on a live basis at $110/cwt., $5 higher in Nebraska at $110 and $1-$5 higher in the western Corn Belt at $106-$110. Dressed trade was $7 higher at $172.

The five-area direct weighted average steer price last week was $109.19/cwt. on a live basis, which was $3.07 more than the previous week. The average steer price in the beef was $6.51 more at $171.80, according to USDA’s weekly report.

The five-area direct weighted average fed heifer price was $109.68/cwt. on a live basis, which was $3.25 more week to week. The average dressed heifer price was $6.74 more at $171.91.

Choice boxed beef cutout value was 21¢ higher Monday afternoon at $207.82/cwt. Select was $1.28 lower at $196.65.

Estimated total cattle slaughter for the week ending Dec. 26 was 419,000 head, which was 56,000 head fewer (-11.8%) than the same time a year earlier. Year-to-date estimated total cattle slaughter of 31.7 million head was 1.1 million head fewer (-3.5%) than in 2019.

Total estimated beef production for the week of 352.5 million lbs. was 40.2 million lbs. less (-10.2%) than the same time last year. Estimated year-to-date beef production of 26.37 billion lbs. was 264.3 million lbs. less (-1%) than a year earlier.

Cattle futures closed mostly higher Monday, but off of session highs, supported by stronger cash prices late last week, higher outside markets and a winter storm aiming for the Corn Belt.

Live Cattle futures closed an average of 46¢ higher.

Feeder Cattle futures closed narrowly mixed from an average of 9¢ lower to an average of 14¢ higher.

Corn futures closed mostly 2¢ to 3¢ higher.

Soybean futures closed 7¢ to 8¢ lower through Aug ’21, and then 1¢ to 4¢ higher.

December 28th, 2020|

Cattle Current Podcast—Dec. 28, 2020

Negotiated cash fed cattle was not reported Thursday or Friday. On Wednesday, prices were $2 higher in the Southern Plains at $110/cwt., according to the Agricultural Marketing Service. There were some early dressed sales in Nebraska and the western Corn Belt at $172; a few live sales in the western Corn Belt at $110. Trade in those regions the previous week was at mostly $105 on a live basis and mostly $165 in the beef.

Choice Boxed beef cutout value was $3.13 lower on Wednesday at $207.54/cwt. Select was $1.66 lower at $197.93.

The average dressed steer weight the week ending Dec. 12 was 922 lbs., which was the same as the prior week but 18 lbs. heavier than the same week a year earlier, according to USDA’s Actual Slaughter Under Federal Inspection report. The average dressed heifer weight of 848 lbs. was 2 lbs. lighter week to week but 7 lbs. heavier year over year.

Cattle futures closed narrowly mixed but mostly slightly higher in Thursday’s short session, amid extremely light holiday trade. Heading into the new week, support from stronger cash prices and the outlook for higher wholesale beef values will likely compete with year-end position squaring.

Live Cattle futures closed an average of 21¢ higher except for 7¢ lower in the back contract.

Feeder Cattle futures closed an average of 25¢ higher except for unchanged to 40¢ lower in three contracts.

Corn futures closed mostly 1¢ to 2¢ higher.

Soybean futures closed 4¢ to 5¢ higher through Aug ’21, and then fractionally lower to 1¢ lower.

December 27th, 2020|

Cattle Current Podcast—Dec. 24-25, 2020

Negotiated cash fed cattle prices were $2 higher in the Southern Plains Wednesday at $110/cwt., with moderate trade and demand, according to the Agricultural Marketing Service. Elsewhere, trade was slow on light to moderate demand. Although too few to trend, there were some early dressed sales in Nebraska and the western Corn Belt at $172; a few live sales in the western Corn Belt at $110. Trade in those regions last week was at mostly $105 on a live basis and mostly $165 in the beef.

Also on Wednesday, Central Stockyards hosted its weekly Fed Cattle Exchange auction with a new bidding platform. Cattle feeders offered 803 head. Of those, 545 head (four lots) sold for an average of $110/cwt. Cattle sold were all heifers and all from the Southern Plains. Three lots sold via Bid-the-GridTM; the other on a live basis.

Stronger week-to-week prices were also seen at the fat auction in Tama, IA where Choice steers and heifers traded $1.75 to $2.25 higher. There were 136 Choice 2-4 steers bringing an average price of $107.22/cwt.

Choice boxed beef cutout value was $3.13 lower at $207.54/cwt. Wednesday afternoon. Select was $1.66 lower at $197.93.

Net U.S. beef export sales of 6,000 metric tons for the week ending Dec. 17 were 40% less than the previous week, but up noticeably from the prior four-week average, according to USDA’s weekly U.S. Export Sales report. Increases were primarily for Japan, South Korea, Mexico, Canada and Hong Kong.

Cattle futures closed higher Wednesday, supported by stronger cash prices and a surge in Lean Hog futures, likely tied in part to the previous day’s friendly Cold Storage report. As well, the Quarterly Hogs and Pigs report that came out later in the day indicates the inventory of all hogs and pigs as of Dec. 1 was 1% less year over year; 3% lower for the breeding inventory.

Live Cattle futures closed an average of 97¢ higher from 65¢ higher toward the back to $1.60 higher in waning spot Dec.

Feeder Cattle futures closed an average of 35¢ higher except for 15¢ lower in Oct.

Corn futures closed mostly 3¢ higher through Jly ‘22 and then mostly fractionally higher.

Soybean futures closed 5¢ to 11¢ higher through Aug ’21, and then mostly 3¢ to 7¢ lower.

December 23rd, 2020|

Cattle Current Podcast—Dec. 23, 2020

Negotiated cash fed cattle trade was at a standstill in the Southern Plains through Tuesday afternoon, according to the Agricultural Marketing Service. Elsewhere, it was limited to mostly inactive on very light demand. Although too few transactions to trend, there were a few live sales in the western Corn Belt at $103.00 to $106.25/cwt. Last week, live sales were at $108/cwt. in the Southern Plains and at mostly $105 in Nebraska and the western Corn Belt. Dressed trade was at mostly $165.

Cattle futures closed lower Tuesday, likely pressured in part by some pre-holiday position squaring, technical correction and the lack of cash direction.

Live Cattle futures closed an average of 70¢ lower from 27¢ lower in spot Dec to $1.20 lower.

Feeder Cattle futures closed an average of 81¢ lower except for unchanged in the back two contracts.

Choice boxed beef cutout value was 25¢ lower at $210.67/cwt. Select was $2.33 higher at $199.59.

Corn futures closed 1¢ to 3¢ higher through Sep ‘21 and then mostly fractionally lower to 1¢ lower.

Soybean futures closed 2¢ to 4¢ higher through Aug ’21, and then mostly 1¢ to 3¢ lower.

December 22nd, 2020|

Cattle Current Podcast—Dec. 22, 2020

Negotiated cash fed cattle trade was at a standstill in the five-area feeding region through Monday afternoon, according to the Agricultural Marketing Service. Live sales last week were at $108/cwt. in the Southern Plains and at mostly $105 in Nebraska and the western Corn Belt. Dressed trade was at mostly $165.

Cattle futures closed mainly higher Monday, supported by the nascent reversal in wholesale beef values and Friday’s friendly Cattle on Feed report.

Live Cattle futures closed an average of 28¢ higher except for 22¢ lower in near Feb.

Feeder Cattle futures closed an average of 73¢ higher from 17¢ higher in spot Jan to $1.02 higher at the back.

Wholesale beef prices continued to firm. Choice boxed beef cutout value was $2.29 higher at $210.92/cwt. Monday afternoon. Select was $2.99 higher at $197.26.

Corn futures closed 1¢ to 2¢ higher through Jly ‘22 and then mostly unchanged to fractionally lower.

Soybean futures closed 17¢ to 23¢ higher through Aug ’21, and then mostly 7¢ to 10¢ higher.

December 21st, 2020|

Cattle Current Podcast—Dec. 21, 2020

Negotiated cash fed cattle trade was at a standstill in the Southern Plains through Friday afternoon, according to the Agricultural Marketing Service. Elsewhere, it was limited on very light demand. Although too few to trend, there were a few live sales in Nebraska at $107/cwt.

For the week, live sales were steady in the Southern Plains at $108/cwt., $1-$2 lower in Nebraska at $105 and $1 lower in the western Corn Belt at $105. Dressed trade was $3 lower at $165.

Choice boxed beef cutout value was 88¢ lower at $208.63/cwt. Select was 57¢ higher at $194.27.

Estimated total cattle slaughter last week of 659,000 head was 6,000 head fewer than the previous week and 9,000 head fewer than the same week last year.

Year-to-date estimated total cattle slaughter of 31.29 million head is 1.08 million fewer (-3.3%) than last year. Estimated year-to-date beef production of 26.02 billion lbs. is 223.6 million lbs. less (-0.85%) than the same time last year.

Net U.S. beef export sales for the week ending Dec. 10 were up noticeably from the prior week and 15% more than the previous four-week average, according to USDA’s weekly U.S. Export Sales report. Increases were primarily for Japan, South Korea, Canada, Mexico and China.

Cattle futures closed narrowly mixed Friday, as traders awaited the monthly Cattle on Feed report (see below), and in the face of rising grain futures prices.

Live Cattle futures closed an average of 36¢ higher except for unchanged to an average of 3¢ lower in three contracts.

Feeder Cattle futures closed narrowly mixed from an average of 33¢ lower to an average of 15¢ higher.

Corn futures closed 3¢ to 5¢ higher through Jly ‘22 and then unchanged to fractionally higher.

Soybean futures closed 12¢ to 18¢ higher through Aug ’21, 7¢ to 9¢ higher through Sep ’22 and then mostly fractionally lower.

December 19th, 2020|

Cattle Current Podcast—Dec. 18, 2020

Negotiated cash fed cattle prices were steady in the Southern Plains through Thursday afternoon at $108/cwt., according to the Agricultural Marketing Service, but there were too few transactions for a market trend.

There were also some live trades in Nebraska at $105, steady with the previous day but $1-$2 lower than the previous week. Dressed trades there on Wednesday were $3 lower at $165.

So far this week live trades are steady to $1 lower in the western Corn Belt at $105 on a lived basis and $3 lower in the beef at $165.

Cattle futures closed higher Thursday, supported by early signs that wholesale beef prices may be at or near the seasonal ebb. Firmness could also stem from expectations that Friday’s monthly Cattle on Feed report will be market friendly, with significantly lower year-over-year placements in November.

Live Cattle futures closed an average of 50¢ higher.

Feeder Cattle futures closed an average of 82¢ higher from 12¢ higher in spot Jan to $1.22 higher.

Corn futures closed 3¢ to 5¢ higher through Sep ‘21 and then mostly 1¢ higher.

Soybean futures closed 14¢ to 17¢ higher through Aug ’21 and then mostly 7¢ to 9¢ higher.

December 17th, 2020|

Cattle Current Podcast—Dec. 17, 2020

Negotiated cash fed cattle trade was slow to moderate on moderate demand in Nebraska through Wednesday afternoon, according to the Agricultural Marketing Service (AMS). Live prices were $1-$2 lower than last week at $105/cwt. Dressed prices were $3 lower at $165.

There were a few early sales in the western Corn Belt at $105 live and at $165 in the beef, but too few to trend. Prices last week were at $104-$105 and $168, respectively.

Trade was at a standstill in the Southern Plains. Prices there last week were at $108.

However, slaughter steers at the Sioux Falls Regional auction in South Dakota sold $3-$5 higher; $2-$4 higher for fat heifers. There were 185 Choice 2-3 steers weighing an average of 1,469 lbs. bringing an average of $107.13.

Cattle futures closed higher Wednesday, perhaps helped along by positioning ahead of Friday’s monthly Cattle on Feed report.

Live Cattle futures closed an average of 61¢ higher, from 17¢ higher in spot Dec to 90¢ higher.

Feeder Cattle futures closed an average of 84¢ higher.

Choice Boxed beef cutout value was $1.60 lower Wednesday afternoon at $207.22/cwt. Select was 11¢ lower at $192.09.

Corn futures closed mostly 1¢ higher. ,

Soybean futures closed fractionally lower through Aug ‘21 and then mostly 4¢ to 5¢ lower.

December 16th, 2020|

Cattle Current Podcast—Dec. 16, 2020

Negotiated cash fed cattle trade was a standstill in the Southern Plains through Tuesday afternoon, according to the Agricultural Marketing Service. Elsewhere, trade was very limited on very light demand. Live sales last week were at $108/cwt. in the Southern Plains, $106-$107 in Nebraska and at $104-$105 in the western Corn Belt. Dressed trade was at mostly $168.

Live Cattle futures closed narrowly mixed Tuesday, pressured by sluggish trade, as well as cash and wholesale beef weakness. Feeder Cattle edged mostly higher, perhaps helped along by brighter supply fundamentals down the road.

Live Cattle futures closed narrowly mixed, from an average of 32¢ lower to an average of 12¢ higher, except for unchanged in away-Feb.

Feeder Cattle futures closed an average of 26¢ higher, except for 5¢ lower toward the back of the board.

Choice boxed beef cutout value was 87¢ lower Tuesday afternoon at $208.82/cwt. Select was 10¢ lower at $192.20.

Corn futures closed fractionally higher to 1¢ higher except for 5¢ lower in spot Dec.

Soybean futures closed mostly 10¢ to 14¢ higher through Aug ‘21 and then mostly fractionally higher to 1¢ higher.

December 15th, 2020|

Cattle Current Podcast—Dec. 15, 2020

Negotiated cash fed cattle trade was a standstill in the five-area marketing region through Monday afternoon, according to the Agricultural Marketing Service. Live sales last week were at $108/cwt. in the Southern Plains, $106-$107 in Nebraska and at $104-$105 in the western Corn Belt. Dressed trade was at mostly $168.

The five-area direct weighted average steer price last week was $106.75 on a live basis, which was $3 less than the previous week. The average steer price in the beef of $167.77 was $4.52 lower.

Cattle futures closed narrowly mixed Monday, amid sluggish activity and awaiting cash direction, especially given last week’s disappointing trade in terms of both price and volume. However, they retained the lion’s share of gains made in the previous session.

Live Cattle futures closed narrowly mixed, from an average of 17¢ lower to unchanged to an average of 17¢ higher.

Feeder Cattle futures closed narrowly mixed, from an average of 17¢ lower to an average of 19¢ higher.

Choice boxed beef cutout value was $4.19 lower Monday at $209.69/cwt. Select was $3.41 lower at $192.30.

Corn futures closed mostly unchanged to fractionally mixed, except for 5¢ lower in spot Dec.

Soybean futures closed mostly 4¢ to 9¢ higher.

December 14th, 2020|

Cattle Current Podcast—Dec. 14, 2020

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

Last week, live prices were generally $2 lower in the Southern Plains at $108/cwt., and $4-$5 lower in the western Corn Belt at $104-$105. Dressed trade was $4 lower in the western Corn Belt at $168. The previous week, prices in Nebraska were at $110 on a live basis and at $172-$174 in the beef.

Through Thursday, the weighted average five-area direct fed steer price was $106.86/cwt., which was $2.91 less than the previous week and $11.95 less than the previous year. The average steer price in the beef was $167.80, which was $4.49 less than the previous week and $20.31 less than the same time last year.  

Estimated total cattle slaughter last week of 665,000 head was 2,000 head less than the previous week and 11,000 head fewer than the same week last year. Total estimated year-to-date cattle slaughter of 30.63 million head is 1.07 million less (-3.38%) than a year earlier.

Estimated beef production last week of 559 million lbs. was 800,000 less than the previous week. Estimated year-to-date beef production of 25.46 billion lbs. was 227 million lbs. less (-0.88 %) than the same time last year.

Choice was 71¢ lower at $213.88/cwt. Select was $2.76 lower at $195.71.

Cattle futures closed higher Friday, extending gains from the previous session as open interest creeps higher, perhaps emboldened by an apparent top in year-over year carcass weights and demand promise with FDA issuing emergency use authorization for the first COVID-19 vaccine (see below).

Live Cattle futures closed an average of 95¢ higher, from 42¢ to $1.40 higher.

Feeder Cattle futures closed an average of $1.01 higher, from 45¢ higher toward the back to $2.12 higher in spot Jan.

Corn futures closed mostly 1¢ to 2¢ higher.

Soybean futures closed mostly 5¢ to 7¢ higher.

December 13th, 2020|

Cattle Current Podcast—Dec. 11, 2020

Negotiated cash fed cattle trade was limited on light demand in Nebraska and in the western Corn Belt through Thursday afternoon, according to the Agricultural Marketing Service. There were a few live sales in Nebraska at $107/cwt. and a few dressed trades at $168, but too few to trend. Last week, live sales there were at $110 and dressed sales were at $172-$174.

In other regions this week:

Southern Plains—$108, which is $2 less than last week.

Western Corn Belt—$104-$105 on a live basis, which is $5 less than last week; $168 in the beef, which is $6 lower.

Cattle futures closed higher Thursday, with more activity, perhaps by bottom picking funds looking ahead to stronger demand once COVID-19 vaccinations take root.

Live Cattle futures closed an average of 67¢ higher.

Feeder Cattle futures closed an average of 58¢ higher.

Choice boxed beef cutout value was $3.67 lower Thursday afternoon at $214.59/cwt. Select was $3.18 lower at $198.47.

The average dressed steer weight the week ending Nov. 28 was 921 lbs., which was 2 lbs. lighter than the previous week but 10 lbs. heavier than the previous year, according to USDA’s Actual Slaughter Under Federal Inspection report. The average dressed heifer weight was 850 lbs., which was 3 lbs. heavier than the prior week and 10 lbs. heavier than the prior year.

Net U.S. beef export sales for 2020 of 3,000 metric tons (mt) were 78% less than the previous week and 80% less than the prior four-week average, according to the weekly U.S. Export Sales report from USDA’s Foreign Agricultural Service. Increases were primarily for Japan, Canada, China, and Indonesia.

December 10th, 2020|

Cattle Current Podcast—Dec. 10, 2020

Negotiated cash fed cattle trade was mostly inactive on very light demand in the Southern Plains through Wednesday afternoon, according to the Agricultural Marketing Service. Live prices there on Tuesday were $2 lower than last week at $108/cwt.

Elsewhere, trade was slow on light demand. There were a few live trades in Nebraska at $107 and a few in the western Corn Belt at $104.50-$105.00, but too few to trend. There was some early dressed trade in both regions at $168, but also too few to trend. Last week, live prices were at $110 in Nebraska and at $109-$110 in the western Corn Belt; dressed trade at $172-$174.

Cattle futures mostly edged higher by the close Wednesday, helped by firming Lean Hog futures.

Live Cattle futures closed an average of 25¢ higher except for 47¢ lower in spot Dec.

Feeder Cattle futures closed an average of 41¢ higher except for 55¢ lower in spot Jan.

Choice boxed beef cutout value was $6.76 lower Wednesday afternoon at $218.26/cwt. Select was $3.77 lower at $201.65.

Corn futures closed mostly 3¢ to 5¢ higher through Sep ’21 and then mostly fractionally higher to 1¢ higher.

Soybean futures closed mostly 11¢ to 12¢ higher through Jly ’21 and then mostly 5¢ to 7¢ higher.

December 9th, 2020|

Cattle Current Podcast—Dec. 9, 2020

Negotiated cash fed cattle trade started the week at lower money Tuesday. Live prices were $2-$4 lower in the Texas Panhandle at $108/cwt. and $2 lower in Nebraska at $108, according to the Agricultural Marketing Service. That was on slow trade and light demand. There were a few dressed sales in the western Corn Belt at $168, but too few to trend. Last week, dressed trade was at $172.

The five-area direct November weighted average fed steer price was $108.85/cwt. on  a live basis, which was $2.20 more than the previous month, but $6.50 less than the previous year. The weighted average steer price in the beef was $170.34, which was $2.87 more than the prior month but $12.20 less than the prior year.

Cattle futures closed narrowly mixed on Tuesday, finding some stability following the strong retreat in the previous session, perhaps helped along by softer grain futures.

Live Cattle futures closed an average of 14¢ lower except for unchanged to 17¢ higher in three contracts.

Feeder Cattle futures closed an average of 45¢ higher except for 22¢ lower in spot Jan.

Choice boxed beef cutout value was $5.78 lower Tuesday afternoon at $225.02/cwt. Select was $4.06 lower at $205.42.

Corn futures closed mostly 1¢ to 3¢ lower.

Soybean futures closed mostly 6¢ to 12¢ lower through Sep ’21 and then mostly unchanged to 2¢ lower.

December 8th, 2020|

Cattle Current Podcast—Dec. 8, 2020

Negotiated cash fed cattle trade was mostly inactive on light demand in the western Corn Belt through Monday afternoon. Elsewhere, it was at a standstill, according to the Agricultural Marketing Service.

Last week, live prices were at $110-$112/cwt. in the Texas Panhandle, $110 in Kansas and Nebraska and at $109-$110 in the western Corn Belt. Dressed trade was at $172.

The average five-area direct steer price last week was $109.75 on a live basis, which was 52¢ less than the previous week. The average steer price in the beef was $172.29, which was $1.08 lower.

Cattle futures closed lower on Monday, pressured by fast-falling wholesale beef values and sluggish trade.

Live Cattle futures closed an average of 93¢ lower except for an average of 12¢ higher in the back two contracts.

Feeder Cattle futures closed an average of $1.33 lower.

Choice boxed beef cutout value was $4.22 lower Monday afternoon at $230.80/cwt. Select was $8.03 lower at $209.48.

Corn futures closed 1¢ to 3¢ higher.

Soybean futures closed mostly 5¢ to 7¢ higher except for fractionally lower to 4¢ lower in the front three contracts.

December 7th, 2020|

Cattle Current Podcast—Dec. 7, 2020

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.

For the week, live prices were $1 lower to $1 higher in the Texas Panhandle at $110-$112/cwt. They were $1 lower in Kansas at $110. Live prices were steady to $1 lower in Nebraska at $109-$110 and steady to $1 lower in the western Corn Belt at $109. Dressed trade was steady to $2 lower at $172-$174.

Through Thursday, the five-area direct weighted average steer price was $109.77 on a live basis, which was 40¢ lower than the previous week and $9.18 less than the same week last year. The average steer price in the beef was $1.10 lower week to week at $172.29; $15.45 lower year over year.

Cattle futures mostly closed lower on Friday, but found some footing in the wake of the previous session’s strong decline.

Live Cattle futures closed an average of 24¢ lower except for an average of 12¢ higher in the back two contracts.

Feeder Cattle futures closed narrowly mixed from an average of 14¢ lower to an average of 8¢ higher.

Choice boxed beef cutout value was $4.17 lower Friday afternoon at $235.02/cwt. Select was $2.42 lower at $217.51.

Corn futures closed 2¢ to 6¢ lower through Sep ’21 and then mostly fractionally lower.

Soybean futures closed 1¢ to 5¢ lower through Jan ’22 and then fractionally higher.

December 6th, 2020|

Cattle Current Podcast—Dec. 4, 2020

Negotiated cash fed cattle prices continued steady to lower on Thursday with live trade in Kansas $1 lower at $110, steady to $1 lower in Nebraska at $109-$110. Dressed trade in Nebraska was steady to $2 lower at $172-$174.

Cattle futures closed lower on Thursday, pressured by softer cash prices, lower wholesale beef values and another day of higher front-month corn futures.

Live Cattle futures closed an average of 82¢ lower.

Feeder Cattle futures closed an average of $1.36 lower from 95¢ lower to $2.00 lower in spot Jan.

Choice boxed beef cutout value was $1.70 lower Thursday afternoon at $239.19/cwt. Select was $3.02 lower at $219.93.

Corn futures closed 2¢ to 3¢ higher.

Soybean futures closed 10¢ to 16¢ higher through Sep ’21 and then mostly 7¢ to 8¢ higher.

December 4th, 2020|

Cattle Current Podcast—Dec. 3, 2020

Negotiated cash fed cattle prices started the week’s trade on a mixed basis Wednesday. Live trades were unevenly steady in Texas at $110-$112/cwt. on moderate trade and light to moderate demand, according to the Agricultural Marketing Service. There were a few early trades in Kansas at $110, but too few to trend. Prices in the Southern Plains last week were at $111.

Live trade in Nebraska was steady to $1 lower at $110 on light to moderate trade and demand. There were a few dressed trades at $172-$174, but too few to trend; $174 last week. Trade in the western Corn Belt last week was at $109-$110 on a live basis and at $172-$174 in the beef.

Cattle futures mostly eked out gains on Wednesday, despite a pullback in Choice boxed beef value and stronger front-month Corn futures.

Live Cattle futures closed an average of 22¢ higher.

Feeder Cattle futures closed an average of 18¢ higher except for 5¢ lower in the back two contracts.

Choice boxed beef cutout value was $2.51 lower Wednesday afternoon at $240.89/cwt. Select was 13¢ lower at $222.95.

Corn futures closed 2¢ to 4¢ higher through Sep ’21 and then mostly fractionally higher to 1¢ higher.

Soybean futures closed 7¢ to 9¢ lower through Sep ’21 and then 3¢ to 5¢ lower.

December 2nd, 2020|

Cattle Current Podcast—Dec. 2, 2020

Negotiated cash fed cattle trade was mostly inactive on very light demand in Nebraska and the western Corn Belt through Tuesday afternoon. Elsewhere, it was at a standstill, according to the Agricultural Marketing Service. Last week, live prices were at $111/cwt. in the Southern Plains, $110-$111 in Nebraska and $109-$110 in the western Corn Belt. Dressed trade was at $172-$174.

Cattle futures closed higher on Tuesday, supported by ongoing strength in wholesale beef values and the outlook for steady to higher cash prices this week.

Live Cattle futures closed an average of 47¢ higher.

Feeder Cattle futures closed an average of 81¢ higher.

By the way, winter wheat condition improved week to week, according to the USDA Crop Progress report for the week ending Nov. 29. 46% was rated as Good (40%) or Excellent (6%) versus 43% the previous week and 52% the previous year. 18% was rated as Poor (13%) or Very Poor (5%) compared to 21% the prior week and 14% the prior year.

Choice boxed beef cutout value was 28¢ lower Tuesday afternoon at $243.40/cwt. Select was 65¢ higher at $223.08.

Corn futures closed mostly 3¢ to 5¢ lower through Sep ’21 and then mostly 1¢ to 2¢ lower.

Soybean futures closed 4¢ to 6¢ lower.

December 1st, 2020|

Cattle Current Podcast—Dec. 1, 2020

Negotiated cash fed cattle trade was at a standstill through Monday afternoon, according to the Agricultural Marketing Service. Last week, live prices were at $111/cwt. in the Southern Plains, $110-$111 in Nebraska and $109-$110 in the western Corn Belt. Dressed trade was at $172-$174.

More narrowly, last week’s five-area direct average steer price was $110.27/cwt. on a live basis, which was 70¢ higher than the previous week, according to USDA data. The average steer price in the beef was $1.67 higher at $173.37.

Cattle futures closed mixed on Monday, amid month-end position squaring and some support from weaker grain futures.

Live Cattle futures closed an average of 31¢ lower except for an average of 7¢ higher in the back two contracts.

Feeder Cattle futures closed an average of 75¢ higher, from 55¢ higher at the back to $1.22 higher in spot Jan.

Choice boxed beef cutout value was 83¢ higher Monday afternoon at $243.68/cwt. Select was $1.75 higher at $222.43.

Corn futures closed mostly 5¢ to 7¢ lower.

Soybean futures closed 14¢ to 23¢ lower.

November 30th, 2020|

Cattle Current Podcast—Nov. 30, 2020

Negotiated cash fed cattle prices ended the week generally steady to $1 higher on a live basis and $2 higher in the beef, according to the Agricultural Marketing Service.

Live prices were at $111/cwt. in the Southern Plains, $110-$111 in Nebraska and $109-$110 in the western Corn Belt. Dressed trade was at $174.

Cattle futures mostly drifted lower on Friday, amid extremely light holiday trade.

Live Cattle futures closed an average of 47¢ lower (32¢ to 92¢ lower).

Feeder Cattle futures closed an average of 24¢ lower except for an average of 26¢ higher in two contracts.

Choice boxed beef cutout value was $2.21 lower Friday afternoon at $242.85/cwt. Select was 22¢ lower at $220.68.

Corn futures closed mostly 3¢ to 5¢ higher.

Soybean futures closed mostly 6¢ to 7¢ higher.

November 28th, 2020|

Cattle Current Podcast—Nov. 26-27, 2020

Negotiated cash fed cattle prices were generally steady to $1 higher on a live basis and $2 higher in the beef, through Wednesday afternoon, according to the Agricultural Marketing Service.

Live prices were at $111/cwt. in the Southern Plains on moderate demand and trade. Live prices were at $110 in the western Corn Belt on slow trade and moderate demand. There were a few in Nebraska at $110. Dressed trade was at $174.

Cattle futures mostly continued gains on Wednesday, buoyed by stronger cash markets, weaker grain futures, stronger wholesale beef values and light pre-holiday trade.

Live Cattle futures closed an average of 27¢ higher.

Feeder Cattle futures closed an average of 92¢ higher (25¢ to $1.57 higher) except for 7¢ lower and 32¢ lower in the back two contracts.

Choice boxed beef cutout value was 76¢ higher Wednesday afternoon at $245.06/cwt. Select was $1.19 higher at $220.90.

Corn futures closed 5¢ lower through Jly ’21 and then mostly unchanged to 1¢ lower.

Soybean futures closed mostly 5¢ to 7¢ lower.

November 25th, 2020|

Cattle Current Podcast—Nov. 25, 2020

Negotiated cash fed cattle trade remained undeveloped through Tuesday afternoon, but the recent surge in Cattle futures and wholesale beef values bolstered hope for higher prices.

Cattle futures extended gains on Tuesday, supported by the previous session’s optimism and the brighter outlook for cash prices.

Live Cattle futures closed an average of 50¢ higher (10¢ to $1.17 higher) except for 55¢ lower in the back contract.

Feeder Cattle futures closed an average of 50¢ higher except for 2¢ lower in May.

Choice boxed beef cutout value was $2.70 higher Tuesday afternoon at $244.30/cwt. Select was $2.23 higher at $219.71.

Corn futures closed narrowly mixed, mostly from 1¢ lower to 1¢ higher.

Soybean futures closed mostly fractionally higher to 1¢ higher.

November 24th, 2020|

Cattle Current Podcast—Nov. 24, 2020

Negotiated cash fed cattle trade was mostly inactive on very light demand in the western Corn Belt through Monday afternoon. Elsewhere, it was at a standstill, according to data from the Agricultural Marketing Service (AMS). Last week, live prices were at $110/cwt. in the Southern Plains and Nebraska and at $109-$110 in the western Corn Belt. Dressed prices are steady at $172.

Cattle futures closed sharply higher on Monday, shaking off last week’s blues with the help of higher outside markets and an apparently bullish view of Friday’s Cattle on Feed report.

Live Cattle futures closed an average of $1.99 higher.

Feeder Cattle futures closed an average of $2.83 higher.

Choice boxed beef cutout value was $3.25 higher Monday afternoon at $241.60/cwt. Select was $2.50 higher at $217.48.

Corn futures closed mostly 3¢ to 5¢ higher

Soybean futures closed 10¢ to 12¢ higher through Aug ’21 and then mostly 4¢-7¢ higher.

November 23rd, 2020|

Cattle Current Podcast—Nov. 23, 2020

Negotiated cash fed cattle prices ended last week steady, according to data from the Agricultural Marketing Service (AMS). Live prices were at $110 in the Southern Plains and Nebraska and at $109-$110 in the western Corn Belt. Dressed prices are steady at $172.

Estimated cattle slaughter for the week ending Nov. 21 was 665,000 head, according to USDA. That would be 12,000 head more than the prior week, but 3,000 head fewer than the same week last year. Estimated year-to-date total cattle slaughter of 28.73 million head would be 1.07 million fewer (-3.59%) than same period last year.

Estimated beef production for the week of 559.1 million lbs. would be 9.3 million lbs. more than the previous week and 5.4 million lbs. more than the same week last year. Year-to-date estimated beef production of 23.87 billion lbs. would be 245.8 million lbs. less (-1.02%) than the same period last year.

Cattle futures closed mixed on Friday with higher Lean Hog futures helping reverse some early pressure and firm following the previous session’s pullback.

Live Cattle futures closed narrowly mixed, from an average of 33¢ lower to an average of 14¢ higher.

Feeder Cattle futures closed mixed, from an average of 55¢ lower across the front half of the board to an average of 27¢ higher.

Choice boxed beef cutout value was 65¢ higher Friday afternoon at $238.35/cwt. Select was $1.09 higher at $214.98.

Corn futures closed mostly fractionally mixed.

Soybean futures closed 2¢ to 6¢ higher through Sep and then mostly 1¢ lower.

November 21st, 2020|

Cattle Current Podcast—Nov. 20, 2020

Negotiated cash fed cattle trade was limited on moderate demand in Kansas, Nebraska and the western Corn Belt through Thursday afternoon, according to the Agricultural Marketing Service. There were a few live trades at $110/cwt. and a few in the beef at $172, but too few to trend. Established prices for the week are mainly steady with live trade at $110 in the Southern Plains and Nebraska and at $109-$110 in the western Corn Belt. Dressed prices are steady at $172.

Cattle futures closed sharply lower Thursday. Lingering pressures include persistently higher grain prices and languishing cash fed cattle prices. Chatter about fears of more pandemic-driven packing disruptions contributed to the day’s decline.

Live Cattle futures closed an average of $1.85 lower, from 92¢ lower at the back to $2.62 lower.

Feeder Cattle futures closed an average of $2.10 lower, except for 25¢ lower in expiring Nov.

Choice boxed beef cutout value was $1.86 higher Thursday afternoon at $237.70/cwt. Select was 27¢ higher at $213.89.

Net U.S. beef export sales (2020) for the week ending Nov. 12 totaled 46,400 metric tons, up noticeably from the previous week and the prior four-week average, according to the weekly U.S. Export Sales report from USDA’s Foreign Agricultural Service. Increases were primarily for South Korea, Mexico, Japan, Hong Kong and Taiwan.

Corn futures closed 1¢ to 3¢ lower.

Soybean futures closed fractionally mixed to 4¢ higher.

November 19th, 2020|

Cattle Current Podcast—Nov. 19, 2020

Negotiated cash fed cattle trade and demand were moderate in the Southern Plains through Wednesday afternoon. Live prices were steady with last week at $110/cwt., according to the Agricultural Marketing Service. There were also a few live trades at $110 in Nebraska and a few at $106 in the western Corn Belt but too few to trend in either region. Last week, live prices were at $110 in Nebraska and at $108-$110 in the western Corn Belt. Dressed prices were at $172.

Cattle feeders offered 930 head in the weekly Fed Cattle Exchange Auction—all from Texas. They sold 543 head for a weighted average price of $110.25 for delivery at both 1-9 days and 1-17 days. That price was steady with country trade in the region last week and so far this week.

Cattle futures closed lower Wednesday, pressured by higher grain prices and the steady rather than higher cash prices so far this week. Perhaps there was also some positioning ahead of Friday’s monthly Cattle on Feed report.

Live Cattle futures closed an average of 80¢ lower, from 42¢ to $1.15 lower.

Feeder Cattle futures closed an average of $1.60 lower, from 35¢ lower in spot Nov to $2.42 lower.

Choice boxed beef cutout value was $2.12 higher Wednesday afternoon at $235.84/cwt. Select was 34¢ lower at $213.62.

Corn futures closed 3¢ to 5¢ higher through Sep ’21 and then mostly 1¢ higher.

Soybean futures closed mostly 5¢ to 7¢ higher through Sep ‘22 and then mostly 3¢ higher.

November 18th, 2020|

Cattle Current Podcast—Nov. 18, 2020

Negotiated cash fed cattle trade was steady in the Texas Panhandle through Tuesday afternoon with live prices at $110/cwt. That was on limited trade and light demand, according to the Agricultural Marketing Service. Trade in other regions ranged from a standstill to mostly inactive on light demand with too few transactions to trend. Last week, live prices were at $110/cwt. in the Southern Plains and Nebraska and at $108-$110 in the western Corn Belt. Dressed prices were at $172.

Cattle futures closed higher Tuesday, apparently fueled by the surge in wholesale beef values, tied in part to chatter about consumers stockpiling again, due to resurgent COVID-19 cases. The lower U.S. dollar is also offering added support to commodities.

Live Cattle futures closed an average of 98¢ higher, from 37¢ to $1.55 higher.

Feeder Cattle futures closed an average of $1.36 higher, from 10¢ higher in

Choice boxed beef cutout value was $6.77 higher Tuesday afternoon at $233.72/cwt., the highest level since June. Select was $1.61 higher at $213.96.

Corn futures closed mostly 1¢ to 4¢ higher through Jly ’21 and then mostly fractionally mixed.

Soybean futures closed 8¢ to 16¢ higher through Sep ‘21 and then fractionally higher to 2¢ higher.

November 17th, 2020|

Cattle Current Podcast—Nov. 17, 2020

Negotiated cash fed cattle trade ranged from a standstill to mostly inactive on very light demand with too few transactions to trend, according to the Agricultural Marketing Service. Last week, live prices were at $110/cwt. in the Southern Plains and Nebraska and at $108-$110 in the western Corn Belt. Dressed prices were at $172.

The five-area direct average fed steer price last week was $109.62/cwt. on a live basis, which was $3.29 more than the previous week, but $5.57 less than the previous year. The average steer price in the beef was $171.87, which was $6.52 more than the previous week, but $9.85 less than the same week last year.

Cattle futures firmed Monday, after early pressure on Feeder Cattle, closing mostly higher amid relatively light trade after the previous session’s selloff. Presumably, technical support and higher outside markets helped pave the way.

Live Cattle futures closed an average of 29¢ higher, except for 20¢ lower in near Feb.

Feeder Cattle futures closed an average of 47¢ higher, except for 20¢ lower in spot Nov and unchanged in Sep.

Choice boxed beef cutout value was 97¢ higher Monday afternoon at $226.95/cwt. Select was $2.89 higher at $212.35.

Corn futures closed mostly 2¢ to 4¢ higher.

Soybean futures closed mostly 4¢ to 6¢ higher. 

November 16th, 2020|

Cattle Current Podcast—Nov. 16, 2020

Negotiated cash fed cattle trade ended the week with live prices $3 higher at $110/cwt. in Nebraska and the Southern Plains; $3-$4 higher in the western Corn Belt at $108-$110, according to USDA’s Agricultural Marketing Service (AMS). Dressed prices were at $172, which was $4 higher in Nebraska and $5-$8 higher in the western Corn Belt. Although prices were higher, some thought the market was poised to reap steeper gains.

Through Thursday, the five-area direct weighted negotiated fed steer price was $109.46/cwt. on a live basis, which was $3.11 more than the previous week but $5.69 less than the same week in 2019. The average steer price in the beef was $171.88, which was $6.58 more week to week but $10.07 less year over year.

Cattle futures closed sharply lower Friday, with much of the pressure seemingly tied to overbought conditions, week-end positioning and fears that escalating COVID-19 cases will take another whack at packer production.

Live Cattle futures closed an average of $1.61 lower, from $1.10 lower toward the back to $2.57 lower toward the front.

Feeder Cattle futures closed an average of $2.38 lower.

Choice boxed beef cutout value was 52¢ lower Friday afternoon at $225.98/cwt. Select was $1.22 higher at $209.46.

Corn futures closed mostly 1¢ to 2¢ higher.

Soybean futures closed mostly 4¢ to 9¢ higher through Nov ‘22 and then mostly unchanged. 

November 14th, 2020|

Cattle Current Podcast—Nov. 13, 2020

Negotiated cash fed cattle trade got off to a strong start in the north Thursday with live prices $3 higher in Nebraska at $110/cwt. and $3-$4  higher in the western Corn Belt at $108-$110. Dressed prices were $4 higher in Nebraska at $172 and $5-$8 higher in the western Corn Belt at $172.

Cattle futures closed narrowly mixed again Thursday with Feeder Cattle receiving some support from softer grain futures.

Live Cattle futures closed an average of 30¢ lower except for 5¢ higher in Aug.

Feeder Cattle futures closed an average of 47¢ higher, except for 52¢ lower in spot Nov.

Choice boxed beef cutout value was $3.66 higher Thursday afternoon at $226.50/cwt. Select was 22¢ lower at $208.24.

Corn futures closed mostly 4¢ to 9¢ lower through Sep ‘21, and then mostly 1¢ lower.

Soybean futures closed mostly 6¢ to 8¢ lower through Aug ‘21 and then mostly fractionally mixed. 

November 12th, 2020|

Cattle Current Podcast—Nov. 12, 2020

Negotiated cash fed cattle trade was at a standstill in the Southern Plains and Nebraska through Wednesday afternoon, according to the Agricultural Marketing Service (AMS). Elsewhere, it was mostly inactive on very light demand.

If the weekly Fed Cattle Exchange Auction is any indication, prices could end up significantly higher this week. There were 1,119 head offered (six lots) and none sold. However, three lots from the Southern Plains were passed on at $110/cwt., which was $3 higher than last week’s country trade in the region.

As well, slaughter steers sold $3-$6 higher and fat heifers traded $2 higher at Sioux Falls Regional in South Dakota. There were 502 head of Choice 3-4 steers weighing an average of 1,627 lbs. that brought an average of $107.23, which was $1-$2 higher than the previous week’s country trade.

Cattle futures closed narrowly mixed Wednesday.

Live Cattle futures closed an average of 35¢ higher, from 12¢ to 80¢ higher, except for 2¢ lower toward the back.

Feeder Cattle futures closed narrowly mixed, from an average of 22¢ lower to an average of 38¢ higher.

Choice boxed beef cutout value was 59¢ higher Wednesday afternoon at $222.84/cwt. Select was 9¢ lower at $208.46.

Corn futures closed mostly 2¢ to 5¢ lower through Sept ‘21, and then fractionally lower to 1¢ lower.

Soybean futures closed mostly 6¢ to 10¢ higher.

November 11th, 2020|

Cattle Current Podcast—Nov. 11, 2020

Negotiated cash fed cattle trade was at a standstill in the five-area direct regions through Tuesday afternoon, according to the Agricultural Marketing Service (AMS). However, the recent bounce in Cattle futures and spiking wholesale beef prices have plenty of folks optimistic cash prices will rise when trade finally gets underway this week.

Cattle futures closed narrowly mixed Tuesday. Despite a massive rally in Corn and Soybean futures, surging wholesale beef values helped Live Cattle maintain ground, but pressured Feeder Cattle.

Live Cattle futures closed an average of 33¢ higher, from 2¢ to 95¢ higher, except for 10¢ lower in near Apr.

Feeder Cattle futures closed an average of 37¢ lower, except for an average of 10¢ higher in two contracts.

Choice boxed beef cutout value was $4.86 higher Tuesday afternoon at $222.25/cwt. Select was $6.18 higher at $208.55.

Corn and soybean futures spiked higher Tuesday with the crop-friendly WASDE report.

Corn futures closed mostly 11¢ to 15¢ higher through Sept ‘21, and then 3¢ to 8¢ higher.

Soybean futures closed 21¢ to 33¢ higher through Sep ‘21, and then mostly from 11¢ to 17¢ higher.

November 10th, 2020|

Cattle Current Podcast—Nov. 10, 2020

Negotiated cash fed cattle prices last week were $1 higher than the previous week in the Southern Plains at $107/cwt. on a live basis, $4-$6 higher in Nebraska at $107/cwt., and $3-$4 higher in the western Corn Belt at $105-$106. Dressed trade was $2-$9 higher at mostly $167, according to the Agricultural Marketing Service.

Last week’s five-area weighted average fed steer price was $106.33/cwt. on a live basis, which was $1.26 higher than the previous week, but $8.27 less than the same time a year earlier. The average steer price in the beef was $165.35, which was $1.40 more than the prior week, but $15.69 less than the previous year.

Cattle futures roared higher Monday, buoyed by significant gains in wholesale beef prices and last week’s stronger cash fed cattle prices. There was also likely plenty of help from surging outside markets, tied to the reported efficacy of a coronavirus vaccine (more below).

Live Cattle futures closed an average of $2.19 higher, from $1.20 higher toward the back to $3.17 higher in spot Dec.

Feeder Cattle futures closed an average of $3.71 higher, from $1.90 higher at the back to $4.80 higher.

Choice boxed beef cutout value was $3.07 higher Monday afternoon at $217.39/cwt. Select was $3.88 higher at $202.37. Week to week, Choice was $8.74 higher and Select was up $9.75. 

Corn futures closed mostly 1¢ to 3¢ higher.

Soybean futures closed 6¢ to 9¢ higher through Aug ‘21, and then mostly from 1¢ lower to 1¢ higher.

November 9th, 2020|

Cattle Current Podcast—Nov. 9, 2020

Negotiated cash fed cattle prices for the week were $1 higher than the previous week in the Southern Plains at $107/cwt. on a live basis, $4-$6 higher in Nebraska at $107/cwt., and $3-$4 higher in the western Corn Belt at $105-$106. Dressed trade was $2-$9 higher at $167, according to the Agricultural Marketing Service.

Through Thursday, the five-area weighted average fed steer price was $106.35/cwt., $2.19 higher than the previous week, but $7.81 less than the same time a year earlier. The average steer price in the beef was $165.30, which was $5.60 less than the prior week and $16.11 less than the previous year.

Estimated total cattle slaughter for the week ending Nov. 7 of 647,000 would be 9,000 more than the previous week, but 10,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 27.4 million head is 1.06 million head fewer (-3.73%) than the same period last year. Year-to-date estimated beef production of 22.76 billion lbs. is 252.7 million lbs. less (-1.11%) than a year earlier.

Cattle futures closed mixed Friday, with Live Cattle edging higher and Feeder Cattle trading narrowly mixed. Support included the week’s higher cash prices and stronger wholesale beef values.

Cattle futures closed mixed Friday, with Live Cattle edging higher and Feeder Cattle trading narrowly mixed. Support included the week’s higher cash prices and stronger wholesale beef values.

Live Cattle futures closed an average of 41¢ higher.

Feeder Cattle futures closed mixed, from an average of 52¢ lower in the back three contracts to an average of 31¢ higher, except for unchanged in May.

Choice boxed beef cutout value was $1.77 higher Friday afternoon at $214.32/cwt. Select was 48¢ lower at $198.49.

Corn futures closed mostly fractionally lower to 1¢ lower.

Soybean futures closed mostly 2¢ to 3¢ higher, except for 2¢ to 3¢ lower in the front two contracts.

November 7th, 2020|

Cattle Current Podcast—Nov. 6, 2020

Negotiated cash fed cattle prices were $4-$6 higher than last week on a live basis in Nebraska through Thursday afternoon at $107/cwt., and $3-$4 higher in the western Corn Belt at $105-$106. Dressed trade was $2-$9 higher at $167, according to the Agricultural Marketing Service. Trade in the Southern Plains earlier in the week was $1 higher at $106.

Cattle futures closed mixed though, with Live Cattle edging higher and Feeder Cattle trading narrowly mixed, under continued pressure from higher grain prices.

Live Cattle futures closed an average of 46¢ higher, except for unchanged in the back contract.

Feeder Cattle futures closed mixed, from an average of 26¢ lower to an average of 43¢ higher.

Grain futures, especially soybeans continued higher on mainly positive exports and adverse weather in South America.

Corn futures closed mostly 3¢ to 4¢ higher through Jly ‘21 and then mostly 1¢ to 2¢ higher.

Soybean futures closed 17¢ to 22¢ higher through Aug ‘21 and then mostly 10¢ to 13¢ higher. The spot month breeched the $11 mark for the first time in recent memory.

November 5th, 2020|

Cattle Current Podcast—Nov. 5, 2020

Negotiated cash fed cattle prices were $1 higher on a live basis in the Southern Plains Wednesday at $107/cwt., with moderate demand, according to the Agricultural Marketing Service.

That matched the price paid for Southern Plains cattle in the weekly Fed Cattle Exchange auction. Cattle feeders offered 634 head and sold 296 head with delivery of 1-17 days.

Similarly, slaughter steers sold steady to $1 higher in the slaughter auction at Sioux Falls Regional in South Dakota: $105.34 for 281 Choice 2-3 steers weighing an average of 1,454 lbs.; $103.80 for 679 Choice 2-4 steers weighing an average of 1,556 lbs.

Cattle futures closed higher Wednesday, with support from recently stronger wholesale beef values, the brighter seasonal price outlook and the prospect for higher weekly cash trade.

Live Cattle futures closed an average of 72¢ higher, from 5¢ higher in spot Dec to $1.10 higher at the back.

Feeder Cattle futures closed average of $1.40 higher, from 82¢ higher at the back to $1.97 higher toward the front

Choice boxed beef cutout value was 75¢ higher Wednesday afternoon at $210.19/cwt. Select was $1.60 higher at $197.05.

Corn futures closed mostly 2¢ to 5¢ higher.

Soybean futures closed 17¢ to 22¢ higher through Aug ‘21 and then mostly 13¢ higher.

November 4th, 2020|

Cattle Current Podcast—Nov. 4, 2020

Negotiated cash fed cattle trade was mostly inactive on light demand in the western Corn Belt through Tuesday afternoon, according to the Agricultural Marketing Service. Elsewhere, it was at a standstill.

Cattle futures closed mostly lower in light trade Tuesday, despite higher boxed beef prices and thoughts that last week’s shallower packer buy may elevate cash prices this week. Higher grain futures and election uncertainty likely provided some of the pressure.

Live Cattle futures closed an average of 26¢ lower, except for an average of 27¢ higher in the back three contracts.

Feeder Cattle futures closed an average of 57¢ lower.

Choice boxed beef cutout value was 79¢ higher Tuesday afternoon at $209.44/cwt. Select was $2.83 higher at $195.45.

Corn futures closed 3¢ to 4¢ higher through Sep ‘21 and then mostly 1¢ higher.

Soybean futures closed 8¢ to 12¢ higher through Sep ‘21 and then 4¢ to 6¢ higher.

November 3rd, 2020|

Cattle Current Podcast—Nov. 3, 2020

Negotiated cash fed cattle trade was mostly inactive in the western Corn Belt through Monday afternoon, according to the Agricultural Marketing Service. Elsewhere, it was at a standstill.

Last week, live prices were at $106/cwt. in the Southern Plains, $103-$105 in Nebraska and $101-$103 in the western Corn Belt. Dressed prices, in a light test, were at $158-$163 in Nebraska and at $158-$165 in the western Corn Belt.

Cattle futures managed to close mostly higher Monday after early pressure and skittishness surrounding Tuesday’s election. 

Live Cattle futures closed an average of 26¢ higher.

Feeder Cattle futures closed narrowly mixed from an average of 25¢ lower in the front two contracts to an average of 70¢ higher.

Choice boxed beef cutout value was 55¢ higher Monday afternoon at $208.65/cwt. Select was $1.38 higher at $192.62.

Corn futures closed 1¢ lower in the front four contracts and then mostly fractionally higher.

Soybean futures closed 1¢ to 5¢ lower through the front five contracts and then 1¢ to 3¢ higher.

November 2nd, 2020|

Cattle Current Podcast—Nov. 2, 2020

Negotiated cash fed cattle prices looked more promising through Friday afternoon, but remained mainly steady to lower than the previous week, according to the Agricultural Marketing Service.

There were a few live trades in Nebraska at $106/cwt., but too few to trend. On Thursday, the market was established at $103, which was $2 less than the previous week. Dressed trade the prior week was at $162-$166.

In the western Corn Belt, live sales for the week were at $101-$103, which was steady to $4 lower than the previous week. Dressed prices the pervious week were at $162-$165.

Live trade in the Southern Plains was steady week to week at $106.

The average five-area direct steer price through Thursday was $104.16/cwt. on a live basis, which was 14¢ more than the previous week, but $7.75 less than the same week last year. The average dressed steer price of $159.70 was $4.27 less than the prior week and $17.89 less than the previous year.

Choice boxed beef cutout value was 78¢ higher Friday afternoon at $208.10/cwt. Select was 1¢ higher at $191.24.

Total estimated cattle slaughter for the week of 638,000 head was 5,000 head fewer than the previous week and 21,000 head fewer (-3.2%) than the same time last year. Year-to-date estimated total cattle slaughter of 26.7 million head is 1.1 million head fewer (-3.8%) than a year earlier. Beef production of 537.3 million lbs. for the week was 4.1 million lbs. less than the previous week and 4.7 million lbs. less than a year earlier. Year-to-date estimated beef production of 22.2 billion pounds is 256.7 million lbs. less (-1.1%) than a year earlier.

Cattle futures continued higher Friday, especially Feeder Cattle with support from seasonal expectations for higher cash fed cattle prices and wholesale beef values. 

Live Cattle futures closed an average of 32¢ higher, from 2¢ higher to 70¢ higher, except for 30¢ lower in expiring spot Oct.

Feeder Cattle futures closed an average of $2.08 higher, from $1.67 higher to $2.77 higher.

Corn futures closed unchanged to 3¢ higher.

Soybean futures closed 5¢ to 8¢ higher.

October 31st, 2020|

Cattle Current Podcast—Oct. 30, 2020

Negotiated cash fed cattle trade got off to a sluggish start for the week on Thursday with a few live trades in the Southern Plains steady with last week at $106/cwt. There were a few live trades in Nebraska at $103. However, there were too few transactions to trend in any region, according to the Agricultural Marketing Service.

The average dressed steer weight for the week ending Oct. 17 was 929 lbs., which was 1 lb. heavier than the prior week and 29 lbs. heavier than the previous year, according to USDA’s Actual Slaughter Under Federal Inspection report. The average dressed heifer weight of 850 lbs. was 4 lbs. heavier than the prior week and 19 lbs. heavier than the previous year.

Cattle futures continued higher Thursday, with the outlook for seasonally higher cash prices, as well as technical support.

Live Cattle futures closed an average of $1.64 higher, from 42¢ higher in almost spent spot Oct. to $3.30 higher.

Feeder Cattle futures closed an average of $1.32 higher, from 27¢ higher at the back to $1.82 higher toward the front.

Choice boxed beef cutout value was $1.53 higher Thursday afternoon at $207.32/cwt. Select was $1.65 higher at $191.23.

Net U.S. beef export sales for 2020 totaled 18,900 metric tons for the week ending Oct. 22, according to the weekly U.S. Export Sales report from USDA’s Foreign Agricultural Service. That was 13% less than the previous week and 6% less than the prior four-week average. Increases were primarily for China, Japan, South Korea, Mexico and Taiwan.

Nearby Corn and Soybean futures contracts softened a bit more, while the remainder of the board firmed after the previous session’s steep selloff.

Corn futures closed 1¢ to 3¢ lower through Jly ’21 and then mostly fractionally higher to 1¢ higher.

Soybean futures closed 1¢ to 5¢ lower through Mar ’21 and then mainly fractionally mixed.

October 29th, 2020|

Cattle Current Podcast—Oct. 29, 2020

Negotiated cash fed cattle trade was mostly inactive on light demand in all cattle feeding regions through Wednesday afternoon, according to the Agricultural Marketing Service. There were too few transactions to trend in any region.

Live prices last week were at $106/cwt. in the Southern Plains, $105 in Nebraska and $103-$105 in the western Corn Belt. Dressed prices were $162-$166 in Nebraska and $163-$165 in the western Corn Belt.

Cattle feeders offered 2,012 head in the weekly Fed Cattle Exchange. Of those, 1,257 head sold: 766 head at an average of $106.04/cwt. for delivery at 1-9 days; 630 head for an average of $105.80 for delivery at 1-17 days.

Choice steers and heifers sold $2.50-$2.75 lower at the fat auction in Tama, IA. There were 219 Choice 2-4 steers weighing an average of 1,488 lbs. bringing an average price of $102.97.

At Sioux Falls Regional in South Dakota, slaughter steers and heifers sold steady to $1 higher. There were 171 Choice 2-3 steers weighing an average of 1,464 lbs. bringing an average of $103.62.

Cattle futures, especially Feeder Cattle, continued to gain Wednesday, helped along by lower grain futures.

Live Cattle futures closed an average of 47¢ higher, from 10¢ higher to $1.00 higher in spot Oct.

Feeder Cattle futures closed an average of $1.06 higher, from 45¢ higher toward the back to $1.65 higher toward the front.

Choice boxed beef cutout value was 91¢ lower Wednesday afternoon at $205.79/cwt. Select was 91¢ higher at $189.58.

Grain futures closed sharply lower Wednesday, likely pressured by anemic outside markets, profit taking, positioning ahead of next week’s election and improved growing conditions and Russia and South America.

Corn futures closed 10¢ to 14¢ lower through Sep ’21 and then mostly 5¢ to 7¢ lower.

Soybean futures closed 15¢ to 25¢ lower through Aug ’21 and then mostly 10¢ to 13¢ lower.

October 28th, 2020|

Cattle Current Podcast—Oct. 28, 2020

Negotiated cash fed cattle trade was mostly inactive on very light demand in Nebraska and the Texas Panhandle through Tuesday afternoon. Elsewhere, it was at a standstill, according to the Agricultural Marketing Service. There were too few transactions to trend in any region.

Cattle futures rallied Tuesday, likely helped along by the performance-depressing winter storm, as well as apparent fund positioning.

Live Cattle futures closed an average of $1.01 higher, from 65¢ higher toward the front of the board to $1.30 higher toward the back.

Feeder Cattle futures closed an average of $1.41 higher, from 60¢ higher in spot Oct to $1.72 higher.

Choice was $1.13 lower at $206.70. Select was 18¢ higher at $188.67.

Corn futures closed 1¢ to 2¢ lower across the front half of the board and then fractionally higher to 1¢ higher.

Soybean futures closed 4¢ to 8¢ lower through Jan ’22 and then fractionally lower to 3¢ lower.

October 27th, 2020|

Cattle Current Podcast—Oct. 27, 2020

Negotiated cash fed cattle trade was at a standstill in the Southern Plains through Monday afternoon, according to the Agricultural Marketing Service. Elsewhere, it was mostly inactive on very light demand.

In regional negotiated cash trade last week, live prices were at $106/cwt. in the Southern Plains; $105 in Nebraska and at $103-$105 in the western Corn Belt. Dressed prices were at $162-$166 in Nebraska and at $163-$165 in the western Corn Belt.

The five-area direct average steer price last week was $2.45 less than the previous week on a live basis at $105.07/cwt., with the average weight 14 lbs. lighter at 1,467 lbs. The average steer price in the beef was $163.95, which was $4.40 less week to week. The average carcass weight was 7 lbs. lighter at 977 lbs.

Cattle futures rebounded Monday, despite sharply lower outside markets and the bearish nature of Friday’s Cattle on Feed report. Potential rationale includes oversold conditions, adequate positioning ahead of the report and thoughts that a near-term bottom is in the books.

Live Cattle futures closed an average of 69¢ higher, from an average of 22¢ to $1.12 higher, except for an average of 20¢ lower in two nearby contracts.

Feeder Cattle futures closed an average of 76¢ higher, from 17¢ higher in spot Oct to $1.22 higher.

Choice boxed beef cutout value was 34¢ higher Monday afternoon at $207.83/cwt. Select was $1.91 lower at $188.49.

Corn futures closed 1¢ to 2¢ lower.

Soybean futures closed 1¢ to 4¢ higher through Mar ’21 and then mostly fractionally lower to 1¢ lower.

October 26th, 2020|

Cattle Current Podcast—Oct. 26, 2020

Negotiated cash fed cattle demand and trade through Friday afternoon ranged from a standstill to inactive and light, according to the Agricultural Marketing Service.

For the week live prices were $2 lower in the Southern Plains at $106/cwt.; $3-$4 lower in Nebraska at $104-$105 and $2 lower in the western Corn Belt at $103-$105. Dressed prices were $4-$7 lower in Nebraska at $162-$165 and $3-$4 lower in the western Corn Belt at $163-$165.

Through Thursday, the five-area direct weighted average steer price was $105.11/cwt. on a live basis, which was $2.50 less than the same period last week and $4.74 less than a year earlier. The average dressed steer price of $163.97 was $4.43 less than the previous week and $10.91 less than last year.

Cattle futures continued mostly lower on Friday beneath the weight of the week’s gloom and higher grain prices. Friday’s Cattle on Feed report will likely offer no support on Monday.

Live Cattle futures closed narrowly mixed, from an average of 37¢ lower to an average of 7¢ higher.

Feeder Cattle futures closed an average of 49¢ lower, except for 7¢ higher in the back contract.

Choice boxed beef cutout value was $1.37 lower Friday afternoon at $207.49/cwt. Select was 32¢ higher at $191.40.

Estimated cattle slaughter of 643,000 head for the week was 11,000 few than the previous week but 3,000 head more than the previous year. Year-to-date total cattle slaughter of 26.11 million head is 1.04 million head fewer (-3.82%) than last year. Estimated year-to-date beef production of 21.67 billion lbs. is 257.6 million lbs. less (-1.18%) than the same period last year.

Corn futures closed 1¢ to 3¢ higher through Jly ’21 and then 1¢ to 2¢ lower.

Soybean futures closed 3¢ to 10¢ higher through Aug ’21 and then mostly fractionally mixed.

October 24th, 2020|

Cattle Current Podcast—Oct. 23, 2020

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

For the week so far live prices are $2 lower in the Southern Plains at $106/cwt.; $3-$4 lower in Nebraska at $104-$105 and $2 lower in the western Corn Belt at $103-$105. Dressed prices are $4-$7 lower in Nebraska at $162-$165 and $3-$4 lower in the western Corn Belt at $163-$165.

Total cattle slaughter the week ending Oct. 10 was 637,073 head, according to USDA’s Actual Slaughter Under Federal Inspection report. That was 26,074 head fewer (-4.02%) than the previous week and 11,205 head fewer (-1.73%) than the previous year. Total fed cattle slaughter of 502,345 head was 22,199 head fewer than the prior week (-4.23%) and 7,117 head fewer (-1.40%)than the same week last year.

The average dressed steer weight for that week of 928 lbs. was 4 lbs. more than the previous week and 27 lbs. more than the prior year. The average dressed heifer weight of 846 lbs. was 3 lbs. more than the previous week and 18 lbs. more than a year earlier.

Cattle futures continued to erode amid light trade on Thursday as grain prices hold their ground and cash fed cattle prices soften. As well, there was likely skittishness over the monthly Cattle on Feed report due to be published Friday afternoon.

Live Cattle futures closed an average of 70¢ lower, 30¢ to $1.30 lower

Feeder Cattle futures closed an average of 82¢ lower, from 57¢ lower in spot Oct to $1.05 lower.

On a positive note, wholesale beef values edged higher. Choice boxed beef up 39¢ at 208.86. Select up 17¢ at 191.08.

As well, U.S. net 2020 beef export sales of 21,700 metric tons (mt) for the week ending Oct. 15 were 62% more than the previous week and 13% more than the prior four-week average, according to the weekly U.S. Export Sales report from USDA’s Foreign Agricultural Service. Increases were primarily for South Korea, China, Japan, Mexico, and Hong Kong.

Corn futures closed 1¢ to 2¢ higher through Sep ’21 and then fractionally lower to 3¢ lower.

Net export sales of 2020-21 corn for the week ending Oct. 15 was 1.83 million metric tons, up noticeably from the previous week and 21% more than the prior four-week average.

Soybean futures closed mostly unchanged to fractionally mixed.

October 22nd, 2020|

Cattle Current Podcast—Oct. 22, 2020

Negotiated cash fed cattle trade and demand were moderate in Nebraska through Wednesday afternoon, according to the Agricultural Marketing Service. Live sales were $3 lower than last week at $104-$105/cwt. Dressed sales were $4-$7 lower at $162-$165. Earlier in the week, live sales in the Southern Plains were $2 lower at $106.

Cattle feeders offered 1,096 head in the weekly Fed Cattle Exchange auction. Of those, 702 head—four lots from the Southern Plains—sold: 558 head for a weighted average price of $106.50/cwt. on delivery at 1-9 days; 144 head for a weighted average price of $106.25 on delivery of 1-17 days.

Choice steers and heifers sold $1.00-$1.50 lower at the fat auction in Tama, IA. There were 159 Choice 2-4 steers weighing an average of 1,410 lbs. selling for an average price of $105.23. That was steady to $2 lower than country trade in the region last week.

Cattle futures continued to stabilize Wednesday, closing narrowly mixed, with continued pressure from grain prices, as well as demand uncertainty and wonderments about the monthly Cattle on Feed report due out on Friday.

Live Cattle futures closed an average of 40¢ lower, except for unchanged and 30¢ higher in the back two contracts.

Feeder Cattle futures closed from an average of 27¢ higher in five contracts to an average of 33¢ lower.

Choice boxed beef cutout value was $2.13 lower Wednesday afternoon at $208.47/cwt. Select was 76¢ lower at $190.91.

Corn futures closed 1¢ to 5¢ higher through Sep ’21 and then mostly 1¢ to 3¢ lower.

Soybean futures closed 4¢ to 8¢ higher through Sep ’21 and then mostly 2¢ higher.

October 21st, 2020|

Cattle Current Podcast—Oct. 21, 2020

Negotiated cash fed cattle trade was limited on light demand in all major cattle feeding regions through Tuesday afternoon, according to the Agricultural Marketing Service (AMS). There were a few live trades in the Southern Plains at $106/cwt., which was steady with the previous day and $2 lower than last week.

Cattle futures firmed Tuesday, regaining a portion of what was lost in the previous session’s selloff. Other than being oversold, there was no compelling explanation.

Live Cattle futures closed an average of 74¢ higher, from 12¢ higher in spot Oct to $1.07 higher toward the back.

Feeder Cattle futures closed an average of $1.87 higher, (70¢ to $2.40 higher) except for 10¢ lower in spot Oct.

Choice boxed beef cutout value was 86¢ higher Tuesday afternoon at $210.60/cwt. Select was 17¢ lower at $191.67.

Corn futures closed mostly 1¢ to 3¢ higher.

Soybean futures closed 8¢ to 11¢ higher through Sep ’21 and then 5¢ to 6¢ higher.

October 20th, 2020|

Cattle Current Podcast—Oct. 20, 2020

Negotiated cash fed cattle trade was $2 lower at $106/cwt. on a live basis in the Southern Plains through Monday afternoon on light demand, according to the Agricultural Marketing Service (AMS). There were a few live sales in Nebraska $3 lower at $105, but too few to trend.

Prices last week:

Southern Plains: $108 on a live basis.

Nebraska: mostly $108 live and at $169 in the beef.

Western Corn Belt: $105-$107 on a live basis and $167-$168 dressed.

Last week’s five-area direct fed steer prices was 74¢ less than the previous week at $107.52/cwt. on a live basis, according to AMS. The average price in the beef of $168.35 was $1.32 lower.

Cattle futures closed sharply lower Monday, with follow-through pressure from the last session, softer outside markets, declining open interest and what appeared to be algorithmic piling on. Recently expanded CME limits offered extra rein.

Live Cattle futures closed an average of $2.90 lower.

Feeder Cattle futures closed an average of $3.67 lower.

Choice boxed beef cutout value was 29¢ lower Monday afternoon at $209.74/cwt. Select was $1.68 lower at $191.84.

Corn futures closed mostly 1¢ to 3¢ higher.

Soybean futures closed mostly 3¢ to 4¢ higher across the front half of the board and then mostly fractionally higher to 1¢ higher.

October 19th, 2020|

Cattle Current Podcast—Oct. 19, 2020

Negotiated cash fed cattle trade on Friday ranged from a standstill to mostly inactive on light demand, according to the Agricultural Marketing Service.

For the week, prices were $1 lower on a live basis in the Southern Plains at $108/cwt.; steady to $1 lower in Nebraska at $107-$108/cwt.; steady to $3 lower in the western Corn Belt at $105-$107. Dressed prices were $1 lower in Nebraska at $169 and $1-$3 lower in the western Corn Belt at $167-$168.

The five-area direct weighted average steer price through Thursday was $107.61/cwt., which was 2¢ more than the previous week, but $3.35 less than the same week last year. The average steer price in the beef of $168.40 was 89¢ less than the prior week and $8.86 less than the same time last year.

Cattle futures took another step lower on Friday, pressured by lower cash prices, weaker wholesale beef values and increasing demand uncertainty.

Live Cattle futures closed an average of 93¢ lower.

Feeder Cattle futures closed an average of $2.25 lower (82¢ lower at the front to $2.77 lower).

Choice boxed beef cutout value was 45¢ lower Friday afternoon at $210.03/cwt. Select was $2.98 lower at $193.52.

Corn futures closed mixed, from 1¢ lower to 1¢ higher.

Soybean futures closed 6¢ to 12¢ lower through May ’21 and then mostly 1¢ to 5¢ lower.

October 17th, 2020|

Cattle Current Podcast—Oct. 16, 2020

So far this week, negotiated cash fed cattle trade is steady to $1 lower on a live basis in Nebraska and the western Corn Belt at $107-$108/cwt., according to the Agricultural Marketing Service. Dressed sales are $1 lower in Nebraska at $169. Live sales in the Southern Plains are $1 lower at $108.

Cattle futures continued to weaken on Thursday, especially Feeder Cattle, as grain prices continued to strengthen.

Live Cattle futures closed an average of 58¢ lower.

Feeder Cattle futures closed an average of $1.17 lower (82¢ to $1.52 lower), except for 55¢ and 15¢ higher in the front two contracts.

Choice boxed beef cutout value was 60¢ lower Thursday afternoon at $210.54/cwt. Select was $2.38 lower at $196.89.

Corn futures closed 3¢ to 7¢ higher through the front four contracts and then mostly fractionally higher to 1¢ higher.

Soybean futures closed 3¢ to 6¢ higher through Mar ’21 and then mostly 1¢ to 2¢ lower.

October 15th, 2020|

Cattle Current Podcast—Oct. 15, 2020

Negotiated cash fed cattle trade was slow on light to moderate demand in the Southern Plains and Nebraska through Wednesday afternoon, according to the Agricultural Marketing Service.

Live trade in the Southern Plains was $1 lower at $108/cwt. Dressed trades were $1 lower in Nebraska at $169. Elsewhere, trade was limited on light demand.

Cattle feeders offered 774 head in the weekly Fed Cattle Exchange auction. Of those, 671 head (four lots) from the Southern Plains sold: 304 head for a weighted average price of $108/cwt. for delivery at 1-9 days; 367 head at $108.25 for delivery at 1-17 days. That was $1 lower than country trade in the region last week.

Similarly, Choice steers and heifers sold 50¢ to $1.00 lower at the fat auction in Tama, IA. There were 171 head of Choice 2-4 steers weighing an average of 1,423 lbs. selling for an average price of $107.40. That was a touch softer than the top of last week’s negotiated range.

Slaughter steers and heifers sold mainly $2-$3 lower at Sioux Falls Regional in South Dakota. There were 330 head of Choice 2-3 steers weighing an average of 1,472 lbs. bringing an average price of $104.71/cwt.

Cattle futures tottered back lower on Wednesday with pressure including the softer cash price outlook and stagnant wholesale beef values.

Live Cattle futures closed an average of 47¢ lower.

Feeder Cattle futures closed an average of 43¢ lower (2¢ to 90¢ lower), except for 25¢ higher in spot Oct.

Choice boxed beef cutout value was $1.30 lower Wednesday afternoon at $211.14/cwt. Select was 81¢ lower at $199.27.

Exports to China continue adding heft to grain markets. Yesterday, for instance, USDA’s Foreign Agricultural Service reported sales of another 420,000 metric tons of corn and 264,000 metric tons of soybeans to China for delivery in the 2020-21 marketing year that began Sept. 1.

Corn futures closed 2¢ to 5¢ higher through the front three contracts and then mostly 1¢ lower.

Soybean futures closed mostly 3¢ to 12¢ higher through Aug ’21 and then mostly fractionally lower to 1¢ lower.

October 14th, 2020|

Cattle Current Podcast—Oct. 14, 2020

Negotiated cash fed cattle trade was limited on very light demand in Nebraska and the western Corn Belt through Tuesday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were a few live sales in Nebraska at $107-$108/cwt.

Cattle futures on Tuesday gained back a fair portion of what was lost in the previous session, although it was tough to see a concrete reason, given the 6,000-contract decline in Live Cattle open interest a day earlier. 

Live Cattle futures closed an average of 84¢ higher (40¢ to $1.50 higher).

Feeder Cattle futures closed an average of 79¢ higher (57¢ to $1.27 higher).

Choice boxed beef cutout value was $2.18 lower Tuesday afternoon at $212.44/cwt. Select was 26¢ lower at $200.08.

October 13th, 2020|

Cattle Current Podcast—Oct. 13, 2020

Negotiated cash fed cattle trade was limited on very light demand in the Texas Panhandle and western Corn Belt through Monday afternoon. Although too few to trend, there were a few live sales in the Texas Panhandle at $109/cwt. and a few in the western Corn Belt at $107.

Last week’s five-area direct negotiated weighted average fed steer price was $107.12/cwt. on a live basis, which was $1.14 higher than the previous week, but 95¢ less than the same time last year. The average price in the beef of $169.67 was $1.97 more than the prior week but $2.10 less than the previous year.

Cattle futures dropped Monday, with follow through pressure from last week and perhaps some fund selling.

Live Cattle futures closed an average of $1.19 lower.

Feeder Cattle futures closed an average of 81¢ lower (35¢ to $1.00 lower), except for an average of 23¢ higher in three contracts.

Choice boxed beef cutout value was 56¢ higher Monday afternoon at $214.62/cwt. Select was 52¢ higher at $200.34.

Corn futures closed mostly 3¢ to 5¢ lower.

Soybean futures closed down 11¢ to 31¢ lower through Jan ’22 and then 1¢ to 6¢ lower.

October 12th, 2020|

Cattle Current Podcast—Oct. 12, 2020

Through Friday afternoon, negotiated cash fed cattle prices for the week were generally $2 higher in the Southern Plains at $109/cwt. on a live basis; $1-$2 higher in Nebraska and at $108-$109 and steady to $3 higher in the western Corn Belt at $107-$110. Dressed trade was $2-$3 higher at $170.

Through Thursday, the five-area direct negotiated weighted average fed steer price was $107.59/cwt. on a live basis, which was 48¢ higher than the previous week, but $1.49 less than the same time last year. The average price in the beef of $169.29 was $1.61 more than the prior week but 79¢ less than the previous year.

Live Cattle futures closed an average of 55¢ lower except for 17¢ higher in spot Oct.

Feeder Cattle futures closed an average of 90¢ lower (5¢ to $1.22 lower), except for 20¢ higher in spot Oct.

Choice boxed beef cutout value was $1.94 lower Friday afternoon at $214.06/cwt. Select was $3.28 lower at $199.82.

Total estimated cattle slaughter for the week ending Oct. 10 was 637,000 head, which was 28,000 head fewer (-4.2%) than the previous week and 1.7% less than the same time last year. That’s according to USDA’s Estimated Weekly Meat Production Under Federal Inspection report. Year to date total cattle slaughter 24.81 million head is 1.05 million head fewer (-4.1%) than the same time last year.

Estimated beef production was 535.3 million lbs., which was 4.1% less than the previous week, but a tick higher than the same week last year. Year-to-date beef production of 20.57 billion lbs. is 1.4% less than last year.

Corn and soybean futures found another gear Friday, fueled by the monthly World Agricultural Supply and Demand Estimates.

Corn  futures closed mostly 6¢ to 8¢ higher through Jly ’21 and then mostly 3¢ to 4¢ higher.

Soybean futures closed mostly 15¢ and 26¢ higher.

October 10th, 2020|

Cattle Current Podcast—Oct. 9, 2020

Negotiated cash fed cattle prices in Kansas on Thursday were steady to $2 higher at $107-$108/cwt., according to the Agricultural Marketing Service. Although there were too few transactions to trend, there was some live trade in Nebraska at $108, which was mainly $1 higher than last week. A day earlier, dressed trade started the week $1-$2 higher at $169, but too few to trend.

Cattle futures, especially Feeder Cattle softened Thursday, perhaps with some defensiveness ahead of Friday’s monthly World Agricultural Supply and Demand Estimates.

Live Cattle futures closed an average of 74¢ lower (37¢ to $1.00 lower).

Feeder Cattle futures closed an average of $1.40 lower, from 45¢ lower in spot Oct to $1.75 lower at the back.

Choice boxed beef cutout value was 88¢ lower Thursday afternoon at $216.00/cwt. Select was $2.48 lower at $203.10.

Corn  futures closed mostly 2¢ lower.

Soybean futures closed mostly 3¢ and 6¢ lower.

October 8th, 2020|

Cattle Current Podcast—Oct. 8, 2020

Although there were too few transactions to trend, there were some early dressed trades in Nebraska and the western Corn Belt on Wednesday at $169/cwt, according to the Agricultural Marketing Service (AMS). That’s was $1-$2 higher than last week.

Cattle feeders offered 470 head (three lots) in the weekly Fed Cattle Exchange auction. Of those, 367 head (two lots from Texas) sold for delivery at 1-17 days for a weighted average price of $108.50, which was mostly $1.50 higher than last week’s country trade in the region.

Slaughter steers and heifers sold $2-$3 higher at Sioux Falls Regional in South Dakota. There were 406 head of Choice 3-4 steers weighing an average of 1,562 lbs. and bringing an average price of $106.35.

At the fat auction in Tama, IA, Choice steers and heifers sold $2 higher, with 194 head of Choice 2-4 steers weighing an average of 1,421 lbs. and bringing an average price of $108.07.

Cattle futures firmed with the outlook for steady to higher cash fed cattle prices this week.

Live Cattle futures closed mostly higher across a wide range. Except for unchanged and 7¢ lower in the back two contracts, they closed an average of 48¢ higher (12¢ to $1.15 higher).

Feeder Cattle futures closed mostly narrowly higher. Except for 15¢ and 40¢ lower in two contracts, they were an average of 18¢ higher.

Choice boxed beef cutout value was 68¢ higher Wednesday afternoon at $216.88/cwt. Select was $1.26 lower at $205.58.

Corn  futures closed 2¢ to 3¢ higher through Jly ’21 and then mostly fractionally mixed.

Soybean futures closed 7¢ and 6¢ higher in the front two contracts and then mostly 3¢ to 5¢ lower.

October 8th, 2020|

Cattle Current Podcast—Oct. 7, 2020

Feeder Cattle futures closed $1.72 lower Tuesday, pressured by grain futures.

Live Cattle futures closed, though, closed an average 23¢. in the front three contracts to down an average of 30¢ the rest of the way, with support from cash prices and wholesale beef values.

Choice boxed beef cutout value was down 74¢ Tuesday afternoon at $216.24/cwt. Select was $1.17 lower at $206.84.

Grain futures rallied with support from crop conditions overseas and potential positioning ahead of Friday’s USDA World Agricultural Supply and Demand Estimates. Corn futures closed mostly 3¢ to 5¢ higher. Soybean futures closed mostly 12¢ to 22¢ higher through May ’21 and then fractionally higher to 9¢ higher.

October 7th, 2020|

Cattle Current Podcast—Oct. 6, 2020

Negotiated cash fed cattle trade was at a standstill in the Southern Plains through Monday afternoon, according to the Agricultural Marketing Service. Elsewhere, it was mostly inactive on very light demand.

Live sales last week were at mostly $107/cwt. in the five-area feeding regions. Dressed prices were at $168 in Nebraska and at $167-$168 in the western Corn Belt.

The average five-area direct steer price was last week was $107.12/cwt. on a live basis, which was $2.07 higher than the previous week. The average price in the beef was $2.81 higher at $167.70.

Cattle futures firmed with last week’s stronger cash prices, as well as an increase in slaughter.

Live Cattle futures closed up an average 42¢ higher.

 Feeder Cattle futures closed an average 47¢ higher (5¢ to 85¢ higher).

Choice boxed beef cutout value was $1.90 lower Monday afternoon at $216.98/cwt. Select was 40¢ higher at $208.01.

October 6th, 2020|

Cattle Current Podcast—Oct. 5, 2020

Through Thursday, the average five-area direct steer price was $107.11/cwt. on a live basis, which was $2.08 higher than the previous week. The average price in the beef was $2.81 higher at $167.68.

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

For the week, live sales in the Southern Plains were mostly $2 higher at $107/cwt., with a few up to $108 in the Texas Panhandle. Live prices were $2 higher in Nebraska at $107 and $2-$3 higher in the western Corn Belt at $107-$108. Dressed trade was $2-$3 higher at $167-$168.

According to Andrew P. Griffith, agricultural economist at the University of Tennessee, “Prices are still a long way from the fourth quarter target high of $115 to $120, but he says a $7 to $8 price improvement over the next two months is obtainable.

Moreover, in his weekly market comments, Griffith says “Reaching those fed cattle price levels will likely result in strong competition for feeder cattle moving forward.”

October 3rd, 2020|

Cattle Current Podcast—Oct. 2, 2020

Although there were too few transactions to trend, negotiated cash fed cattle prices on Thursday continued steady to $1 higher than the week’s higher prices of

$2 higher on a live basis at $107/cwt., except for in the Texas Panhandle, where prices are $2-$3 higher at $107-$108. Dressed trade is $2 higher at $167.

Live Cattle futures closed narrowly mixed, from an average of 26¢ lower to an average of 18¢ higher.

Feeder Cattle futures closed an average of 51¢ lower, except for an average of 17¢ higher in the back three contracts.

Choice boxed beef cutout value was $1.24 higher Thursday afternoon at $218.98/cwt. Select was 8¢ higher at $207.62.

The average dressed steer weight for the week ending Sept. 19 was 919 lbs., according to USDA’s Actual Slaughter Under Federal Inspection report. That was 1 lb. lighter than the previous week, but 23 lbs. heavier than the previous year. The actual dressed heifer weight of 836 lbs. was the same as a week earlier, but 13 lbs. heaver than the same week last year.

Actual total fed cattle slaughter of 513,153 was 7,154 head fewer than the prior year. Total cattle slaughter of 648,427 head was 12,430 head fewer (-1.88%). Beef production for the week of 543.3 million lbs. was just 600,000 lbs. less (-0.11%) than a year earlier.

Net U.S. beef export sales the week ending Sept. 24 totaled 24,700 metric tons for 2020, according to the U.S. Export Sales report from USDA’s Foreign Agricultural Service. That was 37% more than the previous week and 67% more than the prior 4-week average. Increases were primarily for Japan, Hong Kong, and Mexico.

Corn futures closed mostly 2¢ to 3¢ higher through Mar ’22 and then fractionally lower to 1¢ higher.

Soybean futures closed unchanged to fractionally mixed through Jan ’22 and then mostly 3¢ to 5¢ lower.

October 1st, 2020|

Cattle Current Podcast—Oct. 1, 2020

Negotiated cash fed cattle trade was limited on light to moderate demand in Nebraska and the western Corn Belt through Wednesday afternoon. Although too few transactions to trend, there were some early live sales in both regions at $107/cwt. and some in the beef at $167. That’s $2 higher than prices in the regions last week.

Similarly, slaughter steers and heifers sold $2-$3 higher at the fat auction in Sioux Falls, SD, where 245 head of Choice 2-3 steers weighing an average of 1,479 lbs. brought an average price of $104.60.

Cattle feeders offered 901 head in the weekly Fed Cattle Exchange auction on Wednesday. Of those, 358 sold for delivery at 1-17 days for a weighted average price of $106/cwt., which was $1 higher than last week’s country trade.

However, Cattle futures closed lower, especially Feeder Cattle, in the wake of USDA’s quarterly Grain Stocks report.

Old crop corn stocks in all positions on Sept. 1 totaled 2.00 billion bu., according to the report. That’s 10% less than the same time last year and significantly lower than the trade expected.

Corn futures closed 10¢ to 14¢ higher through Sep ’21 and then mostly 7 to 8¢ higher.

Similarly, old crop soybeans stored in all positions were 42% less than a year earlier at 523 million bu., significantly less than the trade expected.

Soybean futures closed 21¢ to 30¢ higher through Sep ’21 and then mostly 11¢ to 19¢ higher.

All wheat stored in all positions of 2.16 billion bu., was 8% less than a year earlier, also less than expected.

Hard Red Kansas City Winter Wheat futures closed 26¢ to 33¢ higher through May ’22.

Live Cattle futures closed an average of 33¢ lower, except for an average of 21¢ higher in the back three contracts.

Feeder Cattle futures closed an average of $1.33 lower, giving back most of what was gained in the previous session.

Choice boxed beef cutout value was 58¢ higher Wednesday afternoon at $217.74/cwt. Select was 55¢ higher at $207.54.

September 30th, 2020|

Cattle Current Podcast—Sept. 30, 2020

Cattle futures took a strong step higher Tuesday, buoyed by the outlook for steady to higher cash prices, as well as strong exports indicated in the weekly boxed beef report.

Live Cattle futures closed an average of 89¢ higher, from 12¢ higher at the back to $1.47 higher toward the front.

Feeder Cattle futures closed an average of $1.70 higher, from 80¢ higher at the back to $2.67 higher toward the front.

Choice boxed beef cutout value was 56¢ lower Tuesday afternoon at $217.16/cwt. Select was 57¢ higher at $206.99.

Corn futures closed 1¢ to 2¢ lower.

Soybean futures closed 2¢ to 3¢ lower through May ’21 and then mostly fractionally higher to 1¢ higher.

September 29th, 2020|

Cattle Current Podcast—Sept. 29, 2020

The five-area direct weighted average steer price last week was $105.05/cwt. on a live basis, which was $1.51 higher week to week. The average price in the beef was $1.64 higher at $164.89.

After apparent positioning ahead of Friday’s monthly Cattle on Feed report, traders seemed to take increased placements in stride, as Cattle futures closed narrowly mixed to higher Monday, likely buoyed by cash cattle and wholesale beef prices.

Other than an average of 21¢ lower in the back three contracts, Live Cattle futures closed an average of 36¢ higher.

Other than an average of 19¢ lower in three contracts, Feeder Cattle futures closed an average of 43¢ higher, from 15¢ higher at the back to 95¢ higher toward the front.

Choice boxed beef cutout value was $1.62 lower Monday afternoon at $217.72/cwt. Select was 56¢ lower at $206.42.

Corn futures closed 1¢ to 2¢ higher through Sep ’21 and then mostly fractionally higher.

Soybean futures closed mostly 3¢ to 6¢ lower.

September 28th, 2020|

Cattle Current Podcast—Sept. 28, 2020

Negotiated cash fed cattle prices ended the week generally $2 higher on a live basis at mostly $105/cwt. in the five-area feeding region, according to the Agricultural Marketing Service. Dressed trade was $1-$2 higher at mostly $165.

Through Thursday, the five-area direct weighted average steer price was $105.03/cwt. on a live basis, which was $1.49 higher than the previous week. The average steer price in the beef was $164.87, which was $1.94 higher.

Even so, Feeder Cattle futures closed lower on Friday, likely based mostly on expectations of a bearish Cattle on Feed report, which came to fruition (see below). Live Cattle followed along, to a lesser degree.

Live Cattle futures closed an average of 72¢ lower, from 7¢ lower at the back to $1.05 lower.

Feeder Cattle futures closed an average of $1.70 lower, from 97¢ lower at the back to $2.20 lower.

Choice boxed beef cutout value was $1.86 higher Friday afternoon at $219.34/cwt. Select was 76¢ lower at $206.98.

Corn futures closed fractionally higher to 1¢ higher.

Soybean futures closed 2¢ to 5¢ higher through Nov ’21 and then mostly higher to 1¢ to 4¢ lower.

September 26th, 2020|

Cattle Current Podcast—Sept. 25, 2020

Although there were too few transactions to trend in any region, early negotiated cash fed cattle sales were at mostly higher prices week to week on Thursday.

There were a few live trades in Kansas at $105/cwt. and a few in the western Corn Belt at $104-$105. Early dressed trades were at $165 in Nebraska and the western Corn Belt.

Cash optimism and another day of higher wholesale beef prices helped Cattle futures extend gains on Thursday.

Live Cattle futures closed an average of 83¢ higher.

Feeder Cattle futures closed an average of 93¢ higher, from 45¢ higher in expiring Sep to $1.20 higher at the back.

Wholesale beef values gained for another day. Choice boxed beef cutout value was $1.61 higher Thursday afternoon at $217.48/cwt. Select was 14¢ higher at $207.74.

The average dressed steer weight of 920 lbs. for the week ending Sept. 12, was 2 lbs. heavier than the previous week and 29 lbs. heavier than the same week last year, according to USDA’s Actual Slaughter Under Federal Inspection report. The average dressed heifer weight of 836 lbs. was 4 lbs. heavier than the prior week and 14 lbs. heavier than a year earlier.

Net U.S. beef export sales for 2020 of 18,000 metric tons were up 26% from the previous week and 36% from the prior four-week average, according to the Weekly U.S. Export Sales report from USDA’s Foreign Agricultural Service, for the week ending Sept. 17. Increases were primarily for Japan, South Korea, China, Taiwan, and Hong Kong.

Corn futures closed mostly 3¢ to 5¢ lower.

Soybean futures closed 12¢ to 16¢ lower through Sep ’21 and then fractionally higher to 9¢ lower.

September 24th, 2020|

Cattle Current Podcast—Sept. 24, 2020

Cattle feeders offered 683 head in the weekly Fed Cattle Exchange Auction, all from the Southern Plains. They sold 219 head (two lots) for an average of $104.16/cwt., for delivery at 1-17 days. That was higher than last week’s country trade of $103.00-$103.50.

Similarly, Choice steers and heifers sold 75¢ to $1 higher at the fat auction in Tama, IA. Choice 2-4 steers (217 head) weighing an average of 1,450 lbs. sold for an average price of $105.55/cwt., at the top of last week’s price range for country trade.

On the other hand, slaughter steers sold $2-$3 lower at Sioux Falls Regional in South Dakota, where 332 Choice 2-3 steers weighing an average of 1,490 lbs. brought an average price of $102.92.

The notion of firm to higher cash prices helped support Cattle futures Wednesday, although trade was sluggish.

Live Cattle futures closed an average of 51¢ higher (10¢ to $1.02 higher).

Feeder Cattle futures closed an average of 55¢ higher.

Choice boxed beef cutout value was 43¢ higher Wednesday afternoon at $215.87/cwt. Select was $1.30 higher at $207.60.

Corn futures closed fractionally lower to 1¢ lower.

Soybean futures closed 3¢ to 5¢ lower through Nov ’21 and then mostly fractionally higher.

September 23rd, 2020|

Cattle Current Podcast—Sept. 23, 2020

Cattle futures closed lower Tuesday, especially Feeder Cattle, with the lack of cash direction, demand wonderments and perhaps queasiness over the next Cattle on Feed report due out Friday.

Live Cattle futures closed an average of 64¢ lower (20¢ to $1.02 lower).

Except for 62¢ higher in spot Sep, Feeder Cattle futures closed an average of $1.33 lower (47¢ to $1.67 lower).

Choice boxed beef cutout value was 78¢ lower Tuesday afternoon at $215.44/cwt. Select was 48¢ higher at $206.30.

Corn futures closed unchanged to fractionally mixed.

Soybean futures closed 1¢ to 3¢ lower through Sep ’21 and then 5¢ to 8¢ lower.

September 22nd, 2020|

Cattle Current Podcast—Sept. 22, 2020

The five-area direct average fed steer price last week was $103.54/cwt. on a live basis, which was $2.33 more than the previous week. The average steer price in the beef was $163.25, which was $2.59 higher.

However, sharply lower outside markets and likely profit taking pressured Cattle futures Monday.

Live Cattle futures closed an average of 89¢ lower (65¢ to $1.25 lower).

Except for 20¢ higher in spot Sep and Nov, Feeder Cattle futures closed an average of 58¢ lower.

Wholesale beef prices found some traction, though.

Choice boxed beef cutout value was 58¢ higher Monday afternoon at $216.22/cwt. Select was $1.88 higher at $205.82.

Lower outside markets and harvest pressure pushed grain futures lower Monday.

Corn futures closed 8¢ lower through May ’21 and then mostly 4¢ to 5¢ lower.

Soybean futures closed 17¢ to 21¢ lower through Mar ’21 and then mostly 10¢ to 12¢ lower.

September 21st, 2020|

Cattle Current Podcast—Sept. 21, 2020

Negotiated cash fed cattle trade continued higher on Friday with dressed trade in Nebraska at $165/cwt., which was $2 higher than earlier in the week and $4-$5 higher than the prior week. Dressed trade was $2-$3 higher in the western Corn Belt at $163.

Live sales for the week ended up $1.50-$2.00 higher in the Southern Plains at $103.00-$103.50, $2.50 higher in Nebraska at $103.50 and $2-$4 higher in the western Corn Belt at $104-$105.

Stronger cash prices to end the week helped lift Cattle futures on Friday.

Live Cattle futures closed an average of 37¢ higher.

Except for 25¢ lower in the back contract, Feeder Cattle futures closed an average of 64¢ higher.

Choice boxed beef cutout value was 59¢ higher Friday afternoon at $215.64/cwt. Select was 55¢ higher at $203.94.

Corn futures closed 2¢ to 3¢ higher.

Soybean futures closed 9¢ to 15¢ higher through Aug ’21 and then mostly 1¢ to 4¢ higher.

September 19th, 2020|

Cattle Current Podcast—Sept. 18, 2020

Negotiated cash fed cattle trade continued on Thursday. For the week, live sales are $2-$4 higher than last week at $103.00-$103.50/cwt. in the Southern Plains, $103 in Nebraska and $104-$105 in the western Corn Belt. Dressed trade is $1-$3 higher at $162-$163.

Even so, Cattle futures closed mostly lower Thursday, with pressure from the grain side of the ledger, as well as demand wonderments.

Except for 5¢ higher to 82¢ higher in three contracts, Live Cattle futures closed an average of 38¢ lower.

Feeder Cattle futures closed an average of 77¢ lower (32¢ to $1.32 lower).

Choice boxed beef cutout value was 33¢ lower Thursday afternoon at $215.05/cwt. Select was $1.12 lower at $203.39.

Actual fed cattle slaughter for the week ending Sept. 5 of 508,955 head was 18,484 head fewer than the prior week, but 58,883 head more than the previous year, according to USDA’s Actual Slaughter Under Federal Inspection report.

Total cattle slaughter for the week of 635,387 head was 18,353 head fewer than the prior week, but 64,324 head more than the previous year.

The average dressed steer weight of 918 lbs. was 2 lbs. heavier than the previous week, but 25 lbs. more than the same week a year earlier. The average dressed heifer weight of 832 lbs. was 2 lbs. lighter than the previous week, but 17 lbs. more than a year earlier.

Net U.S. beef export sales for 2020 of 14,300 metric tons (mt) were 8% less than the previous week and 2% less than the prior four-week average, according to the Weekly Export Sales report from USDA’s Foreign Agricultural Service, for the week ending Sept. 10. Increases were primarily for South Korea, Japan, China, Mexico and Canada. 

Net U.S. pork sales for 2020 of 50,600 mt were 68% more than the previous week and 41% more than the prior four-week average. Increases were primarily for China, Mexico, Japan, Canada and Australia.

Corn futures closed 2¢ to 3¢ higher through Jly ’21 and then mostly fractionally higher. 

Soybean futures closed 9¢ to 17¢ higher through Mar ’21 and then mostly 1¢ to 4¢ higher.

September 17th, 2020|

Cattle Current Podcast—Sept. 17, 2020

Negotiated cash fed cattle trade began to develop in the Southern Plains on Wednesday, according to the Agricultural Marketing Service. Live prices were $2 higher in Kansas at $103/cwt. and $1.50-$2.00 higher in the Texas Panhandle at $103.00-$103.50.

That helps explain why there were no sales in the weekly Fed Cattle Exchange Auction, where 613 were offered—all from the Southern Plains. Two lots in that sale were passed on at $102.25.

At the fat auction in Tama, IA, though, 221 head of Choice 2-4 steers weighing an average of 1,379 lbs. brought an average of $104.63, which was more than the $100-$103 country trade in the region last week.

Similarly, slaughter steers sold steady to $2 higher in the fat auction at Sioux Falls Regional in South Dakota, where 250 head of Choice 2-3 steers weighed an average of 1,431 lbs. and brought an average of $105.20.

Cattle futures closed mixed again, with Feeder Cattle receiving some pressure from grains.

Live Cattle futures closed mixed but mostly marginally higher (an average of 15¢ lower to an average of 20¢ higher).

Feeder Cattle futures closed an average of 71¢ lower (27¢ to $1.27 higher).

Choice boxed beef cutout value was 71¢ lower Wednesday afternoon at $215.38/cwt. Select was $1.77 lower at $204.51.

Corn futures closed 4¢ to 5¢ higher through Jly ’21 and then mostly 2¢ to 3¢ higher. 

Soybean futures closed 13¢ to 19¢ higher through Aug ’21 and then mostly 3¢ to 8¢ higher, helped along by recent export sales.

September 16th, 2020|

Cattle Current Podcast—Sept. 16, 2020

Cattle futures closed narrowly mixed Tuesday, awaiting cash direction.

Live Cattle futures closed mixed but mostly marginally lower (an average of 17¢ lower to an average of 25¢ higher).

Feeder Cattle futures closed an average of 72¢ higher (17¢ higher in spot Sep to $1.10 higher).

Choice boxed beef cutout value was $1.12 lower Tuesday afternoon at $216.09/cwt. Select was $1.48 lower at $206.28.

Corn futures closed mostly 3¢ lower. 

Soybean futures closed 4¢ to 8¢ lower through May ’21 and then 2¢ higher to 2¢ lower.

 

 

September 15th, 2020|

Cattle Current Podcast—Sept. 15, 2020

The five-area direct average steer price last week was $101.21/cwt. on a live basis, according to the Agricultural Marketing Service. That was $1.91 less than the prior week. The average steer price in the beef of $160.66 was $2.41 less.

Cattle futures took a step higher Monday, building on last week’s gains, tied to the outlook for slightly snugger supplies and support from lean hog prices, which appear ready to advance, on South Korea and China banning pork exports from Germany, due to African Swine Fever discovered in that nation.

Live Cattle futures closed an average of $1.20 higher (77¢ to $1.80 higher).

Feeder Cattle futures closed an average of $1.75 higher ($1.50 to $2.02 higher).

Choice boxed beef cutout value was $2.68 lower Monday afternoon at $217.21/cwt. Select was 66¢ higher at $207.76.

After 7¢ higher in spot Sep, Corn futures closed mostly fractionally mixed to 1¢ lower. 

After 13¢ higher in spot Sep, Soybean futures closed 4¢ to 8¢ higher.

September 14th, 2020|

Cattle Current Podcast—Sept. 14, 2020

Negotiated cash fed cattle prices in the Texas Panhandle through Friday afternoon were mostly $1 higher than earlier in the week at $102/cwt., which was $1 lower than last week, according to the Agricultural Marketing Service.

Cattle futures edged higher Friday, supported by resurgent Lean Hog futures, tied to South Korea banning pork exports from Germany after a wild boar carcass in that European nation tested positive for African Swine Fever.

Live Cattle futures closed an average of 34¢ higher (7¢ to 47¢ higher).

Feeder Cattle futures closed an average of 47¢ higher (7¢ to 97¢ higher).

Choice boxed beef cutout value was 94¢ lower Friday afternoon at $219.89/cwt. Select was 22¢ lower at $207.10.

Corn and soybean futures gained some lift from the monthly World Agricultural Supply and Demand Estimates, with soybeans receiving added support from recently strong export sales.

Corn futures closed 3¢ to 7¢ higher through May ’21 and then mostly 1¢ to 2¢ higher. Week to week on Friday, they closed an average of 11¢ higher through the front six contracts.

Soybean futures closed 16¢ to 20¢ higher through the front four contracts and then 6¢ to 12¢ higher across the next three; mostly 1¢ to 2¢ lower the rest of the way. Week to week on Friday, they closed an average of 25¢ higher through the front six contracts.

September 12th, 2020|

Cattle Current Podcast—Sept. 11, 2020

So far this week, negotiated cash fed cattle prices are mainly $2-$3 lower on a live basis at $101/cwt. in the Southern Plains and Nebraska and at $100-$101 in the western Corn Belt, according to the Agricultural Marketing Service. Dressed trade is $2-3 lower at $160-$161.

Cattle futures reversed course again on Thursday, regaining most of what was lost in the previous session and despite the surge in Corn futures. At least part of the support came from limit-up moves in nearby Lean Hog futures, after news that a wild boar carcass in Germany tested positive for African Swine Fever. In turn, South Korea banned pork imports from Germany, which was the second largest European pork exporter last year.

Except for 17¢ lower in away Feb, Live Cattle futures closed an average of 72¢ higher (27¢ to $1.00 higher).

Feeder Cattle futures closed an average of $1.59 higher (77¢ higher in spot Sep to $1.95 higher).

Choice boxed beef cutout value was $2.12 lower Thursday afternoon at $220.83/cwt. Select was 19¢ lower at $207.32.

Actual total fed cattle slaughter for the week ending Aug. 29 was 527,439 head, according to USDA’s Actual Slaughter Under Federal Inspection report. That was 4,100 more than the previous week and 6,872 head more than the prior year. The average dressed steer weight of 916 lbs. was 6 lbs. heavier than the previous week and 32 lbs. heavier than a year earlier. The average dressed heifer weight of 834 lbs. was 1 lb. heavier than a week earlier and 23 lbs. heavier than the same week last year.

After 7¢ higher in spot Sep, Corn futures closed 3¢ to 4¢ higher through Sep ’21 and then fractionally mixed to 2¢ higher. Support included reports of successive typhoons impacting China’s main corn-growing region.

After 5¢ higher in spot Sep, Soybean futures closed mostly 1¢ to 3¢ lower.

USDA’s monthly World Agricultural Supply and Demand Estimates are due out Friday morning.

September 10th, 2020|

Cattle Current Podcast—Sept. 10, 2020

Negotiated cash fed cattle prices were $1-$2 lower than last week in Nebraska on a live basis Wednesday at $101/cwt., according to the Agricultural Marketing Service. Dressed sales were $2-$3 lower at $160-$161. Although too few to trend, there were a few live sales in Kansas at $101 and a few dressed sales in the western Corn Belt at $160-$161.

At Sioux Falls Regional in South Dakota, though, slaughter steers and heifers sold steady to $1 higher. There were 200 head of Choice 2-3 steers weighing an average of 1,468 lbs. that brought an average of $102.02/cwt.

The weekly Fed Cattle Exchange auction was postponed Wednesday, due to technical difficulties.

With packer inventory apparently abundant and wholesale beef values continuing to erode, lower cash prices pressured Cattle futures Wednesday, amid active trade.

Live Cattle futures closed an average of 63¢ lower (35¢ lower to $1.07 lower in spot Oct).

Feeder Cattle futures closed an average of $1.39 lower (55¢ lower in spot Sep to $2.00 lower).

Choice boxed beef cutout value was $1.87 lower Wednesday afternoon at $222.95/cwt. Select was 95¢ lower at $207.51.

Corn futures closed fractionally lower to 1¢ lower.

Soybean futures closed 3¢ to 6¢ higher through Aug ’21 and then mostly 1¢ higher.

September 9th, 2020|

Cattle Current Podcast—Sept. 9, 2020

The five-area direct weighted average steer price was $103.12/cwt. on a live basis last week, which was $1.97 less than the prior week. The weighted average dressed price of $163.07 was $3.46 lower.

Cattle futures extended gains, though, with apparent correction from recently oversold conditions.

Live Cattle futures closed an average of $1.14 higher (75¢ to $1.65 higher).

Feeder Cattle futures closed an average of 96¢ higher (60¢ to $1.35 higher).

Choice boxed beef cutout value was $1.03 lower Tuesday afternoon at $224.82/cwt. Select was 84¢ lower at $208.46.

Corn futures closed 3¢ higher through Jly ’21 and then mostly fractionally higher to 1¢ higher.

Soybean futures closed 3¢ to 5¢ higher through Mar ’21 and then 1¢ to 2¢ higher.

September 8th, 2020|

Cattle Current Podcast—Sept. 7-8, 2020

Negotiated cash fed cattle prices ended the week $2-$3 lower in the Southern Plains and Nebraska on a live basis at $102-$103/cwt. Live trade was steady to $3 lower in the western Corn Belt at $103-$104. Dressed sales were $3-$5 lower at $162-$164.

Through Thursday, the five-area direct weighted average fed steer price was $103.18/cwt. on a live basis, which was $1.94 less than the previous week. The average dressed steer price of $163.11 was $3.41 less than the previous week.

Cattle futures firmed by the end of Friday’s session after pressure earlier.

Live Cattle futures closed an average of 62¢ higher.

Except for 10¢ lower at the back, Feeder Cattle futures closed an average of 31¢ higher.

Choice boxed beef cutout value was $1.39 lower Friday afternoon at $225.85/cwt. Select was $3.20 lower at $209.30.

Corn futures closed mostly 2¢ to 3¢ higher.

Soybean futures closed mostly 1¢ higher.

September 5th, 2020|

Cattle Current Podcast—Sept. 4, 2020

Negotiated cash fed cattle trade declined another $2 in the Texas Panhandle on Thursday to $102/cwt., according to the Agricultural Marketing Service. For the week, across all regions, live sales are generally $2-$3 lower than last week at $102-$104. Dressed trade is $3-$5 lower at $162-$164.

Cattle futures were lower again Thursday, following cash prices and wholesale beef values. Outside markets also pressured.

Live Cattle futures closed an average of 54¢ lower.

Feeder Cattle futures closed an average of $1.06 lower, except for unchanged in the back contract.

Choice boxed beef cutout value was 34¢ lower Thursday afternoon at $227.24/cwt. Select was $1.32 lower at $212.50.

Actual total cattle slaughter for the week ending Aug. 22 of 650,018 head was 6,937 head more (+1.1%) than the previous week, but 6,402 head fewer than the same week a year earlier. The average dressed steer weight was 1 lb. heavier than the previous week at 910 lbs., which was 26 lbs. heavier than the prior year. The average dressed heifer weight of 833 lbs. was the same as a week earlier but 21 lbs. more than a year earlier. Beef production for the week of 542.5 million lbs. was 6.6 million lbs. more (+1.2%) than a year earlier.

Corn futures closed 3¢ to 5¢ lower through Jly ’21 and then mostly 1¢ lower.

Soybean futures closed mostly 3¢ to 6¢ higher.

September 3rd, 2020|

Cattle Current Podcast—Sept. 3, 2020

Negotiated cash fed cattle trade was mostly light on light to moderate demand through Wednesday afternoon, according to the Agricultural Marketing Service.

So far this week, prices are $1 lower in the Southern Plains on a live basis at mostly $104/cwt., $2 lower in Nebraska at $103 and $1-$4 lower in the western Corn Belt at $103. Dressed sales are $3-$5 lower at $162-$164.

Cattle feeders offered 436 head in the weekly Fed Cattle Exchange Auction on Wednesday, three lots from the Southern Plains. Of those, 365 head–two lots–sold for a weighted average price of $103/cwt.–218 head for 1-9 day delivery and 147 head for delivery at 1-17 days.

Cattle futures sagged lower, pressured by softer cash prices and the beginning of seasonally lower wholesale beef values.

Live Cattle futures closed an average of 65¢ lower.

Except for 50¢ higher in the back contract, Feeder Cattle futures closed an average of $1 lower, from 55¢ lower to $1.42 lower in spot Sep.

Choice boxed beef cutout value was 76¢ lower Wednesday afternoon at $227.58/cwt. Select was 93¢ lower at $213.82.

Corn futures closed mostly 1¢ higher.

Soybean futures closed mostly 7¢ to 8¢ higher.

September 2nd, 2020|

Cattle Current Podcast—Sept. 2, 2020

Negotiated cash fed cattle trade was $1 lower Tuesday, at $104/cwt. on a live basis in the Texas Panhandle, according to the Agricultural Marketing Service. Although too few transactions to trend, early prices also were lower in other regions: $103-$104 in Kansas, $103 in Nebraska and $102.50-$103.00 in the western Corn Belt. Early dressed sales in Nebraska were at $163-$164.

Even so, Cattle futures continued to mostly edge higher.

Other than 2¢ lower in away-Dec and $2.70 higher in recently minted away-Feb, Live Cattle futures closed an average of 31¢ higher.

Except for 17¢ lower in spot Sep, Feeder Cattle futures closed an average of 39¢ higher. 

Choice boxed beef cutout value was 39¢ higher Tuesday afternoon at $228.34/cwt. Select was 57¢ lower at $214.75.

Corn futures closed fractionally higher to 1¢ higher.

Soybean futures closed mostly 3¢ to 5¢ higher.

September 1st, 2020|

Cattle Current Podcast—Sept. 1, 2020

Last week, the five-area direct weighted average steer price was $105.09/cwt. on a live basis, which was $1.50 lower than the previous week. The weighted average dressed steer price of $166.53 was $2.88 less.

Cattle futures closed higher for the first time in four sessions on Monday, despite softer wholesale beef values and the outlook for cash prices to continue lower this week; perhaps helped along by month-end position squaring.

Live Cattle futures closed an average of 61¢ higher, from 35¢ higher at the back to $1.27 higher in expiring Aug.

Feeder Cattle futures closed an average of 45¢ higher. 

Choice boxed beef cutout value was $1.45 lower Monday afternoon at $227.95/cwt. Select was 46¢ higher at $215.32.

Corn futures closed mostly 1¢ to 2¢ lower.

Soybean futures closed mostly 3¢ to 5¢ higher.

 

August 31st, 2020|

Cattle Current Podcast—Aug. 31, 2020

Negotiated cash fed cattle prices ended the week $1 lower in the Southern Plains at $105/cwt. on a live basis, $1.50 lower in Nebraska at $105 and $2 lower in the western Corn Belt at $104-$107. Dressed trade was $2-$3 lower at mostly $167.

Through Thursday, the five-area direct weighted average steer price was $105.12/cwt. on a live basis, which was $1.50 lower than the previous week. The weighted average dressed steer price of $166.52 was $2.59 less.

Cattle futures continued to soften Friday, with follow-through pressure from the week’s lower cash prices and outlook for declining wholesale beef values.

Other than 25¢ higher in almost spent spot Aug, Live Cattle futures closed an average of 72¢ lower.

Feeder Cattle futures closed an average of $1.02 lower from 22¢ lower at the back to $1.30 lower.

Choice boxed beef cutout value was $2.14 lower Friday afternoon at $229.40/cwt. Select was 60¢ higher at $214.86.

Estimated total cattle slaughter for the week ending Aug. 29 of 654,000 head was 2,000 more than the previous week’s estimate and 1,000 head more than the same time a year earlier. Year-to-date cattle slaughter is estimated at 20.99 million head, which would be 1.06 million fewer (-4.80%) than the same time last year. Estimated beef production so far this year is 17.36 billion lbs., which is 381.2 million lbs. less (-2.1%) than last year.

Corn futures closed mostly fractionally lower.

After 13¢ higher in spot Sep, Soybean futures closed mostly 6¢ to 8¢ higher.

August 29th, 2020|

Cattle Current Podcast—Aug. 28, 2020

Cattle futures sagged lower Thursday, pressured by softer cash prices. Also, net 2020 beef export sales for the week ending Aug. 20 were 11,800 metric tons, down 40% from the previous week and 36% from the prior four-week average, according to the weekly U.S. Export Sales report from USDA’s Foreign Agricultural Service.

Live Cattle futures closed an average of 54¢ lower, from 10¢ lower in the back contract to $1.17 lower.

Feeder Cattle futures closed an average of 55¢ lower. 

Choice boxed beef cutout value was 9¢ higher Thursday afternoon at $231.54/cwt. Select was 15¢ higher at $214.26.

Total cattle slaughter the week ending Aug. 15 was 643,681, according to USDA’s Actual Slaughter Under Federal Inspection report. That was 10,713 head more than the previous week, but 9,601 fewer (-1.47%) than the same week a year earlier.

Fed cattle slaughter for the week of 519,567 head was 7,312 head more than the previous week, and just 1,140 head fewer than the previous year.

The average dressed steer weight was 909 lbs., which was 3 lbs. heavier than the previous week and 28 lbs. heaver than the same week last year. The average dressed heifer weight of 833 lbs. was 1 lb. heavier than the prior week and 24 lbs. heavier than the previous year.

Heavier carcass weights continue to increase year-over-year beef production with less slaughter. Total beef production of 536.7 million lbs. was 10.5 million lbs. more than the previous week  and 6.4 million lbs. more than the previous year. 

Corn futures closed mostly 1¢ to 3¢ higher.

Soybean futures closed 12¢ to 17¢ higher through Jly ’21 and then mostly 5¢ to 8¢ higher.

August 27th, 2020|

Cattle Current Podcast—Aug. 27, 2020

Negotiated cash fed cattle trade continued up north on Wednesday, with live sales in Nebraska $1.50 lower than last week at $105/cwt., and $2-$4 lower in the western Corn Belt at $104-$105. Dressed trade in both regions was $2 lower at mostly $167, according to the Agricultural Marketing Service. Live trade in the Southern Plains so far this week is $1 lower at $105.

After attempted support early in the session, softer cash prices and wonderments about demand pressured Cattle futures lower on Wednesday.

Live Cattle futures closed an average of $1.18 lower.

Except for 22¢ higher in spot Aug, Feeder Cattle futures closed an average of $1.36 lower. 

Wholesale beef values continued to gain on Labor Day buying.

Choice boxed beef cutout value was $1.77 higher Wednesday afternoon at $231.45/cwt. Select was $1.85 higher at $214.11.

Corn futures closed mostly fractionally lower.

Soybean futures closed 1¢ to 5¢ higher through Aug ’21 and then mostly 4¢ lower.

August 26th, 2020|

Cattle Current Podcast—Aug. 26, 2020

Live Cattle futures edged higher Tuesday, as Feeder Cattle firmed, despite a bounce higher in Corn futures.

Except for 7¢ lower in spot Aug, Live Cattle futures closed an average of 68¢ higher, recovering what was lost in the previous session.

Except for 10¢ lower in Apr, Feeder Cattle futures closed an average of 16¢  higher. 

Choice boxed beef cutout value was $2.21 higher Tuesday afternoon at $229.68/cwt. Select was $1.01 higher at $212.26.

Corn and Soybean futures jumped Tuesday with the heat and dryness across the Midwest.

Corn futures closed mostly 8¢ to 9¢ higher through Jly ’21 and then mostly 4¢ to 5¢ higher.

Soybean futures closed mostly 10¢ to 14¢ higher through Sep ’21 and then mostly 8¢ higher.

August 26th, 2020|

Cattle Current Podcast—Aug. 25, 2020

The five-area direct weighted average steer price last week was $1.53 higher at $106.59/cwt. on a live basis, according to the Agricultural Marketing Service. The dressed steer price was $1.37 higher at $169.41.

Cattle futures closed lower on Monday, especially Feeder Cattle, pressured by Friday’s Cattle on Feed.

Live Cattle futures closed an average of 64¢ lower (22¢ to $1.15 lower).

Feeder Cattle futures closed an average of $1.32 lower (62¢ to $2.45 lower).

Choice boxed beef cutout value was $1.53 higher Monday afternoon at $227.47/cwt. Select was $2.26 higher at $211.25.

Corn futures closed mostly 2¢ to 4¢ higher.

Soybean futures closed mostly 1¢ to 3¢ higher.

August 24th, 2020|

Cattle Current Podcast—Aug. 24, 2020

Based on reports from the Agricultural Marketing Service, negotiated cash fed cattle prices ended the week $2 higher in the Southern Plains at $106/cwt.  on a live basis, steady to 50¢ higher in the Northern Plains at $106.00-$106.50 and $2 higher in the western Corn Belt at $107-$109. Dressed trade was unevenly steady at $169.

Through Thursday, the five-area direct weighted average steer price was $106.62/cwt. on a live basis, which was $2.13 more than the previous week and $2.19 less than the same time last year, keeping in mind the market was dealing with the aftermath of the Tyson plant fire in 2019. The dressed steer price of $169.11 was $1.05 higher than the prior week, but $5.91 less the same time a year earlier.

Cattle futures closed lower on Friday as traders awaited the monthly Cattle on Feed report (see below).

Live Cattle futures closed an average of 85¢ lower, (30¢ lower at the back to $1.22 lower at the front).

Feeder Cattle futures closed an average of $1.07 lower (50¢ lower at the front to $1.55 lower at the back).

Choice boxed beef cutout value was 56¢ higher Friday afternoon at $225.94/cwt. Select was $2.68 higher at $208.99.

Total estimated cattle slaughter for the week ending Aug. 22 was 652,000 head, according to USDA. That was 8,000 head more than the previous week’s estimate, but 17,000 head fewer than the same week last year. Estimated beef production for the week of 542.9 million lbs. was 10.5 million lbs. more than the previous week and 7 million lbs. more than the prior year.

Corn futures closed mostly fractionally mixed to 1¢ higher.

Soybean futures closed fractionally lower to 1¢ higher. 

August 22nd, 2020|

Cattle Current Podcast—Aug. 21, 2020

Negotiated cash fed cattle trade developed in the North on Thursday. Dressed sales were unevenly steady with last week at mostly $169/cwt. Live sales in the western Corn Belt were $2 higher at $107-$109.

Cattle futures closed mostly narrowly lower on Thursday.

Live Cattle futures closed an average of 43¢ lower, except for 10¢ higher in away Oct.

Feeder Cattle futures closed an average of 25¢ lower through the front five contracts, and then 27¢ to $1.10 higher the rest of the way.

Choice boxed beef cutout value was $2.34 higher Thursday afternoon at $225.38/cwt. Select was 66¢ higher at $206.31.

Net U.S. beef export sales of 20,000 metric tons for the week ending Aug. 13 were 69% more than the previous week and 13% more than the previous four-week average, according to the U.S. Export Sales report from USDA’s Foreign Agricultural Service.

Corn futures closed mostly fractionally lower.

Soybean futures closed 8¢ to 9¢ lower through Mar ‘21, and then mostly 3¢ to 6¢ lower.

August 20th, 2020|

Cattle Current Podcast—Aug. 20, 2020

Negotiated cash fed cattle trade on Wednesday continued steady with the previous day in the Southern Plains at $106/cwt. That’s $2 higher than last week.

Cattle futures drifted mostly higher, with continued support from the positive cash outlook and climbing wholesale beef values.

Live Cattle futures closed an average of 50¢ higher, except for an average of 19¢ lower in two contracts.

Feeder Cattle futures closed mixed but mostly higher, from an average of 37¢ higher across the front five contracts, to an average of 22¢ lower.

The monthly Cattle on Feed report is due out Friday. Early estimates run about even for year over year marketings in July and the Aug. 1 on-feed inventory, with expectations for July placements to be up about 6%.

Choice boxed beef cutout value was $2.18 higher Wednesday afternoon to $223.04/cwt. Select was $1.00 higher at $205.65.

Corn futures closed mostly 1¢ lower.

Soybean futures closed fractionally mixed through Mar ‘22, and then 1¢ to 3¢ lower.

August 19th, 2020|

Cattle Current Podcast—Aug. 19, 2020

Negotiated cash fed cattle trade developed in Kansas on Tuesday at $106-$107/cwt., according to the Agricultural Marketing Service. That was $2-$3 higher than last week with moderate trade and moderate to good demand.

Cattle futures closed mainly higher, buoyed by the positive cash outlook and climbing wholesale beef values.

Other than unchanged to an average of 9¢ lower in four contracts, Live Cattle futures closed an average of 41¢ higher.

Feeder Cattle futures closed an average of 84¢ higher (50¢ to $1.20 higher).

Choice boxed beef cutout value pressed $3.60 higher Tuesday afternoon to $220.86/cwt. Select was $2.71 higher at $204.65.

Corn futures closed 1¢ to 4¢ lower through Sep ’21 and then mostly fractionally lower.

Soybean futures closed narrowly mixed, from unchanged to 1¢ lower to 1¢ higher.

August 18th, 2020|

Cattle Current Podcast—Aug. 18, 2020

The five-area direct weighted average steer price last week was $105.06/cwt. on a live basis, which was $3.72 more than the previous week. The average steer price in the beef was $4.84 more week to week at $168.04.

Cattle futures closed lower, following early lift, with higher Corn futures helping pressure Feeder Cattle the most.

Live Cattle futures closed an average of 66¢ lower.

Feeder Cattle futures closed an average of $1.54 lower (30¢ at the back to $2.22 lower).

Choice boxed beef cutout value was $3.02 higher Monday afternoon at $217.26/cwt. Select was $2.65 higher at $201.94.

Corn and soybean futures closed higher Monday with support from the weather outlook and thoughts last week’s derecho will reduce production. Week-to-week condition ratings also declined slightly for both crops.

Corn futures closed 4¢ to 7¢ higher.

Soybean futures closed 11¢ to 17¢ higher through Jan ’22 and then mostly 9¢ higher.

August 17th, 2020|

Cattle Current Podcast—Aug. 17, 2020

Negotiated cash fed cattle prices last week were mostly $4 higher on a live basis in the Southern Plains at $104/cwt., $3 higher in the Northern Plains at $106 and $2.50-$4.00 higher in the western Corn Belt at $106.50-$107.00. Dressed trade was $2 higher in Nebraska at $165 and $2-$7 higher in the western Corn Belt at $165-$170.

Through Thursday, the five-area direct weighted average steer price was $104.49/cwt. on a live basis, which was $3.21 more than the previous week, and just 91¢ less than the prior year, keeping in mind that the Aug. 9 Tyson fire last year slammed cattle markets. In the beef, the weighted average steer price was $168.06, which was $4.87 more than the previous week, and $2.40 less than the prior year.

Cattle futures closed mixed to end the week, with Feeder Cattle pressured the most.

Live Cattle futures closed unchanged to narrowly mixed (17¢ lower to 55¢ higher in spot Aug).

Feeder Cattle futures closed an average of 71¢ lower (40¢ to $1.05 lower).

Choice boxed beef cutout value was $3.29 higher Friday afternoon at $214.24/cwt. Select was $1.88 higher at $199.29.

Estimated total cattle slaughter last week of 640,000 was 7,000 head more than the previous week’s estimate, but 13,000 fewer than the same week a year earlier. Year-to-date estimated total cattle slaughter is 5.1% less than the same period last year at 19.69 million head. Estimated year-to-date total beef production is 2.4% less at 16.27 billion lbs.

Corn and soybean futures closed slightly lower Friday on likely profit taking from the previous session’s spike higher.

Corn futures closed fractionally mixed.

Soybean futures closed mostly 1¢ to 3¢ lower.

August 16th, 2020|

Cattle Current Podcast—Aug. 14, 2020

Negotiated cash fed cattle prices so far this week are mostly $4 higher on a live basis in the Southern Plains at $104/cwt. Live prices are $2.50-$4.00 higher in the western Corn Belt at $106.50-$107.00, where dressed trade is $2-$7 higher at $165-$170. In Nebraska, dressed trade is $2 higher at $165.

Except for the front months, Live Cattle futures edged lower Thursday, while higher corn prices helped pressure Feeder Cattle. The weekly U.S. Export Sales report (week ending Aug. 6) from the Foreign Agricultural Service offered no support. Net beef export sales of 11,600 metric tons for 2020 were down 13% from the previous week and down 46% from the prior four-week average.

Live Cattle futures closed an average of 43¢ higher in four contracts (mostly front months) and then an average of 18¢ lower.

Except for 5¢ higher in Apr, Feeder Cattle futures closed an average of 44¢ lower.

Choice boxed beef cutout value was $1.86 higher Thursday afternoon at $210.95/cwt. Select was $1.42 higher at $197.41.

Actual fed cattle slaughter for the week ending Aug. 1 was 515,150 head, which was 10,353 head more than the same week last year, according to USDA’s Actual Slaughter Under Federal Inspection report. Total cattle slaughter of 636,304 head was 3,520 head more. The average steer carcass weight that week was 905 lbs., which was 2 lbs. heavier than the previous week and 33 lbs. heavier than the prior year. The average heifer carcass weight of 828 lbs. was 1 lb. lighter than the prior week, but 23 lbs. heavier than the previous year. Beef production for the week of 530.0 million lbs. was 19.3 million lbs. more than last year.

Corn and Soybean futures bounced sharply higher Thursday, likely helped along by wonderments about crop damage in Iowa from the recent widespread storm, and mostly from the positive weekly export sales.

Net corn export sales of 377,200 metric tons (MT) for 2019-2020 were up noticeably from the previous week and up 18% from the prior four-week average.

Net soybean export sales of 570,100 MT for 2019-2020 were up 65% from the previous week and 96% from the prior four-week average, led by sales to China.

Corn futures closed 7¢ to 11¢ higher.

Soybean futures closed mostly 10¢ to 16¢ higher.

August 13th, 2020|

Cattle Current Podcast—Aug. 13, 2020

Negotiated cash fed cattle prices continued to bounce higher Wednesday, with live prices mostly $4 higher on a live basis in the Southern Plains at $104/cwt. So far this week, live prices are $2 higher in the western Corn Belt at $105, where dressed trade is $2-$7 higher at $165-$170. In Nebraska, dressed trade is $2 higher at $165.

Cattle feeders offered 890 head—all from the Southern Plains—in the weekly Fed Cattle Exchange auction. Of those, 348 head sold for 1-9 day delivery at a weighted average price of $104.50/cwt. Another 254 head sold for delivery at 1-17 days for a weighted average price of $104.27.

Cash optimism helped lift Cattle futures Wednesday.

Live Cattle futures closed an average of 84¢ higher (15¢ higher at the back to $1.70 higher in spot Aug), except for 5¢ lower in the back contract.

Feeder Cattle futures closed an average of 81¢ higher (17¢ higher at the back to $1.47 higher toward the front).

Choice boxed beef cutout value was $1.01 higher Wednesday afternoon at $209.09/cwt. Select was 97¢ higher at $195.99.

Despite higher estimated yield and production in the monthly World Agricultural Supply and Demand Estimates (see below) forecast ending stocks, lower than expected,  boosted Corn futures, while recent Chinese buying helped Soybean futures.

Corn futures closed 3¢ higher through Jly ’21 and then mostly 1¢ higher.        

Soybean futures closed 8¢ to 12¢ higher through Jan ’21 and then mostly 5¢-7¢ higher.

August 12th, 2020|

Cattle Current Podcast—Aug. 12, 2020

Although too few to trend, there were a few early negotiated cash fed cattle sales in Kansas on Tuesday at $103/cwt. on a live basis, and a few in the western Corn Belt at $105.

The recent bump higher in fed cattle prices and a promising outlook for more of the same this week, along with higher wholesale beef values, helped Cattle futures gain a little ground Tuesday.

Live Cattle futures closed an average of 73¢ higher (50¢ to $1.15 higher), except for 7¢ lower in the back contract.

Feeder Cattle futures closed an average of 93¢ higher.

Choice boxed beef cutout value was 88¢ higher Tuesday afternoon at $208.08/cwt. Select was $1.09 higher at $195.02.

Grain futures mainly hovered on Tuesday as traders awaited Wednesday’s monthly World Agricultural Supply and Demand Estimates.

Corn futures closed fractionally higher to 1¢ higher through May ’21 and then mostly fractionally lower. 

Soybean futures closed unchanged to 1¢ higher through Mar ’21 and then fractionally lower to 3¢ lower.

August 11th, 2020|

Cattle Current Podcast—Aug. 11, 2020

The weekly five-area weighted average steer price last week was $101.34/cwt. on a live basis, which was $2.68 more than the previous week. The average dressed steer price was $163.20, which was $3.17 higher.

Stronger cash fed cattle prices and firmer wholesale beef values helped Cattle futures gain a little ground Monday.

Live Cattle futures closed an average of 67¢ higher.

Feeder Cattle futures closed an average of 32¢ higher (2¢ to 85¢ higher).

Choice boxed beef cutout value was $1.73 higher Monday afternoon at $207.20/cwt. Select was $1.18 higher at $193.93.

Corn futures closed 1¢ to 2¢ higher.            

Soybean futures closed mostly 3¢ to 4¢ higher.

August 10th, 2020|

Cattle Current Podcast—Aug. 10, 2020

Negotiated cash fed cattle trade for the week was mainly $3 higher through Friday afternoon at $103/cwt. on a live basis and at $163 in the beef.

Through Thursday, the five-area direct weighted average steer price was $101.28 on a live basis, which was $2.79 higher than the previous week. The average dressed steer price was $163.19, which was $3.17 higher than the prior week. Compared to the same time last year, though, those prices were $12.83 less and $19.38 less, respectively.

Cattle futures edged lower on Friday, entrenched in the long-worn sideways channel, and with some likely profit taking.

Except for 17¢ higher in spot Aug, Live Cattle futures closed an average of 51¢ lower (7¢ to 87¢ lower).

Except for 22¢ and 7¢ higher in two away contracts, Feeder Cattle futures closed an average of 37¢ lower.

Choice boxed beef cutout value was 81¢ higher Friday afternoon at $205.47/cwt. Select was 74¢ higher at $192.75.

Corn futures closed mostly 2¢ lower. 

Soybean futures closed mostly 9¢ to 10¢ lower.

August 8th, 2020|

Cattle Current Podcast—Aug. 7, 2020

Negotiated cash fed cattle trade had yet to fully develop through Thursday afternoon, according to the Agricultural Marketing Service, but early prices are mostly $3 higher, with established trade in the Southern Plains at mostly $100/cwt. Although too few to trend, there were some early trades in Nebraska ($163 dressed) and in the western Corn Belt at $103 on a live basis and at $163 in the beef.

Cattle futures were mixed but mostly softer. The latest U.S. Export sales report offered no support. Net beef export sales for the week ending July 30 were down 55% from the previous week and down 35% percent from the prior four-week average, according to USDA’s Foreign Agricultural Service. June exports were down hard (see below).

Except for 32¢ and 42¢ higher on either end of the board, Live Cattle futures closed an average of 45¢ lower.

Except for 15¢ lower in Sep, Feeder Cattle futures closed an average of 87¢ lower (52¢ to $1.32 lower).

Choice boxed beef cutout value was $1.09 higher Thursday afternoon at $204.66/cwt. Select was $1.19 higher at $192.01.

The average dressed steer weight for the week ending July 25 was 903 lbs., which was 4 lbs. heavier than the previous week and 34 lbs. heavier than the same week a year earlier, according to USDA’s Actual Slaughter Under Federal Inspection report. The average dressed heifer weight of 829 lbs. was the same as the previous week but 29 lbs. heavier than the previous year.

Total cattle slaughter for the week of 639,971 head was 11,692 head fewer than the same week last year, but beef production of 533.7 million lbs. was 7.8 million lbs. more.

Corn futures closed unchanged to fractionally mixed. 

Soybean futures closed mostly fractionally lower to 1¢ lower.

August 6th, 2020|

Cattle Current Podcast—Aug. 6, 2020

There was no negotiated cash fed cattle trade summary available from USDA at press time Wednesday, but indications continued to point to higher prices for the week.

For instance, Choice steers and heifers sold $3.50 to $3.75 higher at the fat auction in Tama, Iowa. There were 127 head of Choice 2-4 steers weighing an average of 1,382 lbs. and bringing an average of $104.32/cwt.

Cattle feeders offered 1,474 head in the weekly Fed Cattle Exchange Auction—all from the Southern Plains. Of those, 1,400 head sold: 960 head for delivery of 1-9 days at an average weighted price of $99.95/cwt.; 440 head for delivery at 1-17 days for a weighted average price of $100.

Except for 2¢ and 5¢ lower in two contracts, Live Cattle futures closed an average of 34¢ higher.

Except for 15¢ lower in Sep, Feeder Cattle futures closed an average of 59¢ higher.

Choice boxed beef cutout value was 58¢ lower Wednesday morning at $203.66/cwt. Select was 56¢ higher at $191.01.

Corn futures closed 1¢ to 3¢ higher. 

Soybean futures closed 1¢ to 3¢ lower through Mar ’21 and then mostly 1¢ higher.

August 5th, 2020|

Cattle Current Podcast—Aug. 5, 2020

Cattle futures closed mostly narrowly lower on Tuesday, awaiting cash direction. Early indications are cash fed cattle have some room to grow this week.

Live Cattle futures closed an average of 35¢ lower.

Except for an average of 14¢ higher in two mid-board contracts, Feeder Cattle futures closed an average of 22¢ lower.

Choice boxed beef cutout value was 42¢ lower Tuesday afternoon at $204.24/cwt. Select was 5¢ higher at $190.45.

Positive crop conditions and weather weighed on grain futures, Tuesday.

Corn futures closed 6¢ to 9¢ lower through Jly ’21 and then mostly 1¢ lower.

Soybean futures closed 11¢ to 14¢ lower through Mar ’21 and then 4¢ to 9¢ lower.

August 4th, 2020|

Cattle Current Podcast—Aug. 4, 2020

Last week’s five-area direct weighted average steer price was $98.66/cwt. on a live basis, which was $1.42 more than the previous week. The average dressed steer price was $160.03, which was $1.93 more than the prior week.

Cattle futures continued to maintain and extend recent gains Monday, except for the back months of Feeder Cattle. Support includes cash strength, thoughts of increased food service demand when schools resume this fall and the highest level of open interest since the middle of March.

Live Cattle futures closed an average of 42¢ higher.

Feeder Cattle futures closed mixed, from an average of 47¢ higher across the front half of the board to an average of 65¢ lower across the back half.

Choice boxed beef cutout value was $1.40 higher Monday afternoon at $204.66/cwt. Select was 51¢ higher at $190.40.

Corn futures closed 1¢ to 2¢ higher through Jly ’21 and then mostly fractionally higher.

Soybean futures closed 1¢ to 3¢ higher.

August 3rd, 2020|

Cattle Current Podcast—Aug. 3, 2020

Negotiated cash fed cattle prices ended the week generally $1-$2 higher on a live basis at $97/cwt. in the Southern Plains, $100 in Nebraska, $98 in Colorado and steady at $101-$102 in the western Corn Belt. Dressed prices were $2 higher at $160.

Through Thursday, the average five-area direct weighted steer prices was $98.49/cwt. on a live basis, which was $1.26 more than the previous week, but $15.48 less than the same time last year. The average dressed steer price of $160.02 was $1.92 higher than the previous week, but $24.49 less than the previous year.

Cattle futures closed higher again Friday, helped along by cash strength, as well as week-end and month-end positioning and book squaring.

Live Cattle futures closed an average of $1.01 higher.

Feeder Cattle futures closed an average of $1.63 higher.

Choice boxed beef cutout value was $1.46 higher Friday afternoon at $203.26/cwt. Select was $1.61 lower at $189.89.

Corn futures closed mostly fractionally higher. 

Soybean futures closed 2¢ to 4¢ higher.

August 1st, 2020|

Cattle Current Podcast—July 31, 2020

So far for the week, negotiated cash fed cattle prices on a live basis are $1 higher in the Southern Plains at $97/cwt., $2 higher in Nebraska at $100, steady in Colorado at $98 and steady to $2 higher in the western Corn Belt at $100-$102. Dressed prices are $2 higher at $160.

Cattle futures closed higher again Thursday. Along with cash strength, support included bullish export news with net sales of 29,500 metric tons (mt) for the week of July 23—a market year high—up 89% from the previous week and up 81% from the previous four-week average. That according to the U.S. Export Sales report from USDA’s Foreign Agricultural Service.

Except for 15¢ lower in away Oct, Live Cattle futures closed an average of 41¢ higher.

Feeder Cattle futures closed an average of $1.05 higher (67¢ higher at the back to $1.85 higher toward the front).

Choice boxed beef cutout value was 69¢ higher Thursday afternoon at $201.80/cwt. Select was $2.01 higher at $191.50.

The average dressed steer weight the week ending July 18 of 899 lbs. was 3 lbs. less than the prior week but 33 lbs. more than the same week a year earlier, according to USDA’s Actual Slaughter Under Federal Inspection report. The average dressed heifer weight of 829 lbs. was the same as a week earlier but 34 lbs. heavier than the prior year.

Corn futures closed mostly fractionally higher. 

Soybean futures closed mostly 1¢ to 2¢ higher.

July 30th, 2020|

Cattle Current Podcast—July 30, 2020

Negotiated cash fed cattle trade was $1 higher in the Southern Plains Wednesday at $97/cwt., according to the Agricultural Marketing Service. Although too few to trend, there were also some live sales in Nebraska at $98 and in the western Corn Belt at $99-$101. Early dressed sales were at $160.

Slaughter steers and heifers also sold steady to $1 higher at Sioux Falls Regional in South Dakota, where 184 head of Choice 2-3 steers weighed an average of 1,475 lbs. and brought an average price of $101.12.

Cash strength helped Cattle futures extend gains Wednesday.

Except for 2¢ lower in the back contract, Live Cattle futures closed an average of 77¢ higher (47¢ to $1.07 higher).

Feeder Cattle futures closed an average of 98¢ higher (25¢ to $1.47 higher), amid extremely light trade.

Wholesale beef prices continue to drag bottom, though. Choice boxed beef cutout value was $1.85 lower Wednesday afternoon at $201.11/cwt. Select was $1.17 higher at $189.49.

Corn futures closed 3¢ to 4¢ lower through May ’21 and then mostly fractionally lower to 1¢ lower.

Soybean futures closed fractionally lower to 5¢ lower though May ’21 and then mostly 1¢ to 3¢ higher.

July 29th, 2020|

Cattle Current Podcast—July 29, 2020

Although too few transactions to trend, there was some early negotiated cash fed cattle trade Tuesday. Live prices in the Southern Plains were on either side of steady at $95/cwt. in the Texas Panhandle and $95.00-$97.50 in Kansas, according to the Agricultural Marketing Service. Early dressed sales in the western Corn Belt were at $161, compared to $158 last week.

Cattle futures closed higher Tuesday, off of session highs and square in the same trading channel of recent weeks.

Live Cattle futures closed an average of 48¢ higher (22¢ to $1.17 higher).

Feeder Cattle futures closed an average of 78¢ higher (15¢ to $1.67 higher).

Choice boxed beef cutout value was 41¢ higher Tuesday afternoon at $202.96/cwt. Select was $1.81 lower at $188.32.

Corn futures closed mostly 3¢ to 4¢ lower.

Soybean futures closed 8¢ to 12¢ lower.

July 28th, 2020|

Cattle Current Podcast—July 28, 2020

Cattle futures closed mostly lower Monday, despite logic suggesting a friendly to neutral Cattle on feed report Friday. Besides technical pressure and near expiration of spot Live Cattle, less estimated week-to-week cattle slaughter and the higher year-to-year cattle inventory could have lent bearishness.

Live Cattle futures closed an average of 90¢ lower, except for 75¢ higher in the back contract.

Feeder Cattle futures closed an average of $1.90 lower (35¢ to $3.12 lower), except for an average of 22¢ higher in the back three contracts.

Choice boxed beef cutout value was 78¢ lower Monday afternoon at $202.55/cwt. Select was 50¢ lower at $190.13.

Corn futures closed mostly fractionally mixed.

Soybean futures closed mostly 2¢ to 3¢ higher.

July 27th, 2020|

Cattle Current Podcast—July 27, 2020

Through Thursday, the average five-area direct fed steer price was $97.23/cwt. on a live basis, which was 91¢ higher than the previous week, but $18.20 less than the same time last year.

Regionally, negotiated cash fed cattle trade for the week was generally $1-$2 higher on a live basis at $96/cwt. in the Southern Plains, $98 in the Northern Plains and $99-$100 in the western Corn Belt. Dressed trades were mostly $1 higher at $158.

Cattle futures closed narrowly mixed Friday.

Live Cattle futures closed an average of 29¢ higher, except for 35¢ and 32¢ lower in Feb and Apr and unchanged in away Dec.

Except for 2¢ higher in spot Aug, Feeder Cattle futures closed from unchanged to an average of 34¢ lower.

Choice boxed beef cutout value was 49¢ lower Friday afternoon at $201.77/cwt. Select was 16¢ lower at $190.63.

Corn futures closed mostly unchanged to fractionally higher.

Soybean futures closed mostly fractionally higher to 1¢ higher, except for fractionally lower to 2¢ lower in the front four contracts.

July 25th, 2020|

Cattle Current Podcast—July 24, 2020

Negotiated cash fed cattle trade for the week so far is generally $1-$2 higher on a live basis at $96/cwt. in the Southern Plains, $98 in the Northern Plains and $99-$100 in the western Corn Belt. Dressed trades are mostly $1 higher at $158.

Cattle futures softened a touch Thursday, despite firmer cash fed cattle and wholesale beef prices, and ahead of Friday’s Cattle on Feed report and the semiannual Cattle inventory report.

Live Cattle futures closed an average of 51¢ lower (20¢ at the back to $1.12 lower toward the front).       

Except for 50¢ higher in spot Aug, Feeder Cattle futures closed from unchanged to an average of 14¢ lower.

Choice boxed beef cutout value was $1.11 higher Thursday afternoon at $202.26/cwt. Select was $1.51 higher at $190.79.

The average dressed heifer weight for the week ending July 11 was 902 lbs. which was 6 lbs. heavier than the previous week and 37 lbs. heavier than the same week last year, according to USDA’s Actual Slaughter Under Federal Inspection report. The average dressed heifer weight of 829 lbs. was 3 lbs. heavier than the prior week and 38 lbs. more than the prior year.

Corn futures closed mostly fractionally higher to 1¢ higher.

Soybean futures closed 4¢ to 7¢ higher through Mar ’21 and then mostly 1¢ to 3¢ higher.

July 23rd, 2020|

Cattle Current Podcast—July 23, 2020

Negotiated cash fed cattle prices trended higher through Wednesday afternoon, according to the Agricultural Marketing Service (AMS). Live sales in Colorado were $2 higher than last week at $98/cwt. In Nebraska, live trades were 50¢ to $2 higher at $98; dressed sales were $1.00-$1.50 higher at $158.00-$158.50.

Cattle feeders sold 422 head of the 1,022 offered in the weekly Fed Cattle Exchange auction—all from the Southern Plains. Of those 103 head sold for a weighted average price of $96/cwt. (1-9 day delivery) and 319 head sold for a weighted average price of $96.12 (9-17 day delivery). Those prices mirrored country trade in the region on Tuesday.

Cattle futures closed mixed, but mostly slightly higher on Wednesday, with more strength later in the session. Some positioning is likely Thursday, ahead of Friday’s Cattle on Feed report and the semiannual Cattle inventory report.

Live Cattle futures closed mixed, from an average of 24¢ lower through the front four contracts to an average of 42¢ higher.  

Feeder Cattle futures closed an average of 31¢ higher.

Choice boxed beef cutout value was 27¢ higher Wednesday afternoon at $201.15/cwt. Select was $2.02 lower at $189.28.

Corn futures closed 2¢ to 4¢ higher.

Soybean futures closed mostly 1¢ to 2¢ higher.

July 22nd, 2020|

Cattle Current Podcast—July 22, 2020

Although too few to trend, there were some early live sales in the Southern Plains on Tuesday at $96/cwt., which was $1 higher than last week.

Cattle futures closed mixed on Tuesday, amid sluggish activity, as traders apparently waited for more cash direction.

Except for 2¢ higher in Apr, Live Cattle futures closed an average of 34¢ lower.        

Except for 27¢ lower and 2¢ lower in the front two contracts, Feeder Cattle futures closed an average of 57¢ higher (15¢ to $1.30 higher at the back).

Choice boxed beef cutout value was 86¢ lower Tuesday afternoon at $200.88/cwt. Select was 29¢ lower at $191.30.

Corn futures closed 3¢ to 5¢ lower.

Soybean futures closed 5¢ to 7¢ lower through Mar ’21 and then fractionally lower to 3¢ lower.

July 21st, 2020|

Cattle Current Podcast—July 21, 2020

Cattle futures softened some on Monday, likely with some profit taking from last week’s strong performance.

Live Cattle futures closed an average of 39¢ lower (25¢ lower to $1.00 lower in spot Aug). 

Feeder Cattle futures closed an average of $1.31 lower (32¢ to $2.30 lower).

Wholesale beef values edged higher Monday after dropping to the lowest levels last week since December of 2017.

Choice boxed beef cutout value was $1.27 higher Monday afternoon at $201.74/cwt. Select was $1.28 higher at $191.59.

Corn futures closed 2¢ to 4¢ lower through Jly ’21 and then fractionally lower to 1¢ lower.

Soybean futures closed mostly 3¢ to 5¢ higher.

July 20th, 2020|

Cattle Current Podcast—July 20, 2020

Negotiated cash fed cattle prices ended the week generally steady.

The weighted average five-area direct fed steer price through Thursday was $96.32/cwt. on a live basis, which was 35¢ higher than the previous week, but $16.70 less than the same week last year. The average steer price in the beef was $157.58, which was 9¢ less than the previous week and $25.39 less than a year earlier.

Cattle futures meandered higher by Friday’s close, supported by the week’s optimism built by cash feeder prices and thoughts that the low may be in the books for fed cattle prices.

Except for unchanged in spot Aug, Live Cattle futures closed an average of 36¢ higher.       

Feeder Cattle futures closed an average of 38¢ higher.

Choice boxed beef cutout value was 33¢ lower Friday afternoon at $200.47/cwt. Select was 99¢ lower at $190.31.

The average dressed steer weight for the week ending July 4 was 896 lbs., according to USDA’s Actual Slaughter Under Federal Inspection report. That was even with the previous week and 35 lbs. heavier than the previous year. The average dressed heifer weight was 826 lbs., on par with the previous week but 34 lbs. heavier than the same week last year.

Estimated total cattle slaughter for the week ending July 18 was 650,000 head, according to USDA’s Agricultural Marketing Service. That would be 7,000 head fewer (-1.07%) than the previous week’s estimate and 5,000 head fewer (-0.76%) than the same week last year. Year to date estimated total cattle slaughter of 17.15 million head is 1.01 million head fewer (-5.56%) than last year.

Corn futures closed mostly 1¢ to 2¢ higher.

Soybean futures closed 4¢ higher through Jly ’21 and then fractionally higher to 3¢ higher.

July 18th, 2020|

Cattle Current Podcast—July 17, 2020

Cattle futures stepped higher Thursday, supported by firmer cash prices, chatter about the low for fed cattle being established and an increase in weekly exports.

Net beef export sales of 27,800 metric tons for the week ending July 9 were up noticeably from the previous week and up 68% from the prior four-week average, according to the U.S. Export Sales report from USDA’s Foreign Agricultural Service. Increases were primarily for South Korea, Japan, Mexico, Taiwan, and Canada.

Live Cattle futures closed an average of $1.33 higher (67¢ to $2.05 higher).  

Feeder Cattle futures closed an average of $1.92 higher (67¢ to $3.20 higher).

Choice boxed beef cutout value was 4¢ higher Thursday afternoon at $200.80/cwt. Select was 7¢ lower at $191.30.

Corn futures closed mostly 1¢ to 3¢ higher.

Soybean futures closed 7¢ to 8¢ higher through Mar ’21 and then mostly 4¢ higher.

July 16th, 2020|

Cattle Current Podcast—July 16, 2020

Negotiated cash fed cattle trade continued on Wednesday at mainly steady prices, with live sales at $95/cwt. in the Southern Plains and $96 in the Northern Plains, according to the Agricultural Marketing Service. Dressed trade in the western Corn Belt was at $157-$160.

Cattle feeders offered 1,224 head in the weekly Fed Cattle Exchange auction. Of those, 275 head–three Kansas lots–sold for a weighted average price of $95.62/cwt. with delivery of 1-9 days.

Choice 2-4 steers (169 head) weighing an average of 1,379 lbs. brought an average of $101.79 at the fat auction in Tama, IA, which was 50¢ to 75¢ lower than the prior week.

At Sioux Falls Regional in South Dakota, though, slaughter steers and heifers sold steady to $2 higher. There were 459 Choice 2-3 steers weighing an average of 1,451 lbs. and bringing an average of $100.88.

Cattle futures bounced higher, supported by firm cash fed cattle, as well as current cash demand for feeder cattle.

Live Cattle futures closed an average of 85¢ higher (30¢ higher at the back to $2.50 higher in spot Aug).

Feeder Cattle futures closed an average of $1.40 higher (32¢ higher to $2.70 higher in spot Aug).

Choice boxed beef cutout value was 16¢ lower Wednesday afternoon at $200.76/cwt. Select was 52¢ higher at $191.37.

Corn futures closed mostly fractionally higher.

Soybean futures got a boost from Wednesday’s announcement that China bought 389,000 metric tons for delivery in 2020-21.

Soybean futures closed 4¢ to 8¢ higher through Mar ’21 and then mostly 3¢ higher.

July 15th, 2020|

Cattle Current Podcast—July 15, 2020

Negotiated cash fed cattle trade got off to a steady start Tuesday with live prices in the Southern Plains at $95/cwt., but a few up to $96.25 in Kansas, according to the Agricultural Marketing Service.

Cattle futures softened with some likely profit taking as traders take stock of the potential upside beyond the backlog of fed cattle.

Live Cattle futures closed an average of 73¢ lower (32¢ lower to $1.22 lower).          

Feeder Cattle futures closed an average of 64¢ lower (30¢ to $1.20 lower).

Choice boxed beef cutout value was $2.34 lower Tuesday afternoon at $200.92/cwt. Select was $1.03 lower at $190.85.

Corn futures closed mostly 2¢ lower.

Soybean futures closed mostly 2¢ higher through Aug ’21 and then fractionally higher to 1¢ higher.

July 14th, 2020|

Cattle Current Podcast—July 14, 2020

The weighted average five-area direct fed steer price last week was $95.98/cwt. on a live basis, which was $1.11 higher than the previous week but $17.39 less than the same week last year. The average price in the beef was $157.60, which was $3.92 higher than the prior week but $25.21 less than the prior year, according to USDA. Fed cattle transactions of 83,634 head were 3,098 head fewer than the prior week but 19,304 head more (+30%) than the same week a year earlier.

Firmer to higher cash fed cattle prices helped Cattle futures close mostly higher Monday. Feeder Cattle were also supported by a steep decline in Corn futures.

Except for an average of 25¢ lower through the front three contracts, Live Cattle futures closed an average of 31¢ higher.       

Feeder Cattle futures closed an average of $1.41 higher.

Choice boxed beef cutout value was $1.24 lower Monday afternoon at $203.26/cwt. Select was $2.41 lower at $191.88.

Friday’s World Agricultural Supply and Demand Estimates and continued positive crop progress weighed on grain futures to start the week.

Corn futures closed 6¢ to 7¢ lower through Jul ’21 and then mostly 2¢ to 4¢ lower.

Soybean futures closed 12¢ to 15¢ lower through May ’21 and then 5¢ to 10¢ lower.

July 13th, 2020|

Cattle Current Podcast—July 13, 2020

The weighted average five-area direct fed steer price through Thursday was $95.97/cwt. on a live basis and $157.67 in the beef. That was $1.06 and $3.84 higher, week to week, respectively.

Speculation by some that that the low is in for cash fed cattle price, along with normalizing wholesale beef values, helped support Cattle futures to end the week. Lower Corn futures on Friday also supported Feeder Cattle.

Live Cattle futures closed an average of 76¢ higher.

Feeder Cattle futures closed an average of $1.24 higher.

Choice boxed beef cutout value was 91¢ higher Friday afternoon at $204.50/cwt. Select was 54¢ lower at $194.29.

Increased beginning corn and soybean stocks projected in the monthly World Agricultural Supply and Demand Estimates (see below) weighed on futures Friday.

Corn futures closed mostly 10¢ to 11¢ lower through Jul ’21 and then mostly 6¢ lower.

Soybean futures closed 9¢ to 12¢ lower.

July 11th, 2020|

Cattle Current Podcast—July 10, 2020

The week’s mostly steady to stronger negotiated cash fed cattle trade helped lift Cattle futures on Thursday.

Except for 30¢ lower in the back contract, Live Cattle futures closed an average of 50¢ higher.

That was despite the latest U.S. Export Sales report from USDA’s Foreign Agricultural Service. For the week ending July 6, net U.S. beef export sales of 9,500 metric tons (mt) were 23% less than the previous week and 51% less than the previous four-week average. Increases were primarily for Japan, South Korea, China, Mexico, and Taiwan.

Feeder Cattle futures closed an average of 56¢ higher.

At $133.69, the CME Feeder Cattle Index was at the highest level since the first part of March.

Choice boxed beef cutout value was 24¢ lower Thursday afternoon at $203.59/cwt. Select was 69¢ lower at $194.83.

USDA’s latest weekly Actual Slaughter Under Federal Inspection report underscores the continued recovery in beef packing capacity. Total fed cattle slaughter for the week of June 27 was 532,820 head, which was 20,029 more than the previous week–the most since the last week of March–but 5,221 head fewer than the previous year. Total cattle slaughter of 664,812 head was 19,151 head more than the previous week, but 5,499 head fewer than the previous year.

That same report speaks to the continued backlog of fed cattle, with the average dressed steer weight for the week at 896 lbs., which was 6 lbs. heavier than the previous week and 42 lbs. more than the previous year. The average dressed heifer weight of 826 lbs. was 3 lbs. heavier than the previous week and 37 lbs. heavier than the same time a year earlier.

July 9th, 2020|

Cattle Current Podcast—July 9, 2020

Negotiated cash fed cattle trade continued on Wednesday with prices mainly steady to higher, compared to last week. Live prices in the Texas Panhandle were steady to $2 higher at $95/cwt.; steady to $1 lower in Kansas at $94-$95. For the week, live sales are steady in Nebraska at $95-$96 and $3-$5 higher in the beef at $157-$160. In the western Corn Belt, live sales are $3 higher than last week at $99-$100 and $5-$7 higher in the beef at $160.

Cattle feeders offered 1,390 head in the weekly Fed Cattle Exchange auction. Of those, 659 head sold, all from Kansas: 509 head for delivery at 1-9 days for a weighted average price of $95.16; 150 head for delivery at 1-17 days for a weighted average price of $95.

Live Cattle futures closed an average of 41¢ lower.

Feeder Cattle futures closed an average of 69¢ lower.

Choice boxed beef cutout value was $1.47 lower Wednesday afternoon at $203.83/cwt. Select was $1.32 lower at $195.52.

Corn futures closed mostly 1¢ to 2¢ higher.

Soybean futures closed 1¢ to 5¢ lower through May ’21 and then mostly 1¢ higher.

July 8th, 2020|

Cattle Current Podcast—July 8, 2020

Although too few to trend, there were a few early negotiated cash fed cattle sales in the Texas Panhandle on Tuesday at $95/cwt. on a live basis, and a few in Kansas at $94-$95. There were also a few dressed trades in Nebraska at mostly $157-$160 and a few in the western Corn Belt at $160 (a few live sales at $100).

Cattle futures paused the recent rally, giving back a minority of gains.

Except for 25¢ higher in near Oct and 2¢ higher at the back, Live Cattle futures closed an average of 37¢ lower.

Except for 5¢ higher in Apr, Feeder Cattle futures closed an average of 60¢ lower (25¢ lower at the back to $1.22 lower in spot Aug).

Choice boxed beef cutout value was 16¢ lower Tuesday afternoon at $205.30/cwt. Select was 13¢ lower at $196.84.

Corn futures closed mostly 3¢ lower through Jul ’21 and then mostly fractionally lower.

Soybean futures closed 1¢ to 3¢ lower through Nov ’21 and then fractionally lower to 1¢ higher.

July 7th, 2020|

Cattle Current Podcast—July 7, 2020

Early dressed sales in the western Corn Belt on Monday were $5-$7 higher than last week at $160/cwt., according to USDA’s Agricultural Marketing Service. Although too few to trend, there were some live sales in Kansas at $93-$95 (steady to $2 lower) and some dressed sales in Nebraska at $155-$160 ($5-$6 higher).

Cattle futures built on the previous session’s gains, supported by surging outside markets and likely helped along by technicals.

Live Cattle futures closed an average of 96¢ higher (40¢ higher to $1.25 higher).

Feeder Cattle futures closed an average of $1.09 higher (55¢ to $1.37 higher).

Choice boxed beef cutout value was 2¢ higher Monday afternoon at $205.46/cwt. Select was $1.79 lower at $196.97.

Corn futures closed 2¢ to 4¢ higher through Jul ’21 and then fractionally higher to 1¢ higher.

Soybean futures closed mostly 7¢ to 9¢ higher.

July 6th, 2020|

Cattle Current Podcast—July 3-6, 2020

Negotiated cash fed cattle trade ended the holiday-shortened week steady to $2 lower on a live basis in the Southern Plains at $93-$95/cwt.; steady to $1 higher in Nebraska at $95-$96 and unevenly steady in the western Corn Belt at $96-$97. Dressed trade was $1 lower in Nebraska at $154-$155 and steady to $4 lower in the western Corn Belt at $152-$155.

Cattle futures extended gains, though, for no apparent reason.

Live Cattle futures closed an average of $1.08 higher (32¢ higher to $2.10 higher in spot Aug).

Feeder Cattle futures closed an average of $1.78 higher ($1.47 to $2.55 higher).

Choice boxed beef cutout value was 6¢ higher Thursday afternoon at $205.44/cwt. Select was 33¢ higher at $198.76.

The average dressed steer weight for the week ending June 20 was 890 lbs., which was 6 lbs. lighter than the previous week, but 36 lbs. heavier than the previous year, according to USDA’s Actual Slaughter Under Federal Inspection report. The average dressed heifer weight of 823 lbs. was 1 lb. lighter than the previous week, but 33 lbs. heavier than the same week a year earlier.

Grain futures softened Thursday, following strong gains earlier in the week. Pressure likely included week-end positioning and profit taking, as well as the bearish weekly Export Sales report (week ending June 25) from USDA’s Foreign Agricultural Service.

Net export corn sales of 361,100 metric tons (mt) for 2019-2020 were down 22% from the previous week and 32% from the prior four-week average.

Net soybean export sales of 241,700 mt for 2019-2020 were a marketing-year low, down 60% from the previous week and 63% from the prior four-week average.

Corn futures closed mostly 3¢ to 7¢ lower.

Soybean futures closed fractionally lower to 2¢ lower.

July 2nd, 2020|

Cattle Current Podcast—July 1, 2020

There was no Afternoon Slaughter Cattle Review from USDA at press time. However, the Direct Slaughter Cattle Reporting Dashboard from AMS had live cattle on Tuesday bringing an average of just over $97/cwt.; close to $153 in the beef.

Cattle futures started the day in positive territory before USDA’s grain-friendly Acreage and Grain Stocks reports pounded Feeder Cattle futures.

Other than $3.35 lower in expiring spot Jun and 20¢ higher in the back contract, Live Cattle futures closed an average of 20¢ lower.

Feeder Cattle futures closed an average of $1.00 lower (65¢ lower in spot Aug to $1.20 lower).

Choice boxed beef cutout value was $1.39 lower Tuesday afternoon at $206.97/cwt. Select was 81¢ lower at $199.90.

Corn and soybean futures bounced higher Tuesday, buoyed by the aforementioned USDA reports.

Corn futures closed 12¢ to 15¢ higher through Jul ’21 and then 4¢ to 7¢ higher.

Soybean futures closed 16¢ to 20¢ higher through Mar ’21 and then mostly fractionally higher to 12¢ higher.

June 30th, 2020|

Cattle Current Podcast—June 30, 2020

Packers up north got a head start on the holiday-shortened week Monday, paying steady to $3 less for negotiated cash fed cattle at $153/cwt. on a dressed basis in the western Corn Belt.

The five-area average direct fed steer price last week was $96.21/cwt. on a live basis, which was $4.57 less than the prior week. The average steer price in the beef was $154.78, which was $5.92 less. Prices the same week last year were $110.13 and $179.02, respectively.

Even so, Cattle futures ended Monday higher, helped along by outside markets and despite the bounce in Corn futures. Higher wholesale beef values also helped.

Live Cattle futures closed an average of 64¢ higher.

Except for 20¢ lower in the back contract, Feeder Cattle futures closed an average of 50¢ higher. 

Choice boxed beef cutout value was $1.19 higher Monday afternoon at $208.36/cwt. Select was $1.86 higher at $200.71.

Grain futures traded higher, perhaps buoyed by positioning ahead of Tuesday’s Grain Stocks and Acreage reports due from USDA.

Corn futures closed 7¢ to 9¢ higher through Sep ’21 and then 4¢ to 6¢ higher.

Soybean futures closed mostly 1¢ higher through Jan ’21 and then mostly 5¢ to 6¢ higher.

June 29th, 2020|

Cattle Current Podcast—June 29, 2020

Negotiated cash fed cattle prices ended the week solidly lower, according to reports from the Agricultural Marketing Service. Regionally, live prices were $5-$7 lower in the Texas Panhandle at $93-$95/cwt., $5 less in Kansas at $95, $3-$7 lower in Nebraska at $95 and $1-$4 less in the western Corn Belt at $98. Dressed trade was $3-$7 less at $155-$156 in Nebraska and at $153-$156 in the western Corn Belt.

The five-area average direct fed steer price through Thursday was $96.24/cwt. on a live basis, which was $4.58 lower than the previous week and $14.34 less than the same period a year earlier. The average dressed steer price was $154.78, which was $5.96 less than the prior week and $24.58 less than a year earlier.

Cattle futures softened to end the week, amid the lower cash fed cattle prices, possible month-end and quarter-end positioning, as well as the picture painted by the monthly Livestock Slaughter report (see below).

Except for 52¢ higher in waning spot Jun, Live Cattle futures closed an average of 62¢ lower (5¢ to 97¢ lower).

Feeder Cattle futures closed an average of $1.08 lower (65¢ lower to $1.75 lower).

Choice boxed beef cutout value was $1.09 lower Friday afternoon at $207.17/cwt. Select was $1.08 lower at $198.85.

USDA estimated total cattle slaughter for the week at 680,000 head, which would be 3.7% more than the previous week and 1.5% more than the same week last year. Total beef production under federal inspection was estimated at 562.3 million lbs., which would be 3.9% more than the previous week and 5.3% more than the same week last year.

Corn futures closed fractionally lower to 1¢ lower.

Soybean futures closed mostly 7¢ to 9¢ lower.

June 27th, 2020|

Cattle Current Podcast—June 26, 2020

Negotiated cash fed cattle trade continued at lower money for the week with live sales in the Texas Panhandle on Thursday down $5-$7 at $93-$97/cwt.

Cattle futures closed mainly higher, with support likely including lower corn prices and positive export news.

Weekly net U.S. beef export sales as of June 18 were 24,400 metric tons (mt), which were 21% more than the previous week and 52% more than the prior four-week average, according to the weekly U.S. Export Sales report from USDA’s Foreign Agricultural Service. Increases were primarily for South Korea, Japan, Taiwan, Mexico, and Hong Kong.

Other than unchanged to an average of 15¢ lower in three contracts, Live Cattle futures closed an average of 32¢ higher.

Feeder Cattle futures closed an average of 49¢ higher.

Choice boxed beef cutout value was $1.43 lower Thursday afternoon at $208.26/cwt. Select was $1.76 lower at $199.93.

The average dressed steer weight for the week ending June 13 was 896 lbs., which was 4 lbs. heavier than the previous week and 47 lbs. heavier than the same week a year earlier, according to USDA’s Actual Slaughter Under Federal Inspection report. The average dressed heifer weight was 824 lbs., which was the same as a week earlier, but 37 lbs. heavier than the prior year.

Corn futures closed 4¢ to 7¢ lower through May ’21 and then mostly 3¢ lower.

Soybean futures closed mostly 1¢ to 3¢ lower through Sep ’21 and then 4¢ to 7¢ lower.

June 25th, 2020|

Cattle Current Podcast—June 24, 2020

Negotiated cash fed cattle trade continued lower Tuesday, with dressed trade in Nebraska mostly $3-$7 lower than last week at $155/cwt.

Even so, Cattle futures found some spark, helped along by outside markets.

Except for 87¢ lower in spot Jun and 17¢ lower at the back, Live Cattle futures closed an average of 90¢ higher (37¢ to $2.07 higher).

Feeder Cattle futures closed an average of $1.39 higher.

Choice boxed beef cutout value was $2.25 lower Tuesday afternoon at $211.81/cwt. Select was 73¢ lower at $203.57.

Corn futures closed mostly 3¢ to 4¢ lower.

Soybean futures closed mostly 1¢ to 4¢ lower through Sep ’21 and then mostly fractionally higher.

June 23rd, 2020|

Cattle Current Podcast—June 23, 2020

Although too few to trend, there were a few early live sales in the Texas Panhandle on Monday at $95/cwt. There were a few dressed trades in Nebraska at $152-$155.

Cattle futures closed narrowly lower Monday.

Live Cattle futures closed an average of 22¢ lower.

Feeder Cattle futures closed an average of 55¢ lower, (7¢ lower at the back to 80¢ lower at the front).

Choice boxed beef cutout value was 34¢ higher Monday afternoon at $214.06/cwt. Select was 39¢ higher at $204.30.

Corn futures closed 3¢ to 4¢ lower in the front four contracts and then mostly 1¢ lower.

Soybean futures closed fractionally lower to 1¢ lower. 

June 22nd, 2020|

Cattle Current Podcast—June 22, 2020

Negotiated cash fed cattle prices were lower to sharply lower last week, with significantly heavier carcasses than a year ago and the continued backlog of market-ready cattle.

Based on reports from the Agricultural Marketing Service, the last established market in the Texas Panhandle was at $98/cwt., which was $6-$10 less than the previous week. Until then, prices were about $5 less at around $100, according to the Texas Cattle Feeders Association. Live prices were $4-$6 lower in Kansas at mostly $100-$102, steady to $10 lower in Nebraska at $98-$102 and $3-$4 lower in the western Corn Belt at $99-$102. Dressed trade was steady to $12 lower at $158-$160.

Through Thursday, the five-area direct weighted average price for steers on a live basis was $100.82/cwt., which was  $4.02 less than the previous week. The average dressed steer price was $160.74, which was $5.91 less. Prices at the same time last year were at $110.43 and $180.56, respectively. Keep in mind that carcass weights are contra-seasonal and significantly heavier than last year.

Cattle futures closed mostly narrowly mixed Friday.

Live Cattle futures closed an average of 63¢ lower through the front five contracts (10¢ lower to $1.37 lower in spot Jun) and then an average of 16¢ higher.

Feeder Cattle futures closed narrowly mixed, from an average of 24¢ lower to an average of 24¢ higher.

Choice boxed beef cutout value was 16¢ higher Friday afternoon at $213.72/cwt. Select was 17¢ lower at $203.91.

The average dressed steer weight for the week ending June 6 was 892 lbs., which was 1 lb. heavier than the prior week and 46 lbs. heavier than the same week a year earlier, according to USDA’s Actual Slaughter Under Federal Inspection report. The average dressed heifer weight of 824 lbs. was 2 lbs. lighter than the previous week, but 42 lbs. heavier than the prior year.

Corn futures closed 1¢ to 2¢ higher. 

Soybean futures closed mostly 3¢ to 4¢ higher. 

June 20th, 2020|

Cattle Current Podcast—June 19, 2020

Negotiated cash fed cattle trade continued in Kansas on Thursday with live prices at $96-$102/cwt., but mostly $100-$102, which was $2-$6 lower than the last week.

Cattle futures softened Thursday, with continued light trade, lower cash prices and the ongoing decline in wholesale beef values.

Live Cattle futures closed an average of 59¢ lower.

Feeder Cattle futures closed an average 71¢ lower. 

Beef exports continue to be a bright spot.

Net U.S. beef export sales of 20,100 metric tons for the week ending June 11 were 1% less than the previous week but 67% more than the previous four-week average, according to the U.S. Export Sales report from USDA’s Foreign Agricultural Service. Increased sales were mainly to South Korea, Japan, Hong Kong, Taiwan and Canada.

Choice boxed beef cutout value was $4.37 lower Thursday afternoon at $213.56/cwt. Select was $4.00 lower at $204.08.

The average dressed steer weight for the week ending June 6 was 892 lbs., which was 1 lb. heavier than the prior week and 46 lbs. heavier than the same week a year earlier, according to USDA’s Actual Slaughter Under Federal Inspection report. The average dressed heifer weight of 824 lbs. was 2 lbs. lighter than the previous week, but 42 lbs. heavier than the prior year.

Corn futures closed mostly fractionally higher.

Soybean futures closed mostly 1¢ to 2¢ higher. 

June 18th, 2020|

Cattle Current Podcast—June 18, 2020

Negotiated cash fed cattle prices continued $2-$6 lower on a live basis Wednesday at $100-$102/cwt. in the Southern Plains, mostly $102 in Nebraska; $99-$102 in the western Corn Belt on Tuesday. Dressed trade was at $160-$162, which was $5-$10 lower in Nebraska and steady to $10 lower in the western Corn Belt.

Cattle feeders offered 1,220 head in the weekly Fed Cattle Exchange auction; none sold.

Choice steers and heifers sold $2.25-$2.50 lower at the fat auction in Tama, IA. There were 122 Choice 2-4 steers weighing an average of 1,378 lbs., bringing an average of $104.13/cwt.

Slaughter steers and heifers sold $3-$6 lower at Sioux Falls Regional in South Dakota. There were 498 Choice 3-4 steers weighing an average of 1,533 lbs. and bringing an average of $102.76.

Cattle futures mostly tread water Wednesday amid continued light trade.

Live Cattle futures closed an average of 22¢ higher, except for unchanged in Dec.

Except for 32¢ lower in the back two contracts, Feeder Cattle futures closed an average 36¢ higher. 

Choice boxed beef cutout value was $9.96 lower Wednesday afternoon at $217.93/cwt. Select was $5.09 lower at $208.08.

Corn futures closed mostly fractionally lower.

Soybean futures closed 3¢ to 4¢ higher. 

June 17th, 2020|

Cattle Current Podcast—June 17, 2020

Negotiated cash fed cattle prices continued the early-week’s lower tone through Tuesday afternoon, according to the Direct Slaughter Cattle Dashboard from USDA’s Agricultural Marketing Service. Live steers averaged $102.81/cwt. and live heifers averaged $101.62. In the beef, steers averaged $164.62 and heifers averaged $163.41.

Cattle futures rallied higher on Tuesday, amid relatively light trade, helped along by strength in outside markets, normalizing supply chains and possibly some early positioning ahead of the monthly Cattle on Feed report due out Friday.

Live Cattle futures closed an average of 99¢ higher (25¢ higher in spot Jun to $1.22 higher).

Feeder Cattle futures closed an average $2.03 higher ($1.70 higher in spot Aug to $2.30 higher at the back).

Choice boxed beef cutout value was 72¢ lower Tuesday afternoon at $227.89/cwt. Select was $1.18 lower at $213.17.

Corn futures closed mostly fractionally higher to 1¢ higher.

Soybean futures closed mostly 2¢ lower through Sep ’21 and then mostly unchanged.

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