Daily Cattle Current Podcast

Daily Cattle Current Podcast 2017-06-03T14:35:39-05:00

Daily Cattle Current Podcast

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Cattle Current Podcast—Aug. 22, 2019

Negotiated cash fed cattle trade remained undeveloped through Wednesday afternoon, based on USDA reports.

Choice steers brought $1.75-$2.00/cwt. higher at the fat auction in Tama, Iowa. Ch 2-4 steers (152 head) at an average of 1,344 lbs. brought an average of $109.27/cwt. Choice heifers were $2.25-$2.50 higher.

Similarly, slaughter steers sold $3-$4 higher at Sioux Falls Regional in South Dakota; $5-$6 higher for slaughter heifers. Ch 2-3 steers (182 head) weighing an average of 1,440 lbs. brought an average of $108.89.

Incrementally, Cattle futures continued to recover some of last week’s steep losses, helped along by wholesale beef strength, as well as notions that Friday’s Cattle on Feed report should be neutral to slightly bullish (see below).

Live Cattle futures closed an average of 53¢ higher (17¢ higher at the back to 95¢ higher).

Feeder Cattle futures closed an average of $1.09 higher (77¢ to $1.57 higher).

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

Choice boxed beef cutout value was 4¢ higher Wednesday afternoon at $241.74/cwt. Select was $1.43 higher at $215.70.

Corn futures closed mostly 1¢ to 2¢ higher.

Soybean futures closed mostly 3¢ to 4¢ higher.

August 21st, 2019|

Cattle Current Podcast—Aug. 21, 2019

Cattle markets on Tuesday continued to retrace some of last week’s steep losses.

Although negotiated cash fed cattle trade remained undeveloped through Tuesday afternoon, prices for the week were looking higher. Through Monday, though a light test, the 5-area direct steer price average was $109/cwt. on a live basis. Chatter also continued that less negotiated trade the last couple of weeks mean packers need to renew inventory.

Oversold conditions and continued erosion in Corn futures helped Cattle futures close higher.

Live Cattle futures closed an average of $1.49 higher through the front three contracts, and then an average of 42¢ higher.

Feeder Cattle futures closed an average of 64¢ higher, except for 12¢ lower in the back contract.

Wholesale beef values were higher on Choice and firm on Select with moderate to fairly good demand and light offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $2.57 higher Tuesday afternoon at $241.70/cwt. Select was 25¢ lower at $214.27.

Despite softer week-to-week corn condition, Corn futures closed 4¢ to 5¢ lower through Jul ’20 and then fractionally mixed to 2¢ lower.

Soybean futures closed mostly fractionally mixed to 1¢ higher.

August 20th, 2019|

Cattle Current Podcast—Aug. 20, 2019

Renewed stability defined cattle markets Monday, helped along by news that estimated cattle slaughter last week, following the Tyson fire, was 9,000 head more than the previous week at 651,000 head. That according to USDA’s Estimated Daily Livestock Under Federal Inspection reports.

When all was said and done last week, negotiated cash fed cattle traded mostly $5 lower in the Southern Plains at mostly $105/cwt. They were $6-$7 lower in Nebraska at mostly $107 and $5-$6 lower in the western Corn Belt at $106.50-$110.00. In Nebraska, dressed trade was at $165-$172 in a light test, which was $13-$15 lower. It was $9-$10 lower in the western Corn Belt at $170-$172.

Cattle futures showed signs of life early in Monday’s session but lost steam as the session progressed.

Live Cattle futures closed narrowly mixed, from and average of 12¢ lower to an average of 15¢ higher.

Other than $1.10 higher in spot Aug, Feeder Cattle futures closed narrowly mixed, from and average of 3¢ lower to an average of 29¢ higher.

Wholesale beef values were firm to higher on moderate demand and light offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 44¢ higher Monday afternoon at $239.13/cwt. Select was $1.26 higher at $214.52.

Corn and Soybean futures softened with a more favorable weather outlook and worries about export demand.

Corn futures closed mostly 3¢ to 6¢ lower.

Soybean futures closed mostly 11¢ to 13¢ lower.

August 19th, 2019|

Cattle Current Podcast—Aug. 19, 2019

Through late Friday afternoon, the only established negotiated cash fed cattle trade for the week remained the $105/cwt. paid in the Southern Plains, which was $5 less than the previous week. Although too few to trend, there were a few trades in Nebraska Friday at $106/cwt. on a live basis and at $172 in the beef.

Through Thursday the 5-area direct steer price was $105.40 on a live basis (7,941 head) and $170.46 in the beef (4,172 head). Week to week that was $8.71 less on a live basis and $12.11 less dressed.

Cattle futures were unable to hold early-session support Friday as another trip lower in Lean Hogs provided pressure.

After unchanged in spot Aug, Live Cattle futures closed an average of 57¢ lower (17¢ to 87¢ lower).

Feeder Cattle futures closed an average of 84¢ lower, (57¢ lower at the back to $1.20 lower in spot Aug).

Wholesale beef values were sharply higher on good demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $2.57 higher Friday afternoon at $238.69/cwt. Select was $2.59 higher at $213.26.

Corn and Soybean futures grained support from the dryer weather outlook for the Corn Belt.

Corn futures closed 8¢ to 10¢ higher through Jul ’20 and then mostly 4¢ to 5¢ higher.

Soybean futures closed mostly 9¢ higher.

August 17th, 2019|

Cattle Current Podcast—Aug. 16, 2019

Other than the $105 paid in the Southern Plains a day earlier, negotiated cash fed cattle trade remained undeveloped through Thursday afternoon.

Cattle futures mostly edged higher, with plenty of uncertainty in the wake of this week’s volatile trade.

After unchanged in spot Aug, Live Cattle futures closed an average of 37¢ higher, except for 27¢ and 2¢ lower in near Dec and Feb, respectively.

Other than 10¢ and 25¢ lower in two contracts toward the back, Feeder Cattle futures closed an average of 43¢ higher, (2¢ higher to $1.30 higher in spot Aug).

Wholesale beef values were sharply higher on good demand and light offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $3.78 higher Thursday afternoon at $236.12/cwt. Select was $4.75 higher at $210.67. That was $19.24 for Choice week to week and $18.30 more for Select, driven by the recent supply disruption.

Corn futures closed mostly fractionally higher.

Soybean futures closed mostly 6¢ to 9¢ lower.

August 15th, 2019|

Cattle Current Podcast—Aug. 15, 2019

Negotiated cash fed cattle trade sputtered back to life Wednesday, following last week’s Tyson fire. Live trade in the Southern Plains was at $105/cwt. on light to moderate trade and light demand, according to the Agricultural Marketing Service (AMS). That was $5 less than last week. Although too few to trend, there were also some early sales in the western Corn Belt at $105.00-$106.50 live and at $170-$172 in the beef.

Cattle futures surged higher, especially Feeder Cattle, as buyers took advantage of the oversold conditions created by massive selling the previous two sessions.

Other than an average of 55¢ lower in the front two contracts, Live Cattle futures closed an average of $1.61 higher.

Feeder Cattle futures closed an average of $5.18 higher, almost retracing what was lost in the previous day.

Wholesale beef values were sharply higher with good demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $5.98 higher Wednesday afternoon at $232.34/cwt. Select was $5.34 higher at $205.92. Packers continue to benefit from the price bounce tied to the recent supply disruption.

Corn futures closed 5¢ to 7¢ lower through May ’21, and then mostly 1¢ to 2¢ lower.

Soybean futures closed 10¢ to 11¢ lower across the board.

August 14th, 2019|

Cattle Current Podcast—Aug. 14, 2019

Cash cattle markets never stop completely, but plenty of folks continued to take cover Tuesday as Cattle futures sank further—limit and near-limit down in some contracts, with expanded limits—in response to fed cattle harvest disruptions caused by the fire at Tyson’s plant in Holcombe, KS.

As reported in Cattle Current yesterday, estimates suggest lost fed harvest capacity amounts to approximately 30,000 to 35,000 head per week. With industry-wide beef packing capacity utilization already running historically high before the fire, by most accounts, both cattle feeders and packers are scrambling to find solutions.

Live Cattle futures closed an average of $4.34 lower.

Feeder Cattle futures closed an average of $5.60 lower.

Wholesale beef values continued to climb Tuesday, with the shortage in immediate supplies fostered by the Tyson fire. Prices were sharply higher on good demand and moderate to heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $7.74 higher Tuesday afternoon at $226.36/cwt. Select was $2.79 higher at $200.58.

USDA acreage numbers continued to weigh on corn Tuesday. Corn futures closed 8¢ to 19¢ lower through Jul ’20, then mostly fractionally mixed.

Soybean futures gained, though, after ignoring the previous day’s positive acreage news. Soybean futures closed 8¢ to 10¢ higher through Jul ‘20, and then mostly 4¢ to 5¢ higher.

August 13th, 2019|

Cattle Current Podcast—Aug. 13, 2019

Cattle and grain markets were plumb ugly Monday.

The fire that partly destroyed the Tyson Foods beef plant in Holcomb, KS (near Garden City) on Friday took Cattle futures limit down as traders tried to assess what the lost packing capacity means to markets (see below).

Live Cattle futures closed limit down $3.00, except for $2.67 lower in the back contract.

Feeder Cattle futures closed limit down $4.50.

Negotiated cash fed cattle traded ended up $1 lower last week in the Southern Plains and Nebraska at $110/cwt. and $113, respectively. Live prices were steady to $2 lower in the western Corn Belt at $113-$115. Dressed sales were steady to $5 lower in Nebraska at $180-$185. Prices in the western Corn Belt were $4-$5 lower at $180-$181.

The same uncertainty about supply disruptions that cratered cattle futures helped boost Wholesale beef values Monday, with good demand and heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $2.25 higher Monday afternoon at $218.62/cwt. Select was $3.98 higher at $197.79.

Grain futures collapsed on Monday beneath the weight of bearish USDA numbers (see below).

Corn futures closed mostly 25¢ lower through Jul ’20, then 7¢ to 15¢ lower through Jul ’21; mostly 3¢ lower the rest of the way.

Even though acreage numbers were positive, Soybean futures closed 10¢ to 12¢ lower through May ‘20, and then mostly 4¢ to 9¢ lower.

August 12th, 2019|

Cattle Current Podcast—Aug. 12, 2019

Cattle feeders and beef packers appeared to remain mostly at a stalemate through late Friday afternoon, based on USDA reports.

“Negotiated cash trade followed a similar trend compared to recent weeks with early dressed purchases in the North ranging from $183 to $185/cwt. Dressed purchases late in the week traded mostly at $180,” said analysts with the Agricultural Marketing Service on Friday. “In the Western Corn Belt, early live purchases traded at $114-$115. Early live purchases in Nebraska were at $113.” They add that trade was slow to develop in the Southern Plains with producers passing on bids of $109.

Stronger corn prices early in the session and sluggish trade weighed on Feeder Cattle futures, while Live Cattle paddled in place. 

Other than 10¢ higher and unchanged in the front two contracts, Live Cattle futures closed an average of 19¢ lower.

Feeder Cattle futures closed an average of $1.16 lower.

Wholesale beef values were weak on Choice and higher on Select with light to moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 51¢ lower Friday afternoon at $216.37/cwt. Select was $1.44 higher at $193.81.

“Grain traders spent most of the day repositioning themselves ahead of the highly anticipated Monday report,” say analysts with USDA’s Agricultural marketing Service (AMS). “There is a wide range of estimates for corn: 83.5 to 89.8 million acres planted, down from 91.7 million acres first reported for corn in June. Soybean estimates range from 78.0 to 83.5 million acres planted. The June report had soybean acres at 80 million. The WASDE report plus the re-survey of June acres report is set to be released at 11 a.m. CDT Monday.” 

Corn futures closed fractionally mixed.

Soybean futures closed 7¢ to 8¢ higher, up 19¢ to 24¢ in the last two sessions.

August 10th, 2019|

Cattle Current Podcast—Aug. 9, 2019

Cash fed cattle trade remained undeveloped through Thursday afternoon.

Cattle futures drifted higher amid sluggish trade, higher outside markets and help from Lean Hogs at the end of the session.

Live Cattle futures closed an average of 45¢ higher, except for 15¢ lower in the back two contracts. 

Feeder Cattle futures closed an average of 48¢ higher.

Wholesale beef values were firm on Choice and weak on Select with moderate demand and light to moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 39¢ higher Thursday afternoon at $216.88/cwt. Select was 34¢ lower at $192.37.

Grain futures were higher, especially soybeans, buoyed by dry weather forecast in the Corn Belt and likely positioning ahead of Monday’s government reports that will provide updates to planted acres.

Corn futures closed mostly 2¢ to 4¢ higher.

Soybean futures closed 12¢ to 16¢ higher.

August 8th, 2019|

Cattle Current Podcast—Aug. 8, 2019

Cash fed cattle trade was yet to develop to any degree through Wednesday afternoon. Fat auctions in the western Corn Belt provided divergent signals.

At Sioux Falls Regional in South Dakota, slaughter steers and heifers sold $5-$7/cwt. lower than the previous week. For instance, Choice 2-3 steers (857 head) weighing an average of 1,420 lbs. brought $111.94. That’s $3-$4 lower than last week’s country trade in the region.

On the other hand, with a significantly narrower offering, Choice steers and heifers brought $118.00 to $120.75 at Tama, IA.

Although closing well off of session highs, Cattle futures firmed Wednesday, helped along by the latest rebound in Lean Hogs.

Live Cattle futures closed an average of 41¢ higher. 

Feeder Cattle futures closed an average of 22¢ higher, except for 42¢ lower in spot Aug and 7¢ lower in Sep.

Wholesale beef values were steady to firm on moderate to fairly good demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 71¢ higher Wednesday afternoon at $216.49/cwt. Select was 6¢ higher at $192.71.

Corn futures closed mostly 1¢ to 2¢ higher.

Soybean futures closed fractionally higher to 1¢ higher.

August 7th, 2019|

Cattle Current Podcast—Aug. 7, 2019

Cash fed cattle trade remained undeveloped through Tuesday afternoon.

Cattle futures sagged lower toward the end of the session, following the reprieve from negative trade news and wild gyrations the previous day.

Live Cattle futures closed an average of 93¢ lower. 

Other than 5¢ and 22¢ higher in Sep and Oct, Feeder Cattle futures closed an average of 63¢ lower.

Wholesale beef values were higher on moderate to good demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.08 higher Tuesday afternoon at $215.78/cwt. Select was 98¢ higher at $192.65.

Corn futures closed 1¢ to 6¢ lower.

Soybean futures closed mostly 2¢ to 3¢ lower.

August 6th, 2019|

Cattle Current Podcast—Aug. 6, 2019

Despite collapsing equities tied to China’s trade retaliation, and despite the steep selloff on Friday, Feeder Cattle futures closed higher Monday, as did Live Cattle, for the most part; Lean Hogs, too.

Support likely stemmed from generally oversold conditions, position squaring from the previous session’s liquidation, as well as funds fleeing equities and parking money on the commodity side of the fence. The latest data for U.S. beef and pork exports is also encouraging.

Except for 42¢ lower in near Oct, Live Cattle futures closed an average of 48¢ higher (12¢ to 67¢ higher).

Feeder Cattle futures closed an average of 86¢ higher (45¢ to $1.22 higher), with the heaviest volume since last September.  

Wholesale beef values were steady on Choice and higher on Select with moderate to fairly good demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 3¢ lower Monday afternoon at $214.70/cwt. Select was $1.04 higher at $191.67.

Corn futures closed mostly 3¢ to 5¢ higher, extending the previous session’s gains.

Soybean futures closed fractionally mixed.

August 5th, 2019|

Cattle Current Podcast—Aug. 5, 2019

Through late Friday afternoon, the week’s negotiated cash fed cattle trade was $1 lower in the Southern Plains at $111/cwt. Dressed sales in Nebraska were $2 higher than the bulk of the previous week’s trade at mostly $185. In the western Corn Belt, prices were steady: $115-$116 on a live basis and at mostly $185 in the beef.

Even so, newly announced tariffs on an additional $300 billion worth of Chinese imports—scheduled to go into effect Sept. 1—higher grain futures prices and increased uncertainty weighed on Cattle futures Friday.

Live Cattle futures closed an average of $1.01 lower (22¢ lower in spot Aug to $1.27 lower).

Feeder Cattle futures closed an average of $2.61 lower ($1.60 to $3.55 lower).  

Wholesale beef values were firm on Choice and higher on Select with moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 49¢ higher Friday afternoon at $214.73/cwt. Select was $1.29 higher at $190.63.

Grain futures rebounded some Friday, but still closed lower week to week.

Corn futures closed 6¢ to 7¢ higher through Jul ’20 and then mostly 1¢ to 4¢ higher.

Soybean futures closed 2¢ to 3¢ higher through Sep ’20 and then fractionally higher to 1¢ higher.

August 4th, 2019|

Cattle Current Podcast—Aug. 2, 2019

Negotiated cash fed cattle sales were mostly inactive on light to moderate demand through Thursday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service. So far this week, live sales are $1 lower in the Southern Plains at $111/cwt. Dressed trade in the North is steady at $185. Live sales in the western Corn Belt are steady at $115-$116.

Live Cattle futures closed higher Thursday, despite continued hard pressure on Lean Hogs.

Except for 20¢ lower in the back two contracts, Live Cattle futures closed an average of 52¢ higher (7¢ higher to $1.07 higher).

Feeder Cattle futures continued to sink lower, though, closing an average of 62¢ lower.

Wholesale beef values were higher on Choice and weak on Select with light to moderate demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 70¢ higher Thursday afternoon at $214.24/cwt. Select was 35¢ lower at $189.34.

Grain futures continued under pressure on Thursday with the continued stalemate between the U.S. and China, favorable crop weather and reports of bumper production in parts of Europe and South America.

Corn futures closed 5¢ to 7¢ lower through Jul ’20 and then fractionally mixed to 3¢ lower.

Soybean futures closed 15¢ to 17¢ lower through Sep ’20 and then 9¢ to 12¢ lower.

August 1st, 2019|

Cattle Current Podcast—Aug. 1, 2019

Cash fed cattle trade wobbled from the blocks Wednesday, with hints of slightly lower prices in the South and steady to higher prices in the North.

For instance, there were four lots (475 head) offered for 1-9 day delivery in the weekly Fed Cattle Exchange auction. One lot (133 Kansas heifers) sold for a weighted average price of $111/cwt. Country trade there last week was at $112.

By late afternoon, USDA’s Agricultural Marketing Service also reported early negotiated cash fed cattle sales at $111 in the Southern Plains, but too few transactions to trend.

Conversely, at the fat auction in Tama, IA, Choice steers and heifers traded $1.50-$1.75 higher. For instance, 209 Ch 2-4 steers weighing an average of 1,324 lbs. at $119.03.

Likewise, slaughter steers sold $2-$3 higher at Sioux Falls Regional in South Dakota; $1 higher for heifers.

AMS reported cash trades in the western Corn Belt at $185 on a dressed basis, which was steady to $3 higher than last week. Buyers paid $185 in Nebraska, which was $2 more than the bulk of the previous week’s trade.

Another day of limit-down pressure in Lean Hog futures cast a pall over Cattle futures Wednesday, likely helped along by month-end position squaring. At least part of the pressure on Lean Hogs stems from the lack of progress in trade talks with China.

Live Cattle futures closed an average of $1.02 lower (65¢ lower to $1.42 lower).

Feeder Cattle futures closed an average of $1.25 lower.

Wholesale beef values were weak to lower on moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 49¢ lower Wednesday afternoon at $213.54/cwt. Select was $1.44 lower at $189.69.

Favorable weather and the aforementioned sluggish trade talk between the U.S. and China helped pressure Grain futures Wednesday.

Corn futures closed 9¢ to 11¢ lower through Jul ’20 and then mostly 3¢ to 4¢ lower.

Soybean futures closed 10¢ to 15¢ lower through Sep ’20 and then mostly 8¢ to 9¢ lower.

July 31st, 2019|

Cattle Current Podcast—July 31, 2019

Follow-through pressure on Lean Hog futures pressured Live Cattle futures once again on Tuesday. Other than 35¢ higher at the back, Live Cattle futures closed an average of 31¢ lower.

Conversely, lower grain futures boosted Feeder Cattle. Feeder Cattle futures closed an average of 88¢ higher, across a range of 52¢ to $1.30 higher.

Wholesale beef values were higher on Tuesday, with good demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 77¢ higher Tuesday afternoon at $214.03/cwt. Select was $1.37 higher at $191.13.

July 30th, 2019|

Cattle Current Podcast—July 30, 2019

Negotiated cash fed cattle trade ended up steady to $1 higher on a live basis last week at $112/cwt. in the Southern Plains, mostly $115 in Nebraska and $115-$116 in the western Corn Belt. Dressed sales were steady at $182-$185.

Week to week on Monday, the 5-area direct average price for fed steers was $113.68/cwt., 66¢ higher than the previous week.

Softer Lean Hog futures pressured Live Cattle after early-session support Monday. Higher grain futures weighed on Feeder Cattle.

Other than unchanged at either end of the board, Live Cattle futures closed an average of 44¢ lower.

Feeder Cattle futures closed an average of 99¢ lower, across a range of 70¢ lower at the back to $1.42 lower in spot Aug.

Corn futures closed mostly 1¢ to 2¢ higher.

Soybean futures closed mostly 3¢ to 5¢ higher.

Wholesale beef values were higher on light to moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.09 higher Monday afternoon at $213.26/cwt. Select was $1.42 higher at $189.76.

July 29th, 2019|

Cattle Current Podcast—July 29, 2019

Negotiated cash fed cattle traded at $112/cwt. in the Texas Panhandle on Friday, according to the Texas Cattle Feeders Association. That was $1 more than a week earlier.

Elsewhere, prices were yet to be established through late afternoon, according to reports from the Agricultural Marketing Service. Although too few to trend, there were some early live sales reported in the Western Corn Belt at $115-$116 and a few in the beef at $185. Those prices are at the top of the region’s range the prior week.

Feeder Cattle futures gained on softer corn prices, while Live Cattle treaded water.

Live Cattle futures closed from 5¢ lower to 12¢ higher, amid light trade.

Feeder Cattle futures closed an average of 41¢ higher, across a range of 5¢ higher at the back to 95¢ higher in spot Aug.

Corn futures closed 2¢ to 4¢ lower through Jul ’20 and then 1¢ lower.

Soybean futures closed mostly 1¢ higher through Aug ’20 and then 2¢ to 3¢ higher. 

Wholesale beef values were weak to lower on light to moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 40¢ lower Friday afternoon at $212.17/cwt. Select was 84¢ lower at $188.34.

July 27th, 2019|

Cattle Current Podcast—July 26, 2019

Negotiated cash fed cattle trade continued to be undeveloped through Thursday afternoon.

Cattle futures basically hovered in place, awaiting some cash direction.

Except for unchanged in Oct and 5¢ higher in Dec, Live Cattle futures closed an average of 13¢ lower.

Feeder Cattle futures closed an average of 21¢ higher in five contracts and an average of 11¢ lower in the other three.

Corn futures closed 1¢ to 5¢ lower through Sep ’20 and then fractionally lower.

Soybean futures closed mostly 4¢ to 8¢ lower. 

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

Choice boxed beef cutout value was $1.03 lower Thursday afternoon at $212.57/cwt. Select was 24¢ lower at $189.18.

July 25th, 2019|

Cattle Current Podcast—July 25, 2019

There was little to no country trade for negotiated cash fed cattle through Wednesday afternoon, but early signs pointed to steady money or just either side of even.

Slaughter steers sold steady to $1 higher at Sioux Falls Regional in South Dakota. Slaughter heifers sold steady to $2 higher.

At the fat auction in Tama, IA, however, Choice Steers and heifers sold 75¢ to $1 lower: $117.30/cwt. for Ch 2-4 steers at an average of 1,339 lbs.

There were only 378 head offered in the weekly Fed Cattle Exchange auction and no takers.

Cattle futures traded sideways until a bounce in Feeder Cattle.

Except for 15¢ lower in spot Aug and unchanged in Feb, Live Cattle futures closed an average of 10¢ higher.

Feeder Cattle futures closed an average of 34¢ higher.

Corn futures closed mostly fractionally lower.

Soybean futures closed mostly 4¢ to 5¢ higher. 

Wholesale beef values were steady to weak on light to moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 18¢ lower Wednesday afternoon at $213.60/cwt. Select was 29¢ lower at $189.42.

July 24th, 2019|

Cattle Current Podcast—July 24, 2019

Although increasing Corn futures capped gains, Live Cattle futures closed higher again Tuesday, helped along by resurgent Lean Hogs. Feeder Cattle futures mostly edged higher.

Live Cattle futures closed an average of 47¢ higher.

Except for unchanged in Nov and 5¢ lower in Jan, Feeder Cattle futures closed an average of 5¢ higher.

Corn futures closed 2¢ to 4¢ higher through Sep ’20 and then mostly 1¢ higher.

Soybean futures closed 1¢ to 2¢ lower through Aug ’20 and then unchanged to fractionally mixed.

Wholesale beef values were steady to firm on moderate to good demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 46¢ higher Tuesday afternoon at $213.78/cwt. Select was 12¢ higher at $189.71.

July 23rd, 2019|

Cattle Current Podcast—July 23, 2019

Neutral Cattle on Feed numbers and neutral to softer overall inventory numbers in the semiannual Cattle report helped Cattle futures rally to start the week. Lower grain prices also helped.

Live Cattle futures closed an average of 54¢ higher.

Feeder Cattle futures closed an average of $2.20 higher.

Grain futures fell, presumably on expectations of more favorable growing weather.

Corn futures closed 7¢ to 9¢ lower through Jul ’20 and then mostly fractionally lower to 1¢ lower.

Soybean futures closed mostly 10¢ to 13¢ lower. 

Wholesale beef values were steady on light to moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 10¢ lower Monday afternoon at $213.32/cwt. Select was 8¢ higher at $189.59.

July 22nd, 2019|

Cattle Current Podcast—July 22, 2019

Negotiated cash fed cattle trade ended up mainly steady to $1 lower last week at $111/cwt. in the Southern Plains, $113.00-$113.50 in Nebraska and $114-$116 in the western Corn Belt. Dressed trade was steady at $182-$185.

Cattle futures closed higher Friday, with support from Lean Hogs and perhaps some boost from the potential impact excessive heat will have on production.

Live Cattle futures closed an average of 52¢ higher.

Feeder Cattle futures closed an average of 45¢ higher.

Corn futures closed 5¢ to 6¢ higher through Jul ’20 and then mostly 1¢ higher.

Soybean futures closed 15¢ to 20¢ higher through Sep ’20 and then mostly 13¢ higher.

Wholesale beef values were steady on Choice and higher on Select with moderate to good demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 8¢ higher Friday afternoon at $213.42/cwt. Select was 90¢ higher at $189.51.

July 20th, 2019|

Cattle Current Podcast—July 19, 2019

Negotiated cash fed cattle trade continued mainly steady to $1 lower on Thursday, with prices so far this week at $111/cwt. in the Southern Plains, $114-$116 in the western Corn Belt and $113.00-$113.50 in Nebraska. Dressed trade so far this week is at $182-$185.

Cattle futures closed lower Thursday, with limited trade, some technical correction and likely positioning ahead of Friday’s monthly Cattle on Feed report.

Live Cattle futures closed an average of 72¢ lower.

Feeder Cattle futures closed an average of $1.20 lower.

Sagging corn export sales helped pressure Corn futures 9¢ to 11¢ lower through Jul ’20 and then mostly 1¢ to 2¢ lower.

Soybean futures closed mostly 1¢ lower to 1¢ higher.

Wholesale beef values were firm to higher on moderate to good demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 77¢ higher Thursday afternoon at $213.34/cwt. Select was 27¢ higher at $188.61.

July 18th, 2019|

Cattle Current Podcast—July 18, 2019

Fed cattle markets were mixed on Wednesday.

Country trade in Kansas was $1 lower than last week on a live basis at $111/cwt., on moderate trade and demand, according to the Agricultural Marketing Service.

Likewise, $111 bought the 326 head offered in the weekly Fed Cattle Exchange auction: 243 head for delivery at 1-9 days and 83 head for delivery at 1-17 days.

At fat auctions in the north, though, prices were higher.

Slaughter steers and heifers sold fully $1 higher at Sioux Falls Regional in South Dakota: $115.35/cwt. for Ch 2-3 steers at an average of 1,400 lbs.

At the fat auction in Tama, Iowa Ch 2-4 steers sold $3.50-$4.00 higher at $118.50 and an average weight of 1,338 lbs. Choice heifers sold $3 higher.

Feeder Cattle led Cattle futures lower Wednesday, perhaps with some positioning ahead of Friday’s monthly Cattle on Feed report.

Live Cattle futures closed an average of 52¢lower.

After 47¢lower in spot Aug, Feeder Cattle futures closed an average of $1.12 lower.

Corn futures closed fractionally higher to 1¢ higher.

Soybean futures closed mostly 4¢ to 5¢ lower.

Wholesale beef values were weak to lower on light demand and heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 36¢ lower Wednesday afternoon at $212.57/cwt. Select was 82¢ lower at $188.34.

July 17th, 2019|

Cattle Current Podcast—July 17, 2019

Cattle futures closed lower Tuesday, with little in the way of fundamental news and perhaps some technical pressure.

Live Cattle futures closed an average of 39¢ lower.

Feeder Cattle futures closed an average of 58¢ lower.

Grain markets continued to decline Tuesday, with positive crop weather news and the stronger U.S. dollar.

Corn futures closed 3¢ to 5¢ lower though Jul ’20 and then fractionally lower to 1¢ lower.

Soybean futures closed mostly 10¢ to 14¢ lower.

Wholesale beef values were steady to weak on light to moderate demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 34¢ lower Tuesday afternoon at $212.93/cwt. Select was 5¢ lower at $189.16.

July 16th, 2019|

Cattle Current Podcast—July 16, 2019

Negotiated cash fed cattle trade ended up $2-$3 higher in the Southern Plains last week at $111-$112/cwt. Live sales were steady to either side of even in Nebraska at mostly $112-$114, but $1-$3 higher in the western Corn Belt at $115. Dressed trade was $2-$5 higher at $182-$185.

Cattle futures closed narrowly mixed on Monday, although Feeder Cattle received some support from sharply lower grain futures prices.

Live Cattle futures closed narrowly mixed, from 20¢ lower to 10¢ higher.

Feeder Cattle futures closed an average of 19¢ higher.

Grain markets dove lower Monday with likely profit taking, as well as more favorable weather.

Corn futures closed 9¢ to 13¢ lower though Jul ’20 and then fractionally lower to 6¢ lower.

Soybean futures closed mostly 9¢ to 11¢ lower.

Wholesale beef values were firm on Choice and weak on Select with light to moderate demand and heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 47¢ higher Monday afternoon at $213.27/cwt. Select was 39¢ lower at $189.21.

July 15th, 2019|

Cattle Current Podcast—July 15, 2019

Negotiated cash fed cattle prices were yet to be fully established through Friday afternoon, based on reports from USDA’s Agricultural Marketing Service (AMS), but the trend appeared decidedly higher. The Texas Cattle Feeders Association reported its members trading at $112/cwt., which was $3 more than the previous week. Although too few to trend, early dressed sales were $2-$5 higher at $182-$185 in Nebraska and the western Corn Belt.

Live Cattle futures closed an average of 31¢ higher on Friday (7¢ to 65¢ higher), helped along by recent strength and what looked to be steady to higher cash fed prices for the week. 

Feeder Cattle futures closed an average of 83¢ lower, giving back some of the recent gains, under pressure from higher Grain futures prices. They traded and average of $3.11 higher week to week, though.

Grain markets largely shrugged off the previous day’s monthly World Agricultural Supply and Demand Estimates, given that projections were based on acres from the June 28 Acreage report, which common sense says will change. Between that and potential damage from hot and dry weather, following the interminable rains, grain futures surged on Friday.

After 1¢ higher in expiring spot Jul, Corn futures closed 9¢ to 11¢ higher though Jul ’20 and then mostly 1¢ to 2¢ higher.

Soybean futures closed mostly 10¢ to 14¢ higher.

Wholesale beef values continued to lose seasonal steam. Trade on Friday was  lower on light to moderate demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 97¢ lower Friday afternoon at $212.80/cwt. Select was $1.19 lower at $189.60.

July 14th, 2019|

Cattle Current Podcast—July 12, 2019

Negotiated cash fed cattle trade was undeveloped through Thursday afternoon, but early sales in Nebraska and the western Corn Belt point to stronger trade this week. Although there were too few transactions to trend, early dressed sales in those regions were $2-$5 higher than last week at $182-$185. Early live sales in the western Corn Belt were $1-$2 higher at $114-$115.

Cattle futures drifted higher, awaiting more concrete cash direction.

Live Cattle futures closed from an average of 15¢ higher.

Other than 2¢ lower in the back two contracts, Feeder Cattle futures closed an average of 42¢ higher.

Wholesale beef values were steady to weak on light to moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 65¢ lower Thursday afternoon at $213.77/cwt. Select was 10¢ lower at $190.79.

Corn futures closed 6¢ to 13¢ higher though Jul ’20 and then 1¢ to 2¢ higher. That was despite what most would deem bearish news in the monthly World Agricultural Supply and Demand Estimates (see below).

Soybean futures closed mostly 3¢ to 4¢ higher.

 

July 11th, 2019|

Cattle Current Podcast—July 11, 2019

Negotiated cash fed cattle trade was undeveloped through Wednesday afternoon, although there were some steady-money bids reported in the north.

Likewise, there were no sales in the weekly Fed Cattle Exchange auction, which had just 423 head on offer.

Prices were higher at some live fat auctions, though. Ch 2-3 steers weighing an average of 1,385 lbs. brought an average of $113.41/cwt. at Sioux Falls Regional in South Dakota. At Tama, IA, Ch 2-4 steers brought $114.90 at 1,312 lbs.

Cattle futures closed narrowly mixed, with more support in the deferred months as traders repositioned following the previous session’s sharp gains.

Live Cattle futures closed from an average of 26¢ lower across the front half of the board to an average of 7¢ higher across the back half.

Feeder Cattle futures closed from an average of 27¢ lower across the front half of the board to an average of 52¢ higher across the back half, except for unchanged in Jan. 

Wholesale beef values were weak to lower on light to moderate demand and moderate to heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 31¢ lower Wednesday afternoon at $214.42/cwt. Select was $1.20 lower at $190.89.

Corn futures closed mainly 1¢ to 2¢ higher.

Soybean futures closed mostly 6¢ to 8¢ higher.

Plenty of folks will be watching for Thursday’s monthly World agricultural Supply and Demand Estimates.

July 10th, 2019|

Cattle Current Podcast—July 10, 2019

Unsurprisingly, negotiated cash fed cattle trade was yet to develop through Tuesday afternoon.

Cattle futures charged higher, though, fueled by limit-up gains in Lean Hog futures and technical support. Feeder Cattle were helped further by lower Corn futures.

Live Cattle futures closed an average of $1.48 higher.

Feeder Cattle futures closed an average of $3.61 higher ($2.65 higher at the back to $4.37 higher toward the front). 

Wholesale beef values were sharply lower on light demand and heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $2.73 lower Tuesday afternoon at $214.73/cwt. Select was $2.32 lower at $192.09.

Corn futures closed mainly 5¢ to 6¢ lower through Jul ‘20, and then 1¢ lower to 1¢ higher.

Soybean futures closed mostly 7¢ to 8¢ higher.

July 9th, 2019|

Cattle Current Podcast—July 9, 2019

Negotiated cash fed cattle trade ended up steady in the Southern Plains last week at $109/cwt. on a live basis. Prices were $1-$2 higher in Nebraska at $113.00-$113.50 and at $112-$114 in the western Corn Belt. Dressed trade was steady to $2 higher at $180.

Likewise, the 5-area direct weekly average price for steers was $1.11 higher week to week on Monday at $111.24/cwt. on a live basis. Live heifers traded $1.25 higher at $110.82.

Cattle futures closed mainly narrowly mixed on Monday after early follow through support.

Live Cattle futures closed mixed, from an average of 66¢ lower in the front three contracts to an average of 23¢ higher.

Feeder Cattle futures closed narrowly mixed from 17¢ lower to 7¢ higher.

Wholesale beef values were steady to weak on moderate demand and moderate to heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 21¢ lower Monday afternoon at $217.46/cwt. Select was 39¢ lower at $194.41.

Corn futures closed mixed, from fractionally higher to 4¢ higher through Jul ‘20, and then mostly 1¢ to 2¢ lower.

Soybean futures closed 3¢ higher.

July 8th, 2019|

Cattle Current Podcast—July 8, 2019

Negotiated cash fed cattle traded ended up steady in the Southern Plains at $109/cwt. on a live basis. It was $1-$2 higher at $113.00-$113.50 in Nebraska and at $112-$114 in the western Corn Belt. Dressed trade was steady to $2 higher at $180.

Through Thursday, the weighted average 5-Area Direct price for steers was 59¢ higher than the prior week at $111.17/cwt. on a live basis. The dressed price was 74¢ higher at $180.10.

Cattle futures closed sharply higher Friday, helped along by sluggish trade and higher cash fed cattle prices in the North.

Live Cattle futures closed an average of $1.18 higher (67¢ to $1.77 higher).

Feeder Cattle futures closed an average of $1.41 higher ($1.10 to $2.25 higher in spot Aug).

Wholesale beef values were weak to lower on light demand and moderate to heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.58 lower Friday afternoon at $217.67/cwt. Select was 56¢ lower at $194.80.

Corn futures closed fractionally higher to 2¢ higher through Jul ‘20, and then mostly unchanged to 2¢ lower.

Soybean futures closed mostly 10¢ to 14¢ lower.

July 7th, 2019|

Cattle Current Podcast—July 4-5, 2019

Negotiated cash fed cattle trade developed Wednesday on moderate trade and demand. Live prices were steady in the Southern Plains at $109/cwt., steady to $1.50 higher in Nebraska at $111-$113 and $1 higher in the western Corn Belt at $112-$113. Although too few to trend, early dressed sales were steady to higher at $178-$180.

Likewise, 53 Kansas heifers sold for a weighted average price of $109 (1-17 day delivery) in the weekly Fed Cattle Exchange auction. That was out of an offering of 392 head.

Live Cattle futures closed an average of 62¢ higher, from 40¢ higher at the back to $1.35 higher in spot Aug.

Feeder Cattle futures closed sharply lower, though, beaten down by light trade and the surge in grain futures.

Feeder Cattle futures closed an average of $1.52 lower.

Wholesale beef values were weak to lower on light demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.22 lower Wednesday afternoon at $219.25/cwt. Select was 63¢ lower at $195.36.

Corn futures closed mostly 12¢ to 19¢ higher through Jul ‘20, and then mostly 1¢ to 3¢ higher.

Soybean futures closed 9¢ to 10¢ higher though Aug ’20 and then mostly 6¢ higher.

July 3rd, 2019|

Cattle Current Podcast—July 3, 2019

Negotiated cash fed cattle trade remained undeveloped through Tuesday afternoon.

Feeder Cattle futures continued to rebound, despite slightly higher Corn futures, and helping deferred Live Cattle.

Except for unchanged in Apr, Feeder Cattle futures closed an average of $1.26 higher.

Except for unchanged in spot Aug, Live Cattle futures closed narrowly mixed, from an average of 23¢ lower across the front half of the board to an average of 40¢ higher across the back half.

Wholesale beef values were firm on moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 75¢ higher Tuesday afternoon at $220.47/cwt. Select was 35¢ higher at $195.99.

Corn futures closed mostly 2¢ to 4¢ higher, perhaps getting some support from crop conditions (see below).

Soybean futures closed 7¢ to 10¢ lower though Jul. ’20 and then mostly 5¢ lower.

July 2nd, 2019|

Cattle Current Podcast—July 2, 2019

Negotiated cash fed cattle trade last week ended up mostly steady to higher on a live basis at $109/cwt. in the Southern Plains, $111.00-$111.50 in Nebraska and at $111-$112 in the western Corn Belt. Dressed trade in the North was steady to $3 lower at $178-$180.

Cattle futures closed mostly higher Monday, supported by the bounce in Feeder Cattle, tied to lower Corn futures, as well as higher Lean Hog futures and improved overall market optimism regarding trade negotiations between the U.S. and China.

Except for 17¢ higher in spot Aug, Feeder Cattle futures closed an average of $1.48 higher.

Except for 25¢ lower in spot Aug, Live Cattle futures closed an average of 58¢ higher, (10¢ higher to 95¢ higher at the back).

Wholesale beef values were steady on moderate demand and heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 6¢ higher Monday afternoon at $219.72/cwt. Select was 8¢ higher at $195.64.

Friday’s bearish Acreage report weighed on grains.

Corn futures closed 6¢ to 9¢ lower through Jul ’20 and then fractionally higher to 3¢ lower. That made for a decline of 19¢-30¢ for the front six contracts in the last two sessions.

Soybean futures closed mostly 10¢ to 14¢ lower though Nov. ’20 and then 8¢ to 9¢ lower.

July 1st, 2019|

Cattle Current Podcast—July 1, 2019

USDA shocked the market Friday with its latest Acreage report (see below), which sent Corn futures diving hard. That fueled gains in Feeder Cattle futures, which closed an average of 50¢ higher (12¢ higher to $1.05 higher in spot Aug). Prices at the close were well off of session highs with likely week-end and month-end position squaring. 

Live Cattle futures closed mixed, from 71¢ lower across the front half of the board—not counting expiring June—to an average of 13¢ higher across the back half, not counting newly minted Dec ’20.

Negotiated cash fed cattle trade began to develop by late Friday afternoon, but there were too few transactions to trend in any region.

Early live sales in the Southern Plains were at $109/cwt. on a live basis, in the middle of the previous week’s trading range. The Texas Cattle Feeders Association also reported its members trading at $109. Early live sales in Nebraska were steady to higher at $109.00-$111.50. In the western Corn Belt, though, the $109-$112 for early live sales was $1-$3 less than the previous week. Earlier week dressed sales in the latter two regions were at $180, which was steady in Nebraska and steady to lower in the western Corn Belt.

Through Thursday, the 5-area direct weighted average price for steers was $110.58/cwt.

Wholesale beef values were firm on Choice and lower on Select with moderate demand and moderate to heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 63¢ higher Friday afternoon at $219.03/cwt. Select was $1.34 lower at $195.56. At $24.10, the Choice-Select spread Friday afternoon was the highest since May of last year.

June 29th, 2019|

Cattle Current Podcast—June 28, 2019

Cattle futures held on to most of the previous session’s gains, but closed marginally lower Thursday.

Except for $1.57 higher in expiring Jun, Live Cattle futures closed an average of 30¢ lower.

Feeder Cattle futures closed an average of 48¢ lower.

Grains mainly tread water Thursday, ahead of Friday’s much-anticipated Stocks and Acreage reports from USDA.

Corn futures closed 2¢ to 3¢ lower through Jul ’20 and then mostly fractionally higher.

Soybean futures closed mostly 3¢ to 6¢ lower through Aug ’20 and then unchanged to fractionally higher.

Wholesale beef values were weak to lower on light to moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 67¢ lower Thursday afternoon at $219.03/cwt. Select was $1.66 lower at $196.90.

June 27th, 2019|

Cattle Current Podcast—June 27, 2019

Cattle futures rocketed higher Wednesday, led by Feeder Cattle, apparently buoyed by technical buying and the simple fact they were so oversold.

Live Cattle futures closed an average of $1.43 higher ($1.10 higher at the back to $2.12 higher).

Although still a touch lower week to week, Feeder Cattle futures closed an average of $4.22 higher.

Cash fed cattle trade remained undeveloped. There were only 315 head (three lots) offered in the weekly Fed Cattle Exchange auction, and no sales.

Corn futures closed 2¢ to 4¢ lower through Jul ’20 and then fractionally mixed.

Soybean futures closed 6¢ to 9¢ lower through Sep ’20 and then mostly 2¢ to 5¢ lower.

Wholesale beef values were steady to weak on light to moderate demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 6¢ higher Wednesday afternoon at $219.70/cwt. Select was 39¢ lower at $198.56.

June 26th, 2019|

Cattle Current Podcast—June 26, 2019

Negotiated cash fed cattle trade was undeveloped through Tuesday afternoon. There were a few early dressed sales in Nebraska and the western Corn Belt at $180/cwt., but too few to trend.

A reversal higher in Lean Hog futures and apparent short covering helped Live Cattle futures gain some, while Feeder Cattle continued marginally lower amid light trade.

Except for 2¢ lower in the back contract, Live Cattle futures closed an average of 52¢ higher (10¢ to 82¢ higher).

Except for 25¢ higher in the back contract, Feeder Cattle futures closed an average of 26¢ lower (7¢ to 47¢ lower).

Corn futures closed mixed from 1¢ higher to 3¢ lower. 

Soybean futures closed 3¢ to 8¢ lower.

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

Choice boxed beef cutout value was 10¢ lower Tuesday afternoon at $219.64/cwt. Select was 86¢ lower at $198.95.

June 25th, 2019|

Cattle Current Podcast—June 25, 2019

Follow through pressure in Lean Hogs, higher Corn futures and Friday’s Cattle on Feed report helped pressure Feeder Cattle futures sharply lower on Monday, while Live Cattle were narrowly mixed but mostly lower.

Except for an average of 29¢ higher in the front two contracts, Live Cattle futures closed an average of 28¢ lower.

Feeder Cattle futures closed an average of $2.05 lower ($1.70 to $2.45 lower).

After a profit-taking breather on Friday, grain futures continued higher on Monday with the latest Crop Progress report (see below) documenting the significant delay in development compared to the average.

Corn futures closed 3¢ to 4¢ higher through Jul ‘20 and then mostly 1¢ to 2¢ higher.

Soybean futures closed 5¢ to 6¢ higher through Jan ’21 and then 2¢ to 3¢ higher.

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

Choice boxed beef cutout value was 8¢ lower Monday afternoon at $219.74/cwt. Select was 26¢ higher at $199.81.

June 24th, 2019|

Cattle Current Podcast—June 24, 2019

Negotiated cash fed cattle prices last week ended up $2-$4 lower on a live basis at $108-$110/cwt. in the Southern Plains, mostly $110 in Nebraska and at $113-$114 in the western Corn Belt. Dressed trade was $3-$4 lower in Nebraska at $180-$183 and $6 lower in the western Corn Belt at $178-$180.

Limit-down moves in Lean Hog futures, lower cash fed cattle prices, the outlook for higher feed prices and perhaps some positioning ahead of the monthly Cattle on Feed report (see below) contributed to further erosion in Cattle futures on Friday.

Live Cattle futures closed an average of 88¢ lower (40¢ to $1.72 lower).

Feeder Cattle futures closed an average of $1.22 lower.

Grain futures ended the week lower on apparent profit taking.

Corn futures closed 6¢ to 7¢ lower through Jul ‘20 and then fractionally higher to 1¢ higher.

Soybean futures closed mostly 10¢ to 13¢ lower. 

Wholesale beef values were lower on light demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 90¢ lower Friday afternoon at $219.82/cwt. Select was $1.93 lower at $199.55.

June 22nd, 2019|

Cattle Current Podcast—June 21, 2019

Negotiated cash fed cattle trade developed Thursday at mostly decidedly lower money. Except for mostly steady in Kansas at $110/cwt., live trade was $2-$4 lower at $110 in Nebraska and the Texas Panhandle; $110-$114 in the western Corn Belt. Dressed trade was $3-$4 lower at $180-$183.

Resurgent corn prices—after a couple of days of repositioning—weighed heavy on Cattle futures Thursday.

Live Cattle futures closed an average of 69¢ lower.

Feeder Cattle futures closed an average of $1.47 lower.

Corn futures closed 7¢ to 10¢ higher through Jul ‘20 and then mostly fractionally higher to 1¢ lower.

Soybean futures closed 10¢ to 13¢ higher through Jan ‘21 and then mostly 9¢ higher.

Wholesale beef values were lower on light to moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 87¢ lower Thursday afternoon at $220.72/cwt. Select was 76¢ lower at $201.48.

June 20th, 2019|

Cattle Current Podcast—June 20, 2019

Early indications for negotiated cash fed cattle trade this week appeared to be steady to lower on Wednesday.

Although too few transactions to trend, there were some early sales in the western Corn Belt $1-$2 lower than last week at $112-$115/cwt. Dressed sales were steady to $4 lower $180-$184.

Likewise, Choice 2-4 steers traded $2.00-$2.50 lower at the fat auction in Tama, IA: an average of $118.11/cwt. for steers weighing an average of 1,329 lbs.

On the other hand, slaughter steers sold steady to firm at Sioux Falls Regional in South Dakota: $113.98/cwt. for Ch 2-3 at an average of 1,373 lbs.

There were only three lots (315 head) offered in the weekly Fed Cattle Exchange auction, and no sales.

Perhaps cash uncertainty was one reason behind sputtering Cattle futures, despite stronger Lean Hogs and softer Corn. Along with continued fretting over demand and sluggish trade, erosion might also be linked to position squaring.

Live Cattle futures closed an average of 77¢ lower (15¢ lower at the back to $1.07 lower).

Except for 13¢ higher in three away contracts, Feeder Cattle futures closed an average of 37¢ lower, amid extremely light trade.

Corn futures closed 8¢ to 9¢ lower through Jul ‘20 and then mostly 1¢ to 3¢ lower.

Soybean futures closed 8¢ to 11¢ lower through Mar ‘20 and then 5¢ to 6¢ lower.

Incidentally, heading into Friday’s monthly Cattle on Feed report, analysts surveyed for Bloomberg expect May placements to be about 4% less year over year, May marketings to be nearly 1% more and the on-feed inventory June 1 to be a little over 1% more.

Wholesale beef values were firm to higher on moderate to firm demand, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.06 higher Wednesday afternoon at $221.59/cwt. Select was 44¢ higher at $202.24.

June 19th, 2019|

Cattle Current Podcast—June 19, 2019

Cattle futures mostly maintained and extended gains from the previous session on Tuesday, buoyed by a breather in the Corn rally and higher outside markets.

Except for unchanged and 7¢ lower in the front two contracts, Live Cattle futures closed an average of 71¢ higher.

Feeder Cattle futures closed an average of 75¢ higher (32¢ up front to $1.27 higher at the back).

Wholesale beef values were weak to lower on light demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.29 lower Tuesday afternoon at $220.53/cwt. Select was 71¢ lower at $201.80.

Corn futures closed mostly 4¢ to 6¢ lower through Sep ‘20 and then mostly fractionally mixed.

Soybean futures closed fractionally higher to 1¢ higher through Mar ‘20 and then fractionally lower to 1¢ lower.

June 18th, 2019|

Cattle Current Podcast—June 18, 2019

Cattle futures faded early follow through pressure Monday morning to rally back for a positive close.

Except for 20¢ lower in the back contract, Live Cattle futures closed an average of 71¢ higher (27¢ to $1.35 higher).

Feeder Cattle futures closed an average of $1.19 higher after four consecutive sessions of lower money (75¢ to $1.45 higher).

Wholesale beef values were steady to weak on light to moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 41¢ lower Monday afternoon at $221.82/cwt. Select was 25¢ lower at $202.51.

Corn futures closed mostly 4¢ to 5¢ higher through Sep ‘20 and then mostly fractionally higher to 1¢ higher.

Soybean futures closed 10¢ to 16¢ higher through Jul ‘20 (16¢ higher in the front four contracts) and then 6¢ to 9¢ higher.

June 17th, 2019|

Cattle Current Podcast—June 17, 2019

Negotiated cash fed cattle trade appeared steady to either side of even in two regions through Friday afternoon.

Live sales in the western Corn Belt, was mainly steady at $114-$115/cwt., while dressed sales were steady to $2 higher at $184-$186.

The Texas Cattle Feeders Association reported its members trading at $112, which was $1 less than the previous week.

Cattle futures continued to soften Friday with continued pressure from rising grain prices.

Live Cattle futures closed an average of 56¢ lower.

Feeder Cattle futures closed an average of 88¢ lower amid extremely light trade.

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

Choice boxed beef cutout value was 13¢ higher Friday afternoon at $222.23/cwt. Select was $1.95 lower at $202.76.

Corn futures closed 4¢ to 11¢ higher through Jul ‘20 and then mostly fractionally lower to 3¢ lower.

Soybean futures closed 5¢ to 8¢ higher through May ‘20 (mostly 8¢) and then mostly 1¢ to 3¢ higher.

June 16th, 2019|

Cattle Current Podcast—June 14, 2019

Although too few transactions to trend, negotiated cash fed cattle trade for the week wobbled from the blocks at steady to lower prices. There were some early sales in the Texas Panhandle at $112/cwt., a few in Kansas at $110, as well as some early dressed sales at $185 in Nebraska and the western Corn Belt.

Feeder Cattle futures closed sharply lower Thursday but off of session lows, under continued pressure from rising grain prices. Live Cattle closed lower, to a lesser degree.

Live Cattle futures closed an average of 67¢ lower (22¢ to $1.10 lower).

Feeder Cattle futures closed an average of $1.68 lower.

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

Choice boxed beef cutout value was 5¢ lower Thursday afternoon at $222.10/cwt. Select was $2.02 lower at $204.71.

Corn futures closed 7¢ to 12¢ higher in the front three contracts and then mostly 1¢ to 4¢ higher.

Soybean futures closed mostly 5¢ to 10¢ higher through Sep ‘20 and then mostly 2¢ to 4¢ higher.

June 13th, 2019|

Cattle Current Podcast—June 13, 2019

Cattle futures closed lower Wednesday pressured by follow through support in grain futures, especially soybeans. Languishing wholesale beef values and demand wonderments also weighed.

Choice steers and heifers sold $2.00-$2.25 higher at the fat auction in Tama, IA: $120.52/cwt. for steers at 1,396 lbs.

There were 663 head offered in the weekly Fed Cattle Exchange auction, with 340 head (two Kansas lots) selling for a weighted average price of $113/cwt.; delivery at 1-9 days.

Live Cattle futures closed an average of $1.26 lower (75¢ lower at the back to $1.65 lower).

Feeder Cattle futures closed an average of 96¢ lower (32¢ lower in spot Aug to $1.30 lower).

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

Choice boxed beef cutout value was 24¢ lower Wednesday afternoon at $222.15/cwt. Select was $1.52 lower at $206.73.

Corn futures closed mostly 1¢ to 2¢ higher.

Soybean futures closed 18¢ higher in the front four contracts and then mostly 10¢ to 17¢ higher.

June 12th, 2019|

Cattle Current Podcast—June 12, 2019

Live Cattle futures and Feeder Cattle ran in opposite directions Tuesday as Corn futures strengthened on the monthly World Agricultural Supply and Demand Estimates.

Live Cattle futures closed an average of 67¢ higher (40¢ to $1.02 higher).

Feeder Cattle futures closed an average of 68¢ lower (10¢ lower at the back to $1.70 lower in spot Aug).

Wholesale beef values were firm on Choice and weak on Select with light to moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 73¢ higher Tuesday afternoon at $222.39/cwt. Select was 54¢ lower at $208.25.

Corn futures closed 10¢ to 12¢ higher through May ‘20 and then mostly 4¢ to 6¢ higher.

Soybean futures closed 1¢ to 3¢ higher.

June 11th, 2019|

Cattle Current Podcast—June 11, 2019

Cattle futures surged higher Monday, recovering most of the losses from the previous session, even more for Live Cattle. Some attributed the reversal to the after-hours announcement on Friday that threatened U.S. tariffs on Mexican imports were suspended indefinitely.

Live Cattle futures closed an average of $2.15 higher ($1.57 to $3.00 higher).

Feeder Cattle futures closed an average of $2.31 higher.

Wholesale beef values were weak on Choice and higher on Select with moderate demand and light offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 65¢ lower Monday afternoon at $221.66/cwt. Select was $1.87 higher at $208.79.

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

Soybean futures closed 2¢ to 4¢ higher, except for 7¢ higher in the back three contracts.

June 10th, 2019|

Cattle Current Podcast—June 10, 2019

Negotiated cash fed cattle trade ended up generally $2-$3 lower on a live basis last week at $112-$113/cwt. in the Southern Plains and at $114-$115 in Nebraska and the western Corn Belt. Dressed trade was also $2-$3 lower at $183-$184.

Cattle futures, especially Feeder Cattle, closed sharply lower on Friday. Along with sharp pressure on Lean Hogs, there was likely plenty of trepidation related to the tariffs scheduled to begin on Mexican imports Monday unless negotiators reached a resolution on the illegal immigration issue. Friday night, those tariffs were suspended, according to various reports; no details given.

Live Cattle futures closed an average of $1.16 lower (67¢ to $1.50 lower).

Feeder Cattle futures closed an average of $2.35 lower.

Wholesale beef values were steady on moderate demand and light offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 6¢ higher Friday afternoon at $222.31/cwt. Select was 24¢ lower at $206.92. Week to week, Choice was 90¢ lower and Select was down 77¢.

Corn futures closed mostly 2¢ to 4¢ lower.

Soybean futures closed mostly 9¢ to 12 ¢lower. 

June 8th, 2019|

Cattle Current Podcast—June 7, 2019

Cattle futures, especially Feeder Cattle, recovered from sharp losses early to close from narrowly mixed to a touch higher. Early pressure came from rising front-month Corn futures. Presumably part of the relief came with chatter that talks between the U.S. and Mexico continue on a positive note (see below).

Early negotiated cash fed cattle sales were $2 lower on a live basis at $114-$115/cwt. in Nebraska and the western Corn Belt. Dressed sales were $2-$3 lower at $183-$184.

Except for 25¢ lower in spot Jun, Live Cattle futures closed an average of 31¢ higher.

Feeder Cattle futures closed narrowly mixed, but mostly lower (an average of 12¢ lower to an average of 5¢ higher).

Wholesale beef values were steady on moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 14¢ higher Thursday afternoon at $222.25/cwt. Select was 2¢ lower at $207.16.

Corn futures closed 5¢ higher through Jul ’20 and then mostly 1¢ to 2¢ higher.

Soybean futures closed fractionally lower to 1¢ lower. 

June 6th, 2019|

Cattle Current Podcast—June 6, 2019

Cattle futures crawled higher Wednesday, building on the previous session as lower grain futures provided some support, despite lower cash fed cattle prices and languishing wholesale beef values.

Established country trade so far this week is $2-$3 lower on a live basis at $113/cwt. in the Texas Panhandle and $112-$113 in Kansas.

Similarly, there were 412 head (three lots from Kansas) offered in the weekly Fed Cattle Exchange Auction. One lot (heifers) sold for a weighted average price of $113, with delivery at 1-9 days.

Live Cattle futures closed an average of 87¢ higher (30¢ to $1.22 higher).

Feeder Cattle futures closed an average of $1.87 higher.

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

Choice boxed beef cutout value was 89¢ lower Wednesday afternoon at $222.11/cwt. Select was 3¢ lower at $207.18.

Grain futures dove lower amid heightened volatility as traders weigh domestic planting prospects against what looks to be bumper crops in South America. That’s besides the potential impact of threatened U.S. tariffs on Mexican imports.

Corn futures closed mostly 10¢ lower through Jul ’20 and then 2¢ to 8¢ lower.

Soybean futures closed mostly 9¢ to 12¢ lower. 

June 5th, 2019|

Cattle Current Podcast—June 5, 2019

Cattle futures burst higher on Tuesday, supported by higher outside markets, what some would call obscenely oversold conditions and likely short covering. There was also chatter about support coming from news that Brazil halted beef exports to China after confirming a case of atypical BSE. The ball will likely be in China’s hands because it seem doubtful the discovery will change Brazil’s OIE BSE risk status.

The rally came despite negotiated cash fed cattle sales opening in the Southern Plains a day earlier at $113/cwt., which was $2 less than the previous week.

Live Cattle futures closed an average of $1.35 higher (77¢ to $1.70 higher).

Feeder Cattle futures closed an average of $3.42 higher.

Wholesale beef values were steady to firm on moderate to fairly good demand and moderate to heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 20¢ lower Tuesday afternoon at $223.00/cwt. Select was 34¢ higher at $207.21.

Corn futures closed mostly 1¢ to 2¢ higher.

Soybean futures closed mostly 3¢ to 4¢ higher. 

June 4th, 2019|

Cattle Current Podcast—June 4, 2019

Cattle futures tried for gains early once again Monday, but succumbed to sluggish trade and overall bearishness by the close.

Live Cattle futures closed an average of 55¢ lower (10¢ lower to $1.70 lower in spot Jun).

Feeder Cattle futures closed an average of $1.05 lower, except for an average of 15¢ higher in three contracts.

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

Choice boxed beef cutout value was 1¢ lower Monday afternoon at $223.20/cwt. Select was 82¢ lower at $206.87.

Corn futures closed 2¢ lower in the front months, but mostly 1¢ to 2¢ higher overall.

Soybean futures closed mostly 1¢ to 3¢ higher. 

June 3rd, 2019|

Cattle Current Podcast—June 3, 2019

Negotiated cash fed cattle trade ended the week mainly steady with the previous week on a live basis at $115 in the Southern Plains, $116 in Nebraska and mostly $116-$117 in the western Corn Belt. Dressed trade was steady to $3 higher at $186 in Nebraska and at $185-$187 in the western Corn Belt.

Live Cattle futures tried to firm early in Friday’s session but gave way to further losses as sharp follow-through pressure continued in Feeder Cattle, despite sharply lower Corn futures on the day.

Added pressure on commodities came from news that President Trump plans to impose 5% tariffs on Mexican imports, beginning June 10, unless that country makes significant progress toward stemming the flow of illegal immigrants across its northern border into the U.S. Should that come to pass, the move also casts a shadow over ratification of the U.S.-Mexico-Canada trade agreement.

Live Cattle futures closed an average of $1.47 lower. That’s an average of $3.79 lower in the previous two sessions.

Feeder Cattle futures closed an average of $3.52 lower ($1.77 lower to $5.10 lower in spot Aug), in the heaviest trade volume since early April. That made for an average of $7.62 lower in the last two session.

Wholesale beef values were weak to lower on light to moderate demand and moderate to heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 37¢ lower Friday afternoon at $223.21/cwt. Select was $1.18 lower at $207.69.

Corn futures on Thursday closed 4¢ to 9¢ lower, presumably on profit taking, month-end position squaring and worries about tariffs on Mexico.

Soybean futures closed 9¢ to 11¢ lower. 

June 1st, 2019|

Cattle Current Podcast—May 31, 2019

Cattle futures collapsed late in Thursday’s session with Feeder Cattle limit down in the front months and Live Cattle sharply lower.

Feeder Cattle futures closed an average of $4.10 lower.

No doubt, surging grain prices had plenty to do with the pressure in Feeder Cattle.

Corn futures on Thursday closed 11¢ to 17¢ higher through Jul ‘20 and then mostly 1¢ higher. Week to week, that’s an average of 41¢ higher through the front six contracts.

Soybean futures closed 16¢ to 17¢ higher through Mar ‘20 and then mostly 8¢ to 14¢ higher. Week to week, that’s an average of 66¢ higher through the front six contracts.

Other than spillover pressure, it was harder to explain the hard decline in Live Cattle, especially from a fundamental standpoint.

Live sales so far this week are mainly steady at $115/cwt. in the Southern Plains and at $116 in Nebraska. Though too few to trend, early dressed sales on Thursday were steady to $4 higher at $186-$187 in Nebraska and the western Corn Belt.

Wholesale beef values are higher, too. Week to week on Thursday, Choice boxed beef cutout value was $2.79 higher at $223.58/cwt. Select was $2.34 higher at $208.87.

But, Live Cattle futures closed an average of $2.32 lower.

May 30th, 2019|

Cattle Current Podcast—May 30, 2019

So far, signs point to at least steady prices for negotiated cash fed cattle trade this week.

Although there were too few transactions for a trend, early live sales were mainly steady on Wednesday at $115/cwt. in the Southern Plains and at $116 in Nebraska.

Early in the day, 137 head sold out of the 483 head offered in the weekly Fed Cattle Exchange auction. Two lots from Kansas sold for a weighted average price of $115/cwt.

The outlook for steady cash and recently stronger wholesale beef values helped Cattle futures recover some early ground, following early pressure.

Live Cattle futures closed an average of 44¢ higher, (7¢ to 80¢ higher). Perhaps traders are also starting to account for the higher production cost in the deferred contracts.

Feeder Cattle futures closed narrowly mixed, from an average of 26¢ lower to an average of 24¢ higher.

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

Choice boxed beef cutout value was 24¢ higher Wednesday afternoon at $223.53/cwt. Select was 46¢ lower at $209.99.

Corn futures closed 1¢ to 2¢ lower through Jul ‘20 and then mostly 1¢ higher.

Soybean futures closed 10¢ to 16¢ higher through Aug ‘20 and then mostly 4¢ to 9¢ higher.

May 29th, 2019|

Cattle Current Podcast—May 29, 2019

Surging grain futures prices helped pressure Feeder Cattle futures to start the week. That helped cap early support in Live Cattle. Lower outside markets, a sharp decline in Lean Hog futures and more cool, wet weather that could continue to dampen summer grilling demand also weighed.

Live Cattle futures closed narrowly mixed, from an average of 25¢ lower to an average of 21¢ higher.

Feeder Cattle futures closed an average of $1.17 lower.

Wholesale beef values were higher on moderate to good demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.65 higher Tuesday afternoon at $223.29/cwt. Select was $1.98 higher at $210.45.

May 28th, 2019|

Cattle Current Podcast—May 24, 2019

Negotiated cash fed cattle trade continued in Nebraska through Thursday afternoon at $116/cwt., which was $1 lower than last week, but steady to $1 higher than on Wednesday. Dressed sales were at $183-$186, which was steady to $2 lower than the previous week.

Cattle futures mostly edged higher Thursday, helped along by the previous day’s bullish Cold Storage report, oversold conditions and continued sluggishness.

Except for 2¢ lower in Feb, Live Cattle futures closed an average of 21¢ higher.

Except for 2¢ lower at the back of the board, Feeder Cattle futures closed an average of 21¢ higher.

Wholesale beef values were firm to higher on moderate to fairly good demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.04 higher Thursday afternoon at $220.79/cwt. Select was 72¢ higher at $206.53.

Corn futures closed 2¢ to 5¢ lower through May ‘20 and then mostly fractionally lower to 1¢ lower.

Soybean futures closed 7¢ lower in the front five contracts and then mostly fractionally lower to 3¢ lower.

May 23rd, 2019|

Cattle Current Podcast—May 23, 2019

Negotiated cash fed cattle trade was steady to $2 lower on a live basis through Wednesday afternoon at $115/cwt. in the Texas Panhandle and at $114-$115 in Kansas. Dressed sales in Nebraska were mainly steady with last week at $185-$186.

Only 309 head (three lots) were offered in the weekly Fed Cattle Exchange auction; none sold.

Cattle futures continued to leak lower amid sluggish trade.

Live Cattle futures closed an average of 36¢ lower.

Except for $1.07 higher in expiring May, Feeder Cattle futures closed an average of 24¢ lower.

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

Choice boxed beef cutout value was 17¢ higher Wednesday afternoon at $219.75/cwt. Select was 77¢ lower at $205.81.

Corn futures closed mostly 1¢ to 2¢ higher toward the front of the board and then mostly fractionally higher.

Soybean futures closed 5¢ to 6¢ higher.

May 22nd, 2019|

Cattle Current Podcast—May 22, 2019

Sluggish trade and rising grain prices helped pressure Cattle futures Tuesday. Arguably, most of the pressure on the grain side comes from the uncertainty about ultimate planting reality and potential production, which makes it tough to project breakevens with much confidence.

Live Cattle futures closed an average of 34¢ lower.

Except for 22¢ higher in spot May, Feeder Cattle futures closed an average of $1.59 lower

Wholesale beef values were lower on light to moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.87 lower Tuesday afternoon at $219.58/cwt. Select was $1.45 lower at $206.58.

Corn futures closed 4¢ to 6¢ higher through Jul ’20, and then mostly 1¢ to 2¢ higher.

Soybean futures closed 8¢ to 10¢ lower through Nov ’20 and then 5¢ to 7¢ lower.

May 21st, 2019|

Cattle Current Podcast—May 21, 2019

Cattle futures recovered from early pressure to pare losses Monday. Higher grain prices continue to weigh on Feeder Cattle.

Live Cattle futures closed narrowly mixed but mostly lower (from an average of 18¢ higher in three contracts to an average of 41¢ lower).

Feeder Cattle futures close an average of 58¢ lower.

Wholesale beef values were higher on Choice and steady on Select with moderate to fairly good demand and heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.14 higher Monday afternoon at $221.45/cwt. Select was 25¢ lower at $208.03.

Corn futures closed 4¢ to 6¢ higher through Jul ’20, and then mostly 2¢ higher.

Soybean futures closed mostly 8¢ to 10¢ higher.

May 20th, 2019|

Cattle Current Podcast—May 20, 2019

Negotiated cash fed cattle trade was $3-$5 lower last week on a live basis at $115-$117/cwt. in the Southern Plains, $117 in Nebraska and $116-$118 in the western Corn Belt. Dressed prices were $2-$5 lower in the western Corn Belt at $185-$190 and $3-$10 lower in Nebraska at $185-$186.

Oversold conditions and follow-through technical support helped Cattle futures close higher Friday, especially Feeder Cattle.

Live Cattle futures close an average of $1.31 higher (80¢ to $1.80 higher).

Except for 30¢ higher in spot May, Feeder Cattle futures close an average of $2.35 higher.

Wholesale beef values were firm to higher on moderate to fairly good demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 75¢ higher Friday afternoon at $220.31/cwt. Select was 40¢ higher at $208.28.

Corn futures closed 1¢ to 4¢ higher through May ’20, and then mostly fractionally lower to 1¢ lower.

Soybean futures closed 14¢ to 18¢ lower, mostly 16¢-17¢ lower.

May 18th, 2019|

Cattle Current Podcast—May 17, 2019

Cash fed cattle trade continued Thursday with live sales in Nebraska $3-$4 lower than last week at $117/cwt. A day earlier, live trade in the Southern Plains was $3-$5 lower than last week at $115-$117.

Even so, oversold conditions helped Live Cattle futures close an average of $1.17 higher, except for 7¢ higher in the back contract

Despite early pressure and higher grain prices, firming Live Cattle helped Feeder Cattle futures close an average of $1.03 higher (7¢ to 60¢ higher), except for $1.70 lower in spot May.

Wholesale beef values were steady on moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 1¢ lower Thursday afternoon at $219.56/cwt. Select was 16¢ lower at $207.88.

Corn futures closed 3¢ to 9¢ higher through Jul ’20, and then mostly 1¢ higher. That’s an average of 25¢ higher week to week through the front three contracts; an average of 21¢ higher through the front six.

Soybean futures closed 4¢ higher through May ’20 and then mostly 1¢ to 3¢ higher. That’s an average of 36¢ higher through the front six contracts since Monday.

May 17th, 2019|

Cattle Current Podcast—May 16, 2019

Negotiated cash fed cattle trade got underway in the Southern Plains Wednesday, with early live sales $3-$5 lower than last week at $115-$117/cwt.

Similarly, slaughter steers and heifers sold $2-$4 lower at Sioux Falls Regional in South Dakota: $117.95/cwt. for Ch 2-3 steers.

Of the 376 head offered in the weekly Fed Cattle exchange Auction, 280 head sold for a weighted average price of $117/cwt. for delivery at 1-9 days.

Stronger Lean Hog futures helped lift Live Cattle futures Wednesday, while Feeder Cattle futures continued to be pressured by higher grain prices.

Except for 2¢ lower in the back contract, Live Cattle futures closed an average of 19¢ higher.

Feeder Cattle futures closed an average of 44¢ lower (7¢ to 60¢ lower).

Wholesale beef values were weak to lower on light to moderate demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 55¢ lower Wednesday afternoon at $219.57/cwt. Select was 93¢ lower at $208.04.

Corn futures closed mostly 1¢ higher through Jul ’20, and then mostly 2¢ to 3¢ lower. 

Soybean futures closed 2¢ to 4¢ higher through Mar ’20 and then mostly fractionally mixed.

May 15th, 2019|

Cattle Current Podcast—May 15, 2019

Stronger outside markets and a sharp reversal higher in Lean Hog futures provided support to Cattle futures early Tuesday, but surging grain prices took away gains by the close.

Live Cattle futures closed an average of 46¢ lower.

Other than 95¢ higher in spot May, Feeder Cattle futures closed an average of 93¢ lower.

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

Choice boxed beef cutout value was $1.46 lower Tuesday afternoon at $220.12/cwt. Select was 8¢ higher at $208.97.

May 14th, 2019|

Cattle Current Podcast—May 14, 2019

So much for Friday’s reprieve in the futures market, Cattle futures sank on Monday, along with other commodities and equities as traders digested news that China was increasing tariffs on U.S. products in retaliation for the added levies imposed by the U.S. last week.

Live Cattle futures closed an average of $1.81 lower (85¢ lower at the back to $2.70 lower in spot Jun).

Feeder Cattle futures closed an average of $3.11 lower.

Wholesale beef values were firm to higher on moderate to good demand and light to moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 47¢ higher Monday afternoon at $221.58/cwt. Select was $1.43 higher at $208.89.

Corn futures closed mostly 2¢ to 5¢ higher through Jul ’20 and then mostly fractionally mixed.

Soybean futures closed 3¢ to 6¢ lower through Sep ’20 and then mostly 1¢ lower.

May 13th, 2019|

Cattle Current Podcast—May 13, 2019

Maybe Cattle futures finally found a bottom to the recent selloff as short covering and positioning helped spur a rally late Friday.

Other than 50¢ higher in spot Jun, Live Cattle futures closed an average of $1.87 higher.

Feeder Cattle futures closed an average of $2.45 higher.

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

Choice boxed beef cutout value was $1.36 lower Friday afternoon at $221.11/cwt. Select was 38¢ higher at $207.46.

Apparently, much of the bearish news in the monthly World Agricultural Supply and Demand Estimates (see below) was already priced into the market, given the muted reaction in futures markets.

Other than 1¢ to 2¢ lower in the front three contracts, Corn futures closed mostly 1¢ to 2¢ higher.

Soybean futures closed 1¢ to 3¢ lower through May ’20 and then mostly 1¢ higher.

May 12th, 2019|

Cattle Current Daily—May 10, 2019

The growing likelihood that the U.S. would impose increased and expanded tariffs on Chinese imports Friday morning cast a pall over equity and futures markets Thursday. However, late session buying capped losses in Cattle futures.

Other than 87¢ and 20¢ higher in the front two contracts, Live Cattle futures closed an average of 15¢ lower.

Feeder Cattle futures closed an average of 37¢ higher.

Wholesale beef values were weak on light to moderate demand and moderate to heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 54¢ lower Thursday afternoon at $222.47/cwt. Select was 41¢ lower at $207.08.

Grain futures fell hard, presumably pressured by the aforementioned trade news, as well as defensiveness ahead of Friday’s monthly World Agricultural Supply and Demand Estimates.

Corn futures closed mostly 8¢ to 11¢ lower through the front five contracts and then mostly 4¢ to 5¢ lower.

Soybean futures closed 11¢ to 14¢ lower through Aug ’20 and then mostly 6¢ to 9¢ lower.

May 9th, 2019|

Cattle Current Podcast—May 9, 2019

Negotiated cash fed cattle trade was $3.00-$4.50 lower on a live basis Wednesday at mostly $121 in Nebraska and at $122.00-$122.50/cwt. in the western Corn Belt. Dressed trade was $3-$8 lower in Nebraska at $191-$192. It was $4-$10 lower in the western Corn Belt at $190-$196.

The majority of cattle—670 out of 863 head—sold in the weekly Fed Cattle Exchange auction for a weighted average price of $120, for delivery at 1-9 days.

Softer cash prices and wholesale beef values, along with continued pessimism about Chinese trade and the slow start to grilling season weighed on Cattle futures Wednesday.

Live Cattle futures closed an average of $1.33 lower.

Feeder Cattle futures closed an average of $1.56 lower.

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

Choice boxed beef cutout value was 86¢ lower Wednesday afternoon at $223.01/cwt. Select was $4.34 lower at $207.49.

Other than 1¢ higher in the back contracts, Corn futures closed mostly 1¢ to 2¢ lower.

Soybean futures closed mostly 2¢ to 3¢ lower.

May 8th, 2019|

Cattle Current Podcast—May 8, 2019

Negotiated cash fed cattle prices were $2-$3 lower in the Southern Plains Tuesday at $120/cwt., with slow trade and light to moderate demand.

Apparently, prices finally fell enough and conditions were oversold enough for buyers to get back on the long side of Cattle futures. That was despite sharply negative outside markets, tied to the lack of a trade resolution with China.

Except for unchanged in spot Jun, Live Cattle futures closed an average of 48¢ higher.

Feeder Cattle futures closed an average of 93¢ higher.

Wholesale beef values were sharply lower on light to moderate demand and moderate to heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $3.13 lower Tuesday afternoon at $223.87/cwt. Select was $2.15 lower at $211.83.

Corn futures closed mostly 1¢ to 2¢ higher.

Except for a few cents higher in the back contracts, Soybean futures closed mostly fractionally mixed to 2¢ lower.

May 7th, 2019|

Cattle Current Podcast—May 7, 2019

Already bearish Cattle futures received added fuel to the downside from Trump’s weekend tweet that he would increase tariffs on $200 billion worth of Chinese imports from 10% to 25% this Friday, if a trade deal remains unsigned. The president also threatened 25% tariffs on another $325 billion worth of Chinese imports. Lean Hog futures plunged, adding pressure to Cattle futures.

Live Cattle futures closed an average of $1.05 lower.

Feeder Cattle futures closed an average of $1.30 lower.

Wholesale beef values were weak on Choice and firm on Select with light to moderate demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 36¢ lower Monday afternoon at $227.00/cwt. Select was 69¢ higher at $213.98.

Corn futures closed 4¢ to 7¢ lower through May ’20 and then mostly 1¢ to 2¢ lower.

Soybean futures closed 7¢ to 12¢ lower through Aug ‘20, and then mostly 2¢ lower.

May 6th, 2019|

Cattle Current Podcast—May 6, 2019

Negotiated cash fed cattle prices were sharply lower last week. Live trade was $3-$4 lower at $122-$123/cwt. in the Southern Plains; mostly $124 in Nebraska and $123-$127 in the western Corn Belt. Dressed trade was mainly $4-$6 lower at mostly $200.

Feeder Cattle futures continued to lead Live Cattle lower on Friday. Declining wholesale values at a time seasonality suggests a boost from grilling demand, as well as the continued unwinding of long-held long positions continue to weigh.

Except for 25¢ and 42¢ lower at either end of the board, Live Cattle futures closed an average of $1.10 lower. From the previous Friday through Thursday, open interest declined by 14,124 contracts.

Feeder Cattle futures closed an average of $1.30 lower.

Wholesale beef values were lower on light demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.44 lower Friday afternoon at $227.36/cwt. Select was $1.79 lower at $213.29.

Except for 1¢ higher in spot May, Corn futures closed mainly fractionally mixed.

Soybean futures closed 1¢ lower to 1¢ higher, except for 4¢ higher in the back three contracts.

May 4th, 2019|

Cattle Current Podcast—May 3, 2019

“Lower cash sales of fed cattle combined with the downward trending futures is causing much uncertainty among cattle feeders,” noted the AMS reporter on hand for Thursday’s sale at Mitchell Livestock Auction in South Dakota.

Apparently, technical pressure, borne by recent bearishness was behind the hard drop in Feeder Cattle futures, which pressured Live Cattle in turn. It didn’t help that early support in Lean Hog futures faded through the session.

Net U.S. pork sales for Apr. 19-25 of 16,100 metric tons (mt) were 4% less than the previous week and 59% less than the prior four-week average, according to the Weekly Export Sales report from USDA’s Foreign Agricultural Service.

Beef exports continued softer, as well. Net export sales of U.S. beef (10,600 mt) were down 54% from the previous week and 50% lower than the prior four-week average.

Except for 20¢ lower in spot Jun, Live Cattle futures closed an average of 96¢ lower.

Feeder Cattle futures closed an average of $1.99 lower.

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

Choice boxed beef cutout value was $1.42 lower Thursday afternoon at $228.80/cwt. Select was $2.42 lower at $215.08.

Corn futures closed fractionally higher to 2¢ higher through near Dec and then fractionally lower to 3¢ lower.

Soybean futures closed mostly 7¢-8¢ lower.

May 2nd, 2019|

Cattle Current Podcast—May 2, 2019

Through Wednesday afternoon, negotiated cash fed cattle prices were mostly $1-$4 lower than last week on a live basis at: $124/cwt. in Nebraska; $122 in Kansas; $125-$126 in the western Corn Belt. Dressed trade was $4-$6 lower at mostly $200.

There were 837 head offered in the weekly Fed Cattle Exchange auction; 479 head (four lots) sold for a weighted average price of $122.15/cwt., for delivery at 1-9 days.

A rally in Lean Hog futures helped stem the degree of bleeding in Cattle futures Wednesday.

Except for $1.82 higher in the back contract, Live Cattle futures closed an average of 42¢ lower.

Except for 7¢ higher in Aug, Feeder Cattle futures closed an average of 37¢ lower.

Wholesale beef values were weak to lower on light demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.62 lower Wednesday afternoon at $230.22/cwt. Select was 71¢ lower at $217.50.

Corn futures closed 3¢-6¢ higher through May ’20 and then mostly 2¢ higher. Presumably, some of the bounce came from weather-delayed planting.

Soybean futures closed 1¢-3¢ lower, extending losses as traders look for wet conditions to ultimately bring in more corn acres.

May 1st, 2019|

Cattle Current Podcast—May 1, 2019

There were too few transactions to trend, but early negotiated cash fed cattle prices were sharply lower at $123/cwt. in Kansas on a live basis at $200 dressed in Nebraska.

Cattle futures continued to slide as traders closed out the books for the month and open interest continued to erode.

Live Cattle futures closed an average of 82¢ lower.

Feeder Cattle futures closed an average of $1.77 lower.

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

Choice boxed beef cutout value was $1.30 lower Tuesday afternoon at $231.84/cwt. Select was 49¢ higher at $218.21.

Corn futures closed mainly fractionally mixed.

Soybean futures continued to slide, closing 4¢-6¢ lower.

April 30th, 2019|

Cattle Current Podcast—Apr. 30, 2019

Early two-sided trading in Cattle futures gave way to continued pressure from last week, tied to volatility in Lean Hog futures, technicals and growing pessimism about increasing fed cattle supplies during a time that domestic demand appears static, while international demand is a bit softer year over year.

Except for 22¢ higher in spot Apr, Live Cattle futures closed an average of 39¢ lower.

Except for 55¢ higher in spot May, Feeder Cattle futures closed an average of $1.48 lower.

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

Choice boxed beef cutout value was 15¢ higher Monday afternoon at $233.14/cwt. Select was $1.69 lower at $217.72.

Corn futures closed mostly fractionally higher.

Soybean futures closed 6¢ to 7¢ lower.

April 29th, 2019|

Cattle Current Podcast—Apr. 29, 2019

When all was said done last week, negotiated cash fed cattle prices were steady in the Southern Plains at $126/cwt., but $2-$3 less in the north at $125-$127 in Nebraska and $128 in the western Corn Belt. Dressed trade was $2-$3 lower at mostly $205 in Nebraska and mostly $205-$206 in the western Corn Belt.

Cattle futures edged mostly lower Friday, but apparent short covering and positioning helped staunch the downward momentum of the previous two sessions.

Except for 50¢ higher in spot Apr, Live Cattle futures closed an average of 32¢ lower.

Except for 40¢ higher in spot May and an average of 7¢ higher in the back two contracts, Feeder Cattle futures closed an average of 41¢ lower.

Wholesale beef values were steady on light to moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 6¢ higher Friday afternoon at $232.99/cwt. Select was 34¢ lower at $219.41.

Corn futures closed 1¢ to 4¢ higher.

Soybean futures closed 4¢ to 5¢ lower.

April 27th, 2019|

Cattle Current Podcast—Apr. 26, 2019

Negotiated cash fed cattle trade was mostly $3 lower in Nebraska Thursday at mostly $127/cwt. Dressed trade was mostly $3 lower at mostly $205. Dressed sales were $2-$3 lower in the western Corn Belt at mostly $205-$206.

Pessimism began to build about looming cattle supplies as some funds began to unwind long positions. Technical pressure that began in Cattle futures the previous session found a new gear on Thursday, getting more fuel from limit-down moves in Lean Hog futures, which was tied to the lack of exports to China.

Live Cattle futures closed an average of $2.54 lower, for an average of about $4.50 lower in the last two sessions. 

Feeder Cattle futures closed an average of $3.27 lower, for an average of about $6 lower in the last two sessions.

Wholesale beef values were steady to weak on light to moderate demand and moderate to heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 3¢ lower Thursday afternoon at $232.93/cwt. Select was 53¢ lower at $219.75.

Corn futures closed 1¢ higher.

Soybean futures bounced back and closed 3¢ to 4¢ higher.

April 25th, 2019|

Cattle Current Daily—Apr. 25, 2019

Cattle futures headed south Wednesday, amid presumable profit taking, technical pressure and chatter that the seasonal top in cash fed cattle prices is on the books.

Live Cattle futures closed an average of $1.99 lower ($1.50 to $2.77 lower), with the heaviest trade in a month. 

Feeder Cattle futures closed an average of $2.66 lower ($1.72 lower at the back to $3.10 lower in spot May).

Despite futures negativity, negotiated cash fed cattle trade was at steady money in the Southern Plains at $126/cwt. on moderate trade and demand. There were too few transactions to trend in other regions, but the tone of early sales was decidedly lower in Nebraska and the western Corn Belt.

There were 461 head offered in the weekly Fed Cattle Exchange Auction: 124 head (one lot of Kansas steers) sold for a weighted average price of $127, for delivery at 1-9 days.

Wholesale beef values were lower on light to moderate demand and moderate to heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.15 lower Wednesday afternoon at $232.96/cwt. Select was 98¢ lower at $220.28.

Corn futures closed 2¢ to 4¢ lower.

Soybean futures continued lower, closing down mostly 6¢ to 7¢.

April 24th, 2019|

Cattle Current Podcast—Apr.24, 2019

Cattle futures found some stability on Tuesday although Live Cattle edged lower, pressured in part by volatility in Lean Hog futures.

Live Cattle futures closed an average of 19¢ lower.

Except for $1.17 lower in spot May and 12¢ lower in Mar, Feeder Cattle futures closed an average of 18¢ higher.

Corn futures closed mostly 1¢ to 3¢ lower.

Soybean futures closed mostly 10¢ to 15¢ lower through Nov ’20 and then 3¢ to 9¢ lower. Apparently funds are taking advantage of the anemic fundamentals tied to bountiful supplies here and reports of a strong harvest in South America thus far.

Wholesale beef values were weak to lower on light to moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 37¢ lower Tuesday afternoon at $234.11/cwt. Select was $1.38 lower at $221.26.

 

April 23rd, 2019|

Cattle Current Podcast—Apr. 23, 2019

Feeder Cattle futures closed sharply lower Monday, in response to the higher than expected placements in last week’s Cattle on Feed report (see below). That, lower commodity markets overall and a pullback in Lean Hog futures helped drag down Live Cattle futures, despite last week’s firmer cash trade.

Except for 2¢ lower in spot Apr, Live Cattle futures closed an average of 97¢ lower.

Except for 65¢ higher in newly minted away Apr, Feeder Cattle futures closed an average of $1.23 lower.

Corn futures closed mostly 2¢ to 3¢ lower.

Soybean futures closed mostly 2¢ to 3¢ lower.

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

Choice boxed beef cutout value was 83¢ higher Monday afternoon at $234.48/cwt. Select was $2.15 higher at $222.64.

April 22nd, 2019|

Cattle Current Podcast—Apr. 22, 2019

When all was said and done last week, negotiated cash fed cattle trade ended up $2 higher in the Southern Plains at $126/cwt. on a live basis, and steady to $4 higher in Nebraska and the western Corn Belt at mostly $130. Dressed trade was $2-$4 higher at $208.

Futures and equity markets were closed Friday in observance of Good Friday.

Wholesale beef values were firm to higher on moderate to good demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 59¢ higher Friday afternoon at $233.65/cwt. Select was $1.03 higher at $220.49.

April 21st, 2019|

Cattle Current Podcast—Apr. 19, 2019

Negotiated cash fed cattle trade broke out in the north yesterday. Live sales were as much as $4 higher in Nebraska and the western Corn Belt at $130/cwt. Dressed trade was $2-$3 higher at $207-$208.

Lighter carcass weights continue to provide support. The average dressed steer weight for the week ending Apr. 6 was 865 lbs., which was 7 lbs. less than a year earlier, according to USDA’s Actual Slaughter Under Federal Inspection report. The average dressed heifer weight was 5 lbs. less at 804 lbs.

Except bouncing higher in the front month, Live Cattle futures closed mixed Thursday, while Feeder Cattle edged higher as traders positioned ahead of the holiday weekend and ahead of the monthly Cattle on Feed report (see below). More on that report momentarily.

Other than $1.60 higher in spot Apr, Live Cattle futures closed narrowly mixed, from 15¢ lower to 30¢ higher.

Feeder Cattle futures closed an average of 49¢ higher (22¢ to 95¢ higher).

Corn futures closed mostly fractionally mixed.

Soybean futures closed mostly 1¢ higher.

Wholesale beef values were firm on Choice and weak on Select with light to moderate demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 30¢ higher Thursday afternoon at $233.06/cwt. Select was 70¢ lower at $219.46. At $13.60, the Choice-Select spread was the widest since December.

April 18th, 2019|

Cattle Current Podcast—Apr. 18, 2019

Negotiated cash fed cattle trade got underway in the Southern Plains on Wednesday at $126/cwt. on a live basis, which was $2 higher than the previous week.

Out of the 1,578 head offered in the weekly Fed Cattle Exchange auction, 1,269 head sold—all from Nebraska—for a weighted average price of $127.08/cwt.; all for delivery at 1-17 days.

Choice 2-3 steers brought $126-$128/cwt. at Sioux Falls Regional in South Dakota.

Cattle futures closed mixed but mostly higher Wednesday as traders positioned for the holiday-shortened trading week.

Except for 22¢ and 7¢ lower in the front two contracts, Live Cattle futures closed an average of 46¢ higher.

Other than an average of 47¢ lower in the front two contracts and 5¢ lower at the back, Feeder Cattle futures closed an average of 58¢ higher. Popular estimates suggest tomorrow’s monthly Cattle on Feed report to show March placement about 4% more than a year earlier.

Corn futures closed fractionally lower.

Soybean futures closed 6¢ to 9¢ lower as global production and stocks continue to weigh on prices.

Wholesale beef values were higher on Choice and steady on Select with moderate to fairly good demand and moderate to heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 71¢ higher Wednesday afternoon at $232.76/cwt. Select was 99¢ lower at $220.16.

April 17th, 2019|

Cattle Current Podcast—Apr. 17, 2019

Cattle futures gained more ground Tuesday, buoyed by continued strength in Lean Hog futures and firm wholesale beef prices. Feeder Cattle likely received some benefit from lower grain futures.

Live Cattle futures closed an average of 68¢ higher (20¢ to $1 higher).

Except for unchanged and 17¢ higher in the front two contracts, Feeder Cattle futures closed an average of 94¢ higher .

Corn futures closed mostly 1¢ to 3¢ lower.

Soybean futures closed mostly 8¢ to 10¢ lower.

Wholesale beef values were higher on Choice and steady on Select with moderate to fairly good demand and moderate to heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.07 higher Tuesday afternoon at $232.05/cwt. Select was 7¢ lower at $221.15.

April 16th, 2019|

Cattle Current Podcast—Apr. 16, 2019

Negotiated cash fed cattle prices were steady in the Southern Plains last week at $124/cwt. In late-week trade, live prices were steady to $2 higher in the north at $126-$128 in Nebraska, $127.00-$127.50 in Colorado and at $127-$130 in the western Corn Belt. Dressed trade was steady to unevenly steady at $204-$206.

Sluggish, directionless trade had Cattle futures hovering in mixed action early in Monday’s session. They ended the day grinding a touch higher.

Live Cattle futures closed an average of 18¢ higher, except for 25¢ lower in spot Apr and unchanged in Dec.

Feeder Cattle futures closed an average of 45¢ higher.

Corn futures closed mostly fractionally higher to 1¢ higher.

Soybean futures closed 1¢ to 3¢ higher.

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

Choice boxed beef cutout value was $2.23 higher Monday afternoon at $230.98/cwt., the highest since last May. Select was 20¢ higher at $221.22.

April 15th, 2019|

Cattle Current Podcast—Apr. 15, 2019

Based on USDA reports through late Friday afternoon, the only trendable negotiated cash fed cattle trade for the week was steady money in the Southern Plains at $124/cwt.

Week-end positioning, reduced tonnage from another storm and the promise of grilling-season demand helped lift Cattle futures on Friday.

Live Cattle futures closed an average of 66¢ higher. 

Except for unchanged in spot Apr and an average of 29¢ lower in the back two contracts, Feeder Cattle futures closed an average of 62¢ higher. 

Corn futures closed fractionally higher through Sep ’20 and then mostly fractionally lower.

Soybean futures closed mostly fractionally lower. 

Wholesale beef values were steady on Choice and higher on Select with moderate to fairly good demand and heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 1¢ higher Friday afternoon at $228.84/cwt. Select was $1.07 higher at $221.02. 

April 13th, 2019|

Cattle Current Podcast—Apr. 12, 2019

Cattle futures edged higher Thursday… Rabobank expects Chinese pork production losses of 25% to 35%, due to African Swine Fever. …coming up on your Cattle Current Market Update with Wes Ishmael.

Cattle futures worked their way higher Thursday, helped along by Lean Hog futures once again. Lean Hogs were buoyed by data from USDA’s Foreign Agricultural Service indicating 77,700 metric tons of U.S. pork sold to China last week. 

Live Cattle futures closed an average of 30¢ higher. 

Feeder Cattle futures closed an average of 63¢ higher (25¢ higher to $1.17 higher in the back contract).

Corn futures closed fractionally lower to 2¢ lower. 

Soybean futures closed mostly 5¢ to 7¢ lower. 

Wholesale beef values were steady on Choice and firm on Select with light to moderate demand and offerings, according to the Agricultural Marketing Service.Choice boxed beef cutout value was 22¢ lower Thursday afternoon at $228.83/cwt. Select was 33¢ higher at $219.95. 

April 11th, 2019|

Cattle Current Podcast—Apr. 11, 2019

Negotiated cash fed cattle trade got underway in the Southern Plains Wednesday at $124/cwt. on a live basis, which was steady with last week.

Likewise, there were 510 head—four five lots of Oklahoma heifers—offered in the weekly Fed Cattle Exchange auction. Four lots (416 head) sold for 1-17 day delivery at a weighted average price of $124/cwt. 

Continued sluggish trade and lack of direction pressured Cattle futures Wednesday, despite strong renewed buying in Lean Hog futures.

Live Cattle futures closed an average of 51¢ lower (2¢ lower in spot Apr to 72¢ lower). 

Feeder Cattle futures closed an average of 53¢ lower (2¢ lower to 97¢ lower in spot Apr).

Corn futures closed mostly fractionally higher to 1¢ higher.

Soybean futures closed 2¢ to 3¢ higher. 

Wholesale beef values were firm to higher on moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 73¢ higher Wednesday afternoon at $229.05/cwt. Select was 82¢ higher at $219.62. 

April 10th, 2019|

Cattle Current Podcast—Apr. 10, 2019

Sluggish trade, pressure in Lean Hog futures and softer outside markets weighed on Cattle futures Tuesday.

Other than 10 cents and 90 cents higher at either end of the board, Live Cattle futures closed an average of 20 cents lower.

Feeder Cattle futures closed mixed, from an average of 23 cents lower to and average of 42 cents higher.

Corn futures closed unchanged to 1 cent higher.

Soybean futures closed unchanged to fractionally mixed.

Wholesale beef values were weak to lower on light demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 32 cents lower at $228.32/cwt. Select was $2.08 lower at $218.80.

April 9th, 2019|

Cattle Current Podcast—Apr. 8, 2019

For the week, through Friday afternoon, negotiated cash fed cattle prices were steady to a touch softer in the Northern Plains at $126/cwt. in Nebraska and at $127-$128 in the western Corn Belt. Dressed trade was reported at $204-$206, compared to $206 the previous week. Prices in the Southern Plains were $1-$2 lower at $124.

Despite early pressure stemming from volatile Lean Hog futures, Cattle futures ended the day mostly narrowly mixed, with most of the pressure ascribed to week-end positioning.

Live Cattle futures closed an average of $1.19 lower in the front three contracts, and then 37¢ lower to 50¢ higher.

Feeder Cattle futures closed narrowly mixed (47¢ lower to 32¢ higher).

Corn futures closed 2¢ to 3¢ lower through Jul ’20 and then mostly 1¢ lower.

Soybean futures closed 5¢ to 7¢ lower through May ’20 and then mostly 4¢ lower.

Wholesale beef values were steady on Choice and higher on Select, with moderate to good demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 19¢ higher Friday afternoon at $226.93/cwt. Select was $1.92 higher at $220.28.

April 7th, 2019|

Cattle Current Podcast—Apr. 5, 2019

Negotiated cash fed cattle trade remained undeveloped in the Northern Plains and western Corn Belt through Thursday afternoon. So far in the Southern Plains this week, live sales are $1-$2 lower at $124/cwt.

Even so, Cattle futures rallied sharply higher. Along with presumed technical support, the most plausible explanation is chatter about the U.S. and China nearing a trade deal and the notion that once-done, domestic commodities will reap significant benefit. There are lots of assumptions throughout the scenario, and plenty betting on them.

Except for 50¢ higher in the back contract, Live Cattle futures closed an average of $1.94 higher.

Feeder Cattle futures closed an average of $1.85 higher (85¢ to $2.85 higher).

Corn futures closed mostly 1¢ to 2¢ higher.

Soybean futures closed 6¢ to 7¢ higher.

Wholesale beef values were firm on Choice and weak on Select, with light to moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 60¢ higher Thursday afternoon at $226.74/cwt. Select was 61¢ lower at $218.36.

April 4th, 2019|

Cattle Current Podcast—Apr. 4, 2019

Negotiated cash fed cattle trade and demand were moderate in Kansas through Wednesday afternoon with live prices $1-$2 less than the previous week at $124/cwt.

There were 513 head offered in the weekly Fed Cattle Exchange auction and no takers.

Up north, Choice 2-4 steers brought $128.90/cwt. at the fat auction in Tama, IA. They were $125.50-$127.25 at Sioux Falls.

Growing odds for lower cash prices this week, softer wholesale beef values and the lack or packer urgency to increase harvest levels helped pressure Cattle futures Wednesday.

Except for an average of 20¢ higher in two contracts toward the back, Live Cattle futures closed an average of 36¢ lower.

Feeder Cattle futures closed an average of 54¢ lower (10¢ to 90¢ lower).

Corn futures closed mostly 1¢ to 3¢ higher.

Soybean futures closed mixed, fractionally higher to 1¢ lower.

Wholesale beef values were firm on moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 41¢ higher Wednesday afternoon at $226.14/cwt. Select was 48¢ higher at $218.97.

April 3rd, 2019|

Cattle Current Daily—Apr. 3, 2019

Negotiated cash fed cattle trade was undeveloped through Tuesday afternoon, but there were a few live sales reported in Kansas at $124/cwt., but too few to trend. Country trade there last week was at $126.

That might be one reason for softer Cattle futures, especially Feeder Cattle, although Live Cattle got some early support from another run up in Lean Hog futures.

Other than an average of 9¢ higher in four contracts, Live Cattle futures closed an average of 60¢ lower.

Feeder Cattle futures closed an average of $1.20 lower (60¢ to $1.45 lower).

After fractionally mixed in the front four contracts, Corn futures closed mostly 1¢ to 3¢ higher.

Soybean futures closed mostly 4¢ to 6¢ higher.

Wholesale beef values were lower on light to moderate demand and heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.11 lower Tuesday afternoon at $225.73/cwt. Select was 84¢ lower at $218.49.

April 2nd, 2019|

Cattle Current Podcast—Apr. 2, 2019

Cattle futures bounced back on Monday as traders retrenched for the new quarter. There was chatter that optimism about spring consumer beef demand provided the lift. Could be, but nothing changed on that fundamental front since Friday. For Feeder Cattle, the bearish crops reports on Friday likely provided some support.

Live Cattle futures closed an average of 46¢ higher. Since setting a new record Mar. 22, open interest declined 15,515 contracts to 439,234 on Friday.

Feeder Cattle futures closed an average of $1.27 higher across the back half of the board; an average of 33¢ higher through the front.

Corn futures closed 4¢ to 5¢ higher through Sep ’20, and then mostly 1¢ to 2¢ higher, rebounding from the hard dive Friday.

Soybean futures closed 8¢ to 11¢ higher, helped by late-week reports of a buy from China.

Wholesale beef values were firm to higher on light to moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 80¢ higher Monday afternoon at $226.84/cwt. Select was 44¢ higher at $219.33.

April 1st, 2019|

Cattle Current Podcast—Apr.1, 2019

Through late Friday afternoon, negotiated cash fed cattle prices for the week were mostly $2-$3 less on a live basis at $125-$126/cwt. in the Southern Plains, mostly $126 in Nebraska and mostly $128 in the western Corn Belt. Dressed trade was also $2-$3 lower at $206 in Nebraska and at $205 in the western Corn Belt.

Cattle futures softened Friday with pressure from Lean Hog futures, lower cash prices and positioning for the end of the month and quarter.

Except for 62¢ higher in the back contract, Live Cattle futures closed an average of 57¢ lower.

Except for 85¢ and $1.70 higher in the back two contracts, Feeder Cattle futures closed an average of 47¢ lower.

Corn futures closed 8¢ to 17¢ lower through Jul ’20, and then 3¢ to 5¢ lower. Planting intentions and grain stocks applied heavy pressure to the front contracts.    

Soybean futures closed 3¢ to 5¢ lower.

Wholesale beef values were weak to lower on light demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.40 lower Friday afternoon at $226.04/cwt. Select was 63¢ lower at $218.89.

March 31st, 2019|

Cattle Current Podcast—March 29, 2019

Despite lower cash fed cattle prices the previous day and heavy pressure in Lean Hog futures, Live Cattle futures traded mostly sideways Thursday. Feeder Cattle inched higher, amid continued light trade.

Live Cattle futures closed narrowly mixed (20¢ lower to 35¢ higher).

Except for 15¢ lower and unchanged at either end of the board, Feeder Cattle futures closed an average of 43¢ higher.

Corn futures closed mostly fractionally higher through Mar ’21, and then 3¢ to 5¢ higher    

After 1¢ to 2¢ higher in the front four contracts, Soybean futures closed mostly fractionally lower to 1¢ lower.

Wholesale beef values were lower on light to moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.55 lower Thursday afternoon at $227.44/cwt. Select was $1.01 lower at $219.52.

March 28th, 2019|

Cattle Current Podcast—March 28, 2019

Although there were too few transactions for a full trend in any region, negotiated cash fed cattle trade got underway Wednesday with a decidedly bearish tone.

Live sales were $2-$3 lower in the Southern Plains at $125-$126/cwt.; $126-$127 in Nebraska. Live trade was $3 less in Colorado at $126; $1-$2 lower in the western Corn Belt at $128-$129. Dressed sales were $2-$3 lower at $206 in Nebraska and $205 in the western Corn Belt.

Early capitulation by some cattle feeders, and at those prices, surprised plenty of traders.

Live Cattle futures closed an average 87¢ lower through the front five contracts and then an average of 22¢ lower.

The notion is growing for some that last week was the seasonal top for fed cattle. If so, next comes a downward trek for prices through the summer months, with the pitch and speed depending on lots of factors; everything from marketing currentness associated with long-fed cattle and increasing cattle numbers, to beef demand, to feed prices impacted by protracted flooding to packer capacity utilization.

Feeder Cattle futures closed an average of 29¢ lower, except for an average of 8¢ higher for Aug-Oct. Trade was light.

Corn futures closed mostly 1¢ to 3¢ lower.

Soybean futures closed 10¢ to 13¢ lower through May ’20 and then 7¢ to 9¢ lower. Presumably, pressure is building with thoughts that weather will force more acres from corn to beans.

Wholesale beef values were weak on Choice and higher on Select with moderate to fairly good demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 52¢ lower Wednesday afternoon at $228.99/cwt. Select was $1.54 higher at $220.53.

March 27th, 2019|

Cattle Current Podcast—March 27, 2019

Negotiated cash fed cattle trade remained undeveloped through Tuesday afternoon.

Live Cattle futures closed an average 48¢ lower (12¢ to 77¢ lower).

Except for 57¢ and 2¢ higher in the front two contracts, Feeder Cattle futures closed an average of 89¢ lower.

Corn futures closed mostly 1¢ to 2¢ lower.

Soybean futures closed 3¢ to 5¢ lower.

Wholesale beef values were firm on light to moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 51¢ higher Tuesday afternoon at $229.51/cwt. Select was 26¢ higher at $218.99.

March 26th, 2019|

Cattle Current Podcast—March 26, 2019

Negotiated cash fed cattle trade ended up mostly $1-$2 higher on a live basis last week at $128/cwt. in the South and $129 in the North (up to $131 in the western Corn Belt). Dressed trade was mainly $4 higher at mostly $208.

The 5-area weighted average for fed steers last week was $1.82 higher at $128.96/cwt. Heifers were $1.66 higher on a live basis at $128.61. In the beef, steers were $3.39 higher at $207.64. Heifers were $3.50 higher at $207.59.

Cattle futures closed sharply lower, though, pressured by more feedlot placements than expected in Friday’s Cattle on Feed report. Placements in February were 2.20% more than the previous year. The average of estimates ahead of the report projected a decline of about 4%.

“The February placement total is the largest for the month since 2000,” says Derrell Peel, Extension livestock marketing specialist at Oklahoma State University, in his weekly market comments. “Over the last 12 months, the average feedlot inventory was 11.529 million head, the largest 12-month moving average since January 2000.” See more comments from Peel below.

Live Cattle futures closed an average $1.25 lower (40¢ lower at the back to $2.37 lower in near Jun).

Feeder Cattle futures closed an average of $1.56 lower (40¢ to $3.35 lower).

Corn futures closed mostly 1¢ higher.

Soybean futures closed 1¢ to 2¢ higher.

Wholesale beef values were steady on moderate demand and moderate to heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 9¢ lower Monday afternoon at $229.00/cwt. Select was 9¢ higher at $218.73.

March 25th, 2019|

Cattle Current Podcast—March 25, 2019

Negotiated cash fed cattle trade was yet to be fully developed by late Friday afternoon. Live sales in the Southern Plains were reported $1 higher at $128/cwt., on light to moderate demand and trade. Though too few to trend, there were some early dressed sales reported in the Western Corn Belt at $208, which was $2-$5 more than the previous week.

Traders got skittish in front-month Lean Hog futures. Volatility there weighed on Cattle futures, though they closed mostly higher for another session.

Except for 17¢ and 40¢ lower in the front two contracts, Live Cattle futures closed an average 21¢ higher.

Except for 12¢ lower in Apr, Feeder Cattle futures closed an average of 84¢ higher (5¢ to $1.42 higher).

Corn futures closed fractionally higher to 2¢ higher.

Soybean futures closed mostly 7¢ to 9¢ lower.

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

Choice boxed beef cutout value was 22¢ lower Friday afternoon at $229.09/cwt. Select was 27¢ higher at $218.64.

March 24th, 2019|

Cattle Current Podcast—March 22, 2019

Negotiated cash fed cattle trade remained undeveloped through Thursday afternoon, though hopes increased for higher money, given futures strength.

Cattle futures, especially Feeder Cattle, continued higher, once again supported by rallying Lean Hogs, as well as anticipated weather impacts.

Except for unchanged in the back contract, Live Cattle futures closed an average 86¢ higher.

Feeder Cattle futures closed an average of $1.20 higher (52¢ higher to $1.87 higher). That’s an average of about $3 higher in the last two sessions.

Corn futures closed 2¢ to 4¢ higher through Jul ’20 and then fractionally higher.

Soybean futures closed mostly 2¢ to 4¢ higher.

Wholesale beef values were firm on Choice and weak on Select with moderate to fairly good demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 64¢ higher Thursday afternoon at $229.31/cwt. Select was 26¢ lower at $218.37.

March 21st, 2019|

Cattle Current Podcast—March 21, 2019

Lean Hog futures continued their recent and aggressive rally Wednesday, providing lift to Cattle futures, especially Feeder Cattle.

Live Cattle futures closed an average 69¢ higher.

Except for unchanged and 52¢ higher in the front two contracts, Feeder Cattle futures closed an average of $1.74 higher.

Stronger futures, continued strength in wholesale beef values and the latest winter storm offer hopes of higher cash fed cattle prices this week; surely no worse than steady.

There were 596 head offered in the weekly Fed Cattle Exchange auction Wednesday; no takers.

Choice 2-4 steers sold mainly steady at the fat auction in Tama, IA: $127.28/cwt. for 150 head weighing an average of 1,406 lbs. At Sioux Falls Regional in South Dakota, Ch 2-4 steers brought $126.00-$127.75.

Corn futures closed mostly fractionally higher.

Soybean futures closed unchanged to 2¢ higher.

Wholesale beef values were weak to lower on light to moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 66¢ lower Wednesday afternoon at $228.67/cwt. Select was 83¢ lower at $218.63.

March 20th, 2019|

Cattle Current Podcast—March 20, 2019

Cattle futures, especially Feeder Cattle continued to gain on Tuesday. Some of the support likely stems from positioning ahead of the potential market impact of last week’s storm, which wrought massive flooding in Nebraska and adjoining states.

Live Cattle futures closed an average 59¢ higher.

Feeder Cattle futures closed an average of $1.43 higher.

Corn futures closed fractionally mixed to 1¢ lower.

Soybean futures closed mostly fractionally mixed to 1¢ lower.

Wholesale beef values were higher on good to moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.00 higher Tuesday afternoon at $229.33/cwt. Select was $1.25 higher at $219.46.

March 19th, 2019|

Cattle Current Podcast—March 19, 2019

Last week’s 5-Area direct price for steers and heifers ended up right at $1/cwt. lower on a live basis, according to USDA data. Steers averaged $1.01 lower at $127.14. Heifers were $1.06 lower at $126.95. In the beef, steers were 82¢ lower at $204.25; heifers were 69¢ lower at $204.09.

Cattle futures meandered mostly higher Monday with continuing support from Lean Hog futures and a major question mark regarding the impact of last week’s bomb cyclone that hit a wide swath of the Plains.

Other than 77¢ lower in spot Apr and 35¢ lower in away Jun, Live Cattle futures closed an average 30¢ higher.

Except for 62¢ and 12¢ lower in Apr and May, respectively, Feeder Cattle futures closed an average of 32¢ higher.

Corn futures closed mostly 1¢ lower through Sep ’20 and then fractionally higher.

Soybean futures closed mostly 2¢ to 3¢ lower.

Wholesale beef values were higher on good demand and light offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.34 higher Monday afternoon at $228.33/cwt. Select was 87¢ higher at $218.21.

March 18th, 2019|

Cattle Current Podcast—March 18, 2019

Negotiated cash fed cattle trade for last week, through Friday afternoon was mainly $127/cwt. on a live basis in the Northern Plains and the Southern Plains. That was mostly $1 less than the previous week. Dressed trade on the western Corn belt was steady at $204-$205.

Cattle futures gained with support from the continued rally in Lean Hog futures and likely near-term support from the latest round of winter. Presumably, the former is tied to the week’s export data from USDA, which indicates pork exports to China. If so, such optimism seems a stretch.

Live Cattle futures closed an average $1.19 higher (75¢ higher at the back to $1.70 higher in spot Apr).

Feeder Cattle futures closed an average of $1.21 higher (22¢ higher to $2.27 higher).

Corn futures closed 1¢ to 3¢ higher.

Soybean futures closed mostly 5¢ to 10¢ higher.

Wholesale beef values were lower on light to moderate demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 71¢ lower Friday afternoon at $226.99/cwt. Select was $1.42 lower at $217.34.

March 17th, 2019|

Cattle Current Podcast—March 15, 2019

Cattle movement was stymied across a broad section of the country on Thursday, courtesy of blizzard conditions and flooding.

Negotiated cash fed cattle trade continued to trickle along at mostly $127 on a live basis in Nebraska.

Cattle futures gained, with support from the continued rally in Lean Hog futures and likely near-term support from the latest round of winter.

Live Cattle futures closed an average 84¢ higher through the front four contracts and then an average of 41¢ higher.

Except for 45¢ lower in spot Mar, Feeder Cattle futures closed an average of 60¢ higher.

Corn futures closed 1¢ to 4¢ higher through Mar ’20 and then mostly fractionally mixed.

Soybean futures closed 2¢ to 3¢ lower through Nov ’20 and then fractionally lower.

Wholesale beef values were weak on light to moderate demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 54¢ lower Thursday afternoon at $227.70/cwt. Select was 52¢ lower at $218.76.

March 14th, 2019|

Cattle Current Podcast—March 14, 2019

Negotiated cash fed cattle trade was light to moderate in the Southern Plains through Wednesday afternoon at $127/cwt. on a live basis, which was $1 lower than last week.

Although too few to trend, there were some live sales in Nebraska at $126-$127, which was $1.50-$2.00 lower than the previous week.

The deepest test at Tama, IA for Ch 2-4 steers was $128.56/cwt. on 132 head weighing an average of 1,420 lbs. That’s at the upper end of last week’s country trade for the region. At Sioux Falls Regional in South Dakota, though, Ch 2-4 steers brought $125.25 to $128.00.

There were 755 head offered in the weekly Fed Cattle Exchange auction, and no takers. Two lots of Oklahoma heifers were passed out at $126.50/cwt.

Cattle futures firmed Wednesday, following early-week losses suggesting the top may be in for Live Cattle.

Live Cattle futures closed an average 27¢ higher across a wide range (2¢ to 87¢ higher).

Feeder Cattle futures closed narrowly mixed (27¢ lower to 25¢ higher).

Corn futures closed fractionally higher to 1¢ lower.

Soybean futures closed 3¢ to 6¢ higher.

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

Choice boxed beef cutout value was 2¢ higher Wednesday afternoon at $228.24/cwt. Select was $1.07 lower at $219.28.

March 13th, 2019|

Cattle Current Podcast—March 13, 2019

Negotiated cash fed cattle trade was undeveloped through Tuesday afternoon, but futures prices and a few trades in the western Corn Belt hint at steady to softer prices.

Although too few to trend, there were a few live sales in the western Corn Belt at $126-$128/cwt., and a few in the beef at $204-$205.

Live Cattle futures closed an average of $1.14 lower (47¢ lower in the back contract to $2.35 lower in spot Apr). Trade volume was the heaviest since the first part of January.

Feeder Cattle futures closed an average of $1.19 lower.

Bears, no doubt, will likely make the case that the decline in Cattle futures signals the seasonal top is in the books.

Corn futures closed 3¢ to 5¢ higher.

Soybean futures closed 6¢ to 7¢ higher.

Wholesale beef values were firm to higher on moderate to fairly good demand and light offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 86¢ higher Tuesday afternoon at $228.22/cwt. Select was 72¢ higher at $220.35.

March 12th, 2019|

Cattle Current Podcast—March 12, 2019

Short covering and profit taking seemed to be the order of the day in Cattle futures to start the week as follow-through buying to the previous session’s gains failed to materialize.

Live Cattle futures closed an average of 46¢ lower, except for unchanged to 17¢ higher in the back three contracts.

Feeder Cattle futures closed an average of $1.49 lower through the front three contracts and then an average of 28¢ lower.

Grain futures turned lower Monday, presumably on continued response to last weeks World Agricultural Supply and Demand Estimates indicating increased ending stocks for wheat and corn.

Corn futures closed mostly 1¢ to 2¢ lower.

Soybean futures closed 3¢ to 6¢ lower, with chatter that delayed planting conditions this year could force more acres into soybeans.

Wholesale beef values were higher on good demand and light offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.23 higher Monday afternoon at $227.36/cwt. Select was 85¢ higher at $219.63.

March 11th, 2019|

Cattle Current Podcast—March 11, 2019

There were a few negotiated cash fed cattle trades in Nebraska and the western Corn Belt on Friday at $127-$128/cwt. on a live basis, and a few in the beef at $205; too few to trend.

For the week, trade was generally steady at $128 in the Southern Plains and Nebraska. Dressed trade was also steady at $205.

A rally in Lean Hogs and expectations for fewer feedlot placements helped underpin Cattle futures on Friday.

Live Cattle futures closed an average of 52¢ higher (15¢ higher in the back contract to 75¢ higher).

Feeder Cattle futures closed an average of $1.03 higher (72¢ to $1.70 higher).

Corn futures closed mostly fractionally lower to 1¢ lower.

Soybean futures closed 5¢ to 7¢ lower through Jan. ’20 and then mostly 3¢ to 4¢ lower.

Wholesale beef values were steady on light to moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 9¢ higher Friday afternoon at $226.13/cwt. Select was 24¢ higher at $218.78.

March 10th, 2019|

Cattle Current Podcast-March 8, 2019

Weekly negotiated cash fed cattle got underway Thursday with moderate trade and demand in the Southern Plains. Prices were steady with the previous week at $128/cwt. Though too few transactions to trend, there was also light to moderate trade in Nebraska at $128, which was steady with the bulk of the previous week’s sales in the region.

Steady cash prices helped lift Live Cattle futures.

Live Cattle futures closed an average of 53¢ higher (5¢ higher in spot Apr to 92¢ higher).

Short covering, apparently, and perhaps positioning ahead of Friday’s Cattle on Feed report helped Feeder Cattle futures gain back a fair portion of what was lost in the previous two sessions.

Feeder Cattle futures closed an average of $1.52 higher (45¢ in the back contract to $2.35 higher).

Corn futures closed mostly 3¢ to 6¢ lower.

Soybean futures closed mixed from 3¢ lower to 1¢ higher.

Wholesale beef values were higher on Choice and steady on Select with moderate to fairly good demand and light offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.11 higher Thursday afternoon at $226.04/cwt. Select was 17¢ higher at $218.54.

March 7th, 2019|

Cattle Current Podcast—March 7, 2019

Negotiated cash fed cattle trade remained undeveloped through Wednesday afternoon, but a variety of indicators suggested at least steady prices this week.

At Sioux Falls Regional in South Dakota, Ch 2-4 steers brought $125.50 to $129.75/cwt. on Wednesday. The deepest test of Ch 2-4 steers at Tama, IA brought an average price of $130.81.

Through Tuesday, the 5-area direct live steer price was $128.50 on a smattering of trades, about even with the previous week.

There were only 300 head offered in the weekly Fed Cattle Exchange auction, and no takers.

Live Cattle futures puttered in place Wednesday, drifting a touch lower, while Feeder Cattle continued to soften amid light trade.

Other than 7¢ higher in spot Apr, Live Cattle futures closed an average of 26¢ lower.

Feeder Cattle futures closed an average of 79¢ lower (22¢ to $1.02 lower).That’s an average of about $1.50 lower in the last two sessions.

Corn futures closed 2¢ to 3¢ lower through Jul ’20 and then mostly fractionally lower.

Soybean futures closed 10¢ to 11¢ lower through Aug ’20 and then 7¢ to 9¢ lower.

Wholesale beef values were firm to higher on good to moderate demand and light offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 89¢ higher Wednesday afternoon at $224.93/cwt. Select was 58¢ higher at $218.37.

March 6th, 2019|

Cattle Current Podcast—March 6, 2019

Front-month Live Cattle futures firmed Tuesday, following pressure in the previous session, perhaps suggesting traders took a harder look at currently favorable fundamentals; open interest continues to grow. Feeder Cattle gave back the previous day’s gains amid light trade.

Except for 47¢ higher in spot Apr, Live Cattle futures closed narrowly mixed (20¢ lower to 5¢ higher).

Feeder Cattle futures closed an average of 70¢ lower.

Corn futures closed mostly 1¢ to 2¢ higher.

Soybean futures closed 1¢ to 2¢ lower through Mar ’20 and then mostly fractionally higher.

Wholesale beef values were firm on fairly good demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 49¢ higher Tuesday afternoon at $224.04/cwt. Select was 58¢ higher at $217.79.

March 5th, 2019|

Cattle Current Podcast—March 5, 2019

Live Cattle futures softened Monday, perhaps on profit taking, given stronger cash prices and higher wholesale beef values. Feeder Cattle gained, though, with some chatter crediting support to the potential impact of the recent arctic blast.

Other than 30¢ and 2¢ higher in the back two contracts, Live Cattle futures closed an average of 44¢ lower.

Other than 2¢ lower in the front two contracts, Feeder Cattle futures closed an average of 86¢ higher.

Corn futures closed fractionally higher to 1¢ higher.

Soybean futures closed 4¢ to 5¢ higher.

Wholesale beef values were sharply higher on Choice and firm on Select with fairly good demand and light offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $2.26 higher Monday afternoon at $223.55/cwt. Select was 42¢ higher at $217.21.

March 4th, 2019|

Cattle Current Podcast—March 4, 2019

Negotiated cash fed cattle trade was $1.50-$3.50 higher on a live basis Friday at $128-$130/cwt. in the western Corn Belt, $128-$129 in Nebraska and, according to the Texas Cattle Feeders Association, at $128 in the Texas Panhandle. In the beef, prices were $3 more than the previous week at $205 with a few up to $206 in the western Corn Belt.

Live Cattle futures mostly edged higher on fundamental strength Friday, while nearby Feeder Cattle dropped, perhaps with queasiness about increased numbers waiting to go on feed, plus the slower pace of fed cattle marketing.

Other than 30¢ and 7¢ lower at either end of the board, Live Cattle futures closed an average of 16¢ higher.

Feeder Cattle futures closed an average of 92¢ lower across the front half of the board (20¢ lower to $1.65 lower in spot Mar) and then an average of 38¢ higher (5¢ higher to $1.30 higher in the back contract).

Corn futures closed 1¢ to 2¢ higher.

Soybean futures closed mostly 1¢ to 2¢ higher.

Wholesale beef values were higher on good demand and light offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.34 higher Friday afternoon at $221.29/cwt. Select was $1.52 higher at $216.79.

March 3rd, 2019|

Cattle Current Podcast—March 1, 2019

Negotiated cash fed cattle trade, undeveloped through Thursday afternoon, is setting up to be another late or after-hour affair again this week.

Live Cattle futures mostly tread water, while continued anemic trade, likely month-end position squaring and pessimism about growing fed cattle supplies later in the year helped pressure Feeder Cattle.

Other than 55¢ higher in spot Feb and unchanged in Jun, Live Cattle futures closed an average of 19¢ lower.

Feeder Cattle futures closed an average of $1.03 lower through the front three contracts and then an average of 27¢ lower, except for 12¢ higher in Nov.

Corn futures closed mostly 2¢ to 3¢ lower.

Soybean futures closed mostly 3¢ to 6¢ lower.

Wholesale beef values were firm on Choice and sharply higher on Select with moderate to fairly good demand and light to moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 49¢ higher Thursday afternoon at $219.95/cwt. Select was $2.48 higher at $215.27.

February 28th, 2019|

Cattle Current Podcast—Feb. 28, 2019

Negotiated cash fed cattle trade remained undeveloped through Wednesday afternoon.

Trends at fat cattle auctions were mixed. For instance, Choice 2-4 steers brought $129.23 to $129.83/cwt. at Tama, IA. On the other hand, significantly more Ch 2-4 steers (higher dressing) at Sioux Falls, SD brought $125.50-$126.75.

Only three lots of heifers (287 head) were offered in the weekly Fed Cattle Exchange auction on Wednesday, and no takers.

Even so, overall chatter continued to suggest higher prices when trade finally breaks loose this week, supported by strong beef fundamentals and the notion that packers appear to be even mort short-bought than last week.

Cattle futures basically paddled in place Wednesday, scooting forward a touch as traders awaited further cash direction.

Other than 17¢ lower in almost spent spot Feb, Live Cattle futures closed an average of 11¢ higher.

Feeder Cattle futures closed an average of 26¢ higher.

Corn futures closed 1¢ to 2¢ lower through Jul ‘20 and then mostly fractionally lower. 

Soybean futures closed fractionally mixed. 

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

Choice boxed beef cutout value was 21¢ lower Wednesday afternoon at $219.46/cwt. Select was 94¢ lower at $212.79.

February 27th, 2019|

Cattle Current Podcast—Feb. 27, 2019

Cash trade was undeveloped through Tuesday afternoon, but expectations grew for higher prices based on the paltry volume of trade last week and the continued decline in carcass weights. Dressed steer weights for the week ending Feb. 9 were 4 lbs. lighter year over year at 885 lbs., according to USDA’s Actual Slaughter Under Federal Inspection report. Dressed heifer weights were 11 lbs. lighter at 822 lbs.

Cattle futures continued higher Tuesday, led by Live Cattle, which received support from the notion of higher cash prices, as well as continued strength in wholesale beef values. Lower grain prices also helped underpin Feeder Cattle support.

Live Cattle futures closed an average of 45¢ higher (25¢ higher to $1.02 higher in spot Feb).

Feeder Cattle futures closed an average of 70¢ higher.

Corn futures closed mostly 2¢ to 4¢ lower through near Dec and then mostly 1¢ lower. 

Soybean futures closed 5¢ to 8¢ lower through Mar ‘20 and then mostly 3¢ lower. 

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

Choice boxed beef cutout value was 12¢ higher Tuesday afternoon at $219.67/cwt. Select was 84¢ lower at $213.73.

February 26th, 2019|

Cattle Current Podcast—Feb. 26, 2019

Cattle feeders ended up being rewarded for their marketing patience last week. Late-week trade was mostly $1-$2 higher on a live basis at $126/cwt. in Kansas, $126.50 in Nebraska and $124.50-$128.00 in the western Corn Belt. Dressed sales were $2 higher at $202. There was no trend reported for the Texas Panhandle.

Higher cash trade, stronger wholesale beef values and Friday’s friendly Cattle on Feed report offered support to Cattle futures Monday, but that was tempered by more erosion in Lean Hog futures.

Live Cattle futures closed from an average of 9¢ lower to an average of 13¢ higher.

Except for an average of 40¢ lower in spot Mar, Feeder Cattle futures closed an average of 24¢ higher.

Corn futures closed mostly 3¢ to 4¢ lower.

Soybean futures closed mostly fractionally lower to 1¢ higher.

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

Choice boxed beef cutout value was 16¢ higher Monday afternoon at $219.55/cwt. Select was $2.22 higher at $214.57.

February 25th, 2019|

Cattle Current Podcast—Feb. 25, 2019

Negotiated cash fed cattle trade remained mostly undeveloped through Friday afternoon, based on USDA reports, but indications were for steady to higher prices.

For instance, although too few to trend, a few early trades were reported in the Western Corn Belt at $124.50-$128.00/cwt. on a live basis and at $202 in the beef. That’s 50¢ to $2 higher on a live basis and $2-$3 more dressed.

Through Thursday, the 5-area direct price was averaging steady with the previous week at $125.

Live Cattle futures inched higher Friday, while Feeder Cattle were narrowly mixed.

After $1.05 higher in spot Feb, Live Cattle futures closed an average of 20¢ higher.

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

Corn futures closed unchanged to fractionally mixed.

Soybean futures closed fractionally mixed to 1¢ lower.

Wholesale beef values were higher on good demand and light offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.32 higher Friday afternoon at $219.39/cwt. Select was 94¢ higher at $212.35.

February 24th, 2019|

Cattle Current Podcast—Feb. 22, 2019

Negotiated cash fed cattle trade remained undeveloped through Thursday afternoon.

Cattle futures closed mainly narrowly mixed with pressure in the front months,

likely on positioning and perhaps some defensiveness ahead of tomorrow’s Cattle on Feed (COF) report. That will be the Jan. 25 report, due to the government shutdown. The COF originally slotted for Feb. 22 is scheduled to be released Mar. 8. In between, the Cattle inventory report, which should have been published Jan. 31 is scheduled for release Feb. 28.

Amid growing open interest, Live Cattle futures closed an average of 46¢ lower through the front three contracts (7¢ to 70¢ lower) and then an average of 11¢ higher.

Feeder Cattle futures closed an average of 44¢ lower through the front three contracts (12¢ to 65¢ lower) and then an average of 17¢ higher.

Corn futures closed 3¢ to 4¢ higher across the front half of the board, and then mostly 1¢ to 2¢ higher, amid chatter that China is poised to buy more U.S. corn and soybeans than previously thought. 

Soybean futures closed 4¢ to 8¢ higher across the front half, and then mostly 3¢ higher. 

Wholesale beef values were higher on Choice and steady on Select with moderate to good demand and light to moderate offerings, according to the Agricultural Marketing Service.Choice boxed beef cutout value was $1.58 higher Thursday afternoon at $218.07/cwt. Select was 9¢ lower at $211.41. 

February 21st, 2019|

Cattle Current Podcast—Feb. 21, 2019

Negotiated cash fed cattle trade remained undeveloped through Wednesday afternoon, but there were several suggestions for steady to higher trade. 

For instance, Ch 2-4 steers traded at mostly $125-$128/cwt. at Sioux Falls in South Dakota.

As well, there were no takers, but three Kansas lots passed out at $125—steady with last week’s country trade—in the weekly Fed Cattle Exchange auction (785 head). 

Cattle futures edged higher, too, especially Live Cattle, which closed an average of 46¢ higher, except for unchanged in the back two contracts.

Except for an average of 17¢ lower in the back two contracts, Feeder Cattle futures closed an average of 11¢ higher. 

Corn futures closed mostly 1¢ to 2¢ higher. 

Soybean futures closed 1¢ to mostly 2¢ higher.

Wholesale beef values were lower on light demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 78¢ lower Wednesday afternoon at $216.49/cwt. Select was $2.04 lower at $211.50. 

February 20th, 2019|

Cattle Current Podcast—Feb. 20, 2019

Steady cash prices last week, and declining carcass weights pointing to the potential for higher fed cattle prices this week, helped lift Cattle futures Tuesday. Some also attributed part of the support to traders fleeing the meltdown in Lean Hog futures.

Live Cattle futures closed an average of $1.26 higher in the front two contracts and then an average of 33¢ higher.

Feeder Cattle futures closed an average of 58¢ higher (42¢ higher to $1.15 higher in spot Mar).

Corn futures closed 1¢ to 5¢ lower through Sep ’20 and then fractionally lower. 

Soybean futures closed 6¢ to 7¢ lower through Jan ‘20, then 3¢ to 5¢ lower.

Wholesale beef values were steady to firm on moderate to fairly good demand and moderate to heavy offerings, according to the Agricultural Marketing Service.Choice boxed beef cutout value was 12¢ lower Tuesday afternoon at $217.27/cwt. Select was 54¢ higher at $213.54. 

February 19th, 2019|

Cattle Current Podcast—Feb. 19, 2019

Negotiated cash fed cattle trade ended up mainly steady on a live basis last week at $125/cwt. in the Southern Plains and Nebraska; unevenly steady in the western Corn Belt at $124-$126. Dressed trade was steady in Nebraska at $200 and steady to $1 lower in the western Corn Belt at $199-200.

Futures and equity markets were closed Monday, in observance of President’s Day. As well, many AMS reports were not issued. 

February 18th, 2019|

Cattle Current Podcast—Feb. 18, 2019

Negotiated cash fed cattle trade remained undeveloped through Friday afternoon. A few live trades were reported in the western Corn Belt at $124-$127/cwt., but too few to trend.

Cattle futures softened, especially front-month Feeder Cattle. According to various chatter, part of the pressure for Feeder Cattle was attributed to thoughts that grain prices will pop, at least in the short term, when the U.S. and China resolve trade issues. 

Except for 50¢ higher in spot Feb, Live Cattle futures closed an average of 21¢ lower. 

Feeder Cattle futures closed an average of $1.28 lower through the front three contracts and then an average of 64¢ lower.

Corn futures closed fractionally mixed. 

Soybean futures closed 3¢ to 4¢ higher, following the steep declines in the previous session.

Wholesale beef values were firm to higher on fairly good demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 78¢ higher Friday afternoon at $216.85/cwt. Select was 58¢ higher at $210.99. 

February 17th, 2019|

Cattle Current Podcast-Feb. 15, 2019

Negotiated cash fed cattle trade remained undeveloped through Thursday afternoon. A few live trades were reported in the western Corn Belt at $124/cwt., but too few to trend.

Cattle futures leaked mostly slightly higher, apparently tied to expectations of further cash support for fed cattle. Lower grain prices also provided support to Feeder Cattle.

Except for 5¢ and 17¢ lower in Dec and away Feb, respectively, Live Cattle futures closed an average of 29¢ higher. 

Feeder Cattle futures closed an average of 39¢ higher (5¢ to 60¢ higher).

Corn futures closed 2¢ to 4¢ lower through Sep ’20 and then mostly 1¢ lower. 

Soybean futures closed 10¢ to 13¢ lower through Jul ‘20, and then 8¢ to 9¢ lower, amid chatter about fewer year-over-year exports to China and early expectations for the next domestic crop weighing on stocks. 

Wholesale beef values were weak to lower on light demand and offerings, according to the Agricultural Marketing Service.Choice boxed beef cutout value was 37¢ lower Thursday afternoon at $216.07/cwt. Select was $1.60 lower at $210.41. 

February 14th, 2019|

Cattle Current Podcast—Feb. 14, 2019

Negotiated cash fed cattle trade remained undeveloped through Wednesday afternoon, but packer interest seemed to pick up, at least on a token basis. Although too few transactions to trend, a few western Corn Belt trades were reported at $123-$124/cwt. on a live basis and at $199-$200 in the beef.

There were 785 head offered in the weekly Fed Cattle Exchange auction. There were no sales, but three lots passed out at $125/cwt.

Cattle futures closed lower, amid likely overall position squaring and beneath the umbrella of uncertainty regarding if and when a trade deal will be completed with China. Aside from light trade, recently firmer grain prices added drag to Feeder Cattle.

Live Cattle futures closed an average of 47¢ lower. 

Feeder Cattle futures closed an average of 74¢ lower. 

Corn futures closed mostly fractionally mixed. 

Soybean futures closed mostly 1¢ lower, following the previous session’s strong gains. 

Wholesale beef values were weak to lower on light to moderate demand and offerings, according to the Agricultural Marketing Service.Choice boxed beef cutout value was 72¢ lower Wednesday afternoon at $216.44/cwt. Select was 99¢ lower at $212.01. 

February 13th, 2019|

Cattle Current Podcast—Feb. 13, 2019

There was no cash fed cattle trade to speak of through Tuesday afternoon, as expected.

Cattle futures closed mainly narrowly mixed, amid likely profit taking and position squaring, buoyed by sharply higher outside markets.

After $1.00 lower in spot Feb, Live Cattle futures an average of 19¢ lower to an average of 11¢ higher. 

Feeder Cattle futures closed from 27¢ lower to 30¢ higher. 

Grain futures closed mainly higher on speculation that the U.S. and China will reach a resolution on trade sooner rather than later.

Corn futures closed 4¢ to 5¢ higher through Jul ’20 and then mostly 1¢ to 2¢ higher. 

Soybean futures closed mostly 10¢ to 12¢ higher. 

Wholesale beef values were firm on Choice and lower on Select with light to moderate demand and moderate offerings, according to the Agricultural Marketing Service.Choice boxed beef cutout value was 28¢ higher Tuesday afternoon at $217.16/cwt. Select was 86¢ lower at $213.00. 

February 12th, 2019|

Cattle Current Podcast—Feb. 12, 2019

Negotiated cash fed cattle trade ended up last week $1 higher on a live basis at $125/cwt. in the Southern Plains and $1.00-$1.50 higher in the north at $124.50-$126.00. Dressed sales were up to $3 higher at $200. 

Cattle futures trickled higher Monday, after narrow mixed trade early, supported by last week’s cash trade and stronger wholesale beef values.

Live Cattle futures closed 42¢ higher. 

Except for 50¢ lower in the back contract, Feeder Cattle futures closed an average of 64¢ higher. 

Corn futures closed mostly fractionally lower to 1¢ lower.

Soybean futures closed 6¢ to 9¢ lower. 

Wholesale beef values were higher to sharply higher on moderate to good demand and light offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.53 higher Monday afternoon at $216.88/cwt. Select was $2.69 higher at $213.86. 

February 12th, 2019|

Cattle CurrentPodcast—Feb. 11, 2019

Negotiated cash fed cattle trade remained undeveloped through late Friday afternoon, based on USDA reports, which cited a few trades in Nebraska and the western Corn Belt at $124-$125/cwt. on a live basis. The Agricultural Marketing Service reported dressed sales $2 higher in Nebraska at $200. Chatter increased that trade was headed higher by the end of the day.

Expectations of steady to higher cash and firm fundamentals helped lift Cattle futures Friday. Those fundamentals include winter-depressed cattle weights.

Dressed steers weights for the week ending Jan. 5 were 6 lbs. lighter year over year at 896 lbs., according to the Actual Slaughter Under Federal Inspection report from USDA. Dressed heifer weights were 8 lbs. lighter at 892 lbs. A week earlier, year over year, dressed steer weights were 9 lbs. lighter and dressed heifer weights were 13 lbs. lighter.

As well, the slug of USDA reports released Friday—offering the year’s first grain supply and usage estimates—proved to be market neutral.

Live Cattle futures closed 61¢ higher (10¢ to $1.10 higher).

Feeder Cattle futures closed an average of 74¢ higher (50¢ to $1.02 higher).  

Corn futures closed mostly fractionally lower to 2¢ lower.

Soybean futures closed mostly 1¢ higher. 

Wholesale beef values were weak to lower on light demand and light to moderate offerings, according to the Agricultural Marketing Service.Choice boxed beef cutout value was $1.36 lower Friday afternoon at $215.35/cwt. Select was 36¢ lower at $211.17. 

February 9th, 2019|

Cattle Current Podcast-Feb. 8, 2019

Negotiated cash fed cattle trade remained undeveloped through Thursday afternoon. 

Cattle futures mostly tread water, pressured early by sharply lower Lean Hog futures, but recovering as trade picked up.

Live Cattle futures closed narrowly mixed (17¢ lower to 11¢ higher). 

Except for unchanged in the back contract, Feeder Cattle futures closed an average of 26¢ higher. 

Corn and soybean futures came under pressure Thursday, perhaps in part to negative rhetoric regarding a trade resolution with China, as well as defensive positioning ahead of USDA reports Friday that will provide the first glimpse at grain stocks and usage estimates in more than a month.

Corn futures closed 2¢ to 3¢ lower through Sep ’20 and then fractionally lower to 1¢ lower.

Soybean futures closed 3¢ to 8¢ lower. 

Wholesale beef values were lower on light to moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 86¢ lower Thursday afternoon at $216.71/cwt. Select was 84¢ lower at $211.53. 

February 7th, 2019|

Cattle Current Podcast-Feb. 7, 2019

Negotiated cash fed cattle trade was undeveloped through Wednesday afternoon, but early sings pointed to at least steady trade.

For instance, although too few to trend, there was some live trade in Nebraska at $124/cwt., steady with last week. 

Likewise, two lots of steers from Kansas brought a weighted average price of $124.11 in the weekly Fed Cattle Exchange auction. That was steady with the region’s country price a week earlier. There were only 294 head offered, but 161 head sold. Another lot was passed out at $124.

Cattle futures edged lower Wednesday with the lack of cash direction and light trade, especially light in Feeder Cattle.

Other than unchanged to an average of 3¢ higher in the back three contracts, Live Cattle futures closed an average of 19¢ lower.

Feeder Cattle futures closed an average of 48¢ lower.  

Corn futures closed mostly unchanged to fractionally lower.

Soybean futures closed mostly 2¢ to 4¢ higher. 

Wholesale beef values were firm on Choice and weak on Select with light to moderate demand and light offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 55¢ higher Wednesday afternoon at $217.57/cwt. Select was 73¢ lower at $212.37. 

February 6th, 2019|

Cattle Current Podcast-Feb. 6, 2019

Negotiated cash fed cattle trade was undeveloped through Tuesday afternoon.

Live Cattle futures edged higher with the firm fundamental outlook—at least static demand levels and weather-dampened beef production—for the near term. Feeder Cattle softened, likely due most to positioning after the previous session’s strong gain.

Live Cattle futures closed an average of 30¢ higher (5¢ higher to 97¢ higher in spot Feb).

Other than an average of 12¢ higher in Sep and Oct, Feeder Cattle futures closed an average of 32¢ lower. 

Corn futures closed fractionally higher to 1¢ higher.

Soybean futures closed 1¢ to 2¢ higher. 

Wholesale beef values were weak on light to moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 63¢ lower Tuesday afternoon at $217.02/cwt. Select was 31¢ lower at $213.10. 

February 5th, 2019|

Cattle Current Podcast-Feb. 5, 2019

Cattle futures closed higher Monday, led by Feeder Cattle and supported by higher cash prices and resurgent wholesale beef values.

Live Cattle futures closed an average of 67¢ higher.

Feeder Cattle futures closed an average of $1.46 higher ($1.12 to $1.82 higher).

Corn futures closed mostly unchanged to fractionally mixed.

Soybean futures closed mostly fractionally higher to 1¢ higher.

Wholesale beef values were sharply higher on Choice and firm on Select, with moderate to fairly good demand and light to moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $3.39 higher Monday afternoon at $217.65/cwt. Select was 26¢ higher at $213.41.

February 4th, 2019|

Cattle Current Podcast-Feb. 4, 2019

Negotiated cash fed cattle trade was undeveloped through Friday afternoon, based on USDA reports, though expectations were for steady to higher prices.

Cattle futures closed narrowly mixed, following the previous session’s correction.

Except for 2¢ lower in near Apr, Live Cattle futures closed an average of 32¢ higher.

Except for $1.35 lower in the back contract and 15¢ higher in Nov, Feeder Cattle futures closed an average of 19¢ lower.

Corn futures closed mostly 1¢ to 2¢ higher.

Soybean futures closed mostly 1¢ to 2¢ higher.

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

Choice boxed beef cutout value was $1.13 lower Friday afternoon at $214.26/cwt. Select was 27¢ higher at $213.15.

February 3rd, 2019|

Cattle Current Podcast-Feb. 01, 2019

Negotiated cash fed cattle trade was undeveloped through Thursday afternoon.

Month-end positioning appeared to be the primary pressure on cattle futures Thursday. For the short term, there was also chatter about this week’s extreme cold dampening consumer demand across impacted areas.

Live Cattle futures closed an average of $1.36 lower.

After 27¢ lower in expiring Jan, Feeder Cattle futures closed an average of $1.38 lower.

Corn futures closed mostly 2¢ to 4¢ lower.

Soybean futures closed 3¢ to 5¢ lower through Jul ’20 and then 1¢ to 2¢ lower. 

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

Choice boxed beef cutout value was $2.66 lower Thursday afternoon at $215.39/cwt. Select was 12¢ lower at $212.88.

January 31st, 2019|

Cattle Current Podcast-Jan. 31, 2019

Negotiated cash fed cattle trade was undeveloped through Wednesday afternoon. There were 1,684 head offered in the weekly Fed Cattle exchange auction and no takers.

Limited trading interest held Cattle futures to a narrow, though mostly slightly higher trading range.

Except for 32¢ lower in spot Feb, Live Cattle futures closed an average of 17¢ higher.

Other than 27¢ and 2¢ lower at either end of the board, Feeder Cattle futures closed an average of 15¢ higher, except for unchanged in Oct.

Corn futures closed mostly 2¢ to 3¢ higher through Jul ’20 and then mostly 1¢ higher.

Soybean futures closed 1¢ to 2¢ higher through Aug ’20 and then unchanged to fractionally lower. 

Wholesale beef values were steady to firm on light to moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 8¢ lower Wednesday afternoon at $218.05/cwt. Select was 43¢ higher at $213.00.

January 30th, 2019|

Cattle Current Podcast-Jan. 30, 2019

Negotiated cash fed cattle trade was undeveloped through Tuesday afternoon.

Higher wholesale beef values and likely less beef production than anticipated so far this year, due to weather helped Cattle futures mostly edge higher.

Live Cattle futures closed an average of 17¢ higher (7¢ to 42¢ higher).

After 82¢ and 10¢ lower in the front two contracts, Feeder Cattle futures closed an average of 15¢ higher.

Corn futures closed mostly 1¢ to 2¢ lower.

Soybean futures closed mostly 3¢ to 4¢ lower. 

Wholesale beef values were firm to higher on moderate to fairly good demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 73¢ higher Tuesday afternoon at $218.13/cwt. Select was 96¢ higher at $212.57.

January 29th, 2019|

Cattle Current Podcast-Jan. 29, 2019

Recently firm wholesale beef values, near-steady cash prices and continued performance-dampening weather helped Cattle futures gain some ground Monday, led by Feeder Cattle.

Live Cattle futures closed an average of 33¢ higher.

After 10¢ higher in spot Jan, Feeder Cattle futures closed an average of 70¢ higher.

Corn futures closed unchanged to fractionally mixed.

Soybean futures closed 1¢ to 2¢ lower. 

Wholesale beef values were firm on Choice and weak on Select with light to moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 39¢ higher Monday afternoon at $217.40/cwt. Select was 42¢ lower at $211.61.

January 28th, 2019|

Cattle Current Podcast-Jan. 28, 2019

Negotiated cash fed cattle sold steady in the beef on Friday at $197/cwt. Live sales were steady to mostly $1 lower at $123 in Kansas and Nebraska and at $123.00 to $125.50 in the western Corn Belt. The Texas Cattle Feeders Association reported its members selling steers at $123, which was $1 less than the previous week.

Softer cash trade and pressure in Lean Hog futures helped pressure Cattle futures on Friday.

Other than 70¢ and 37¢ higher in the front two contracts, Live Cattle futures closed an average of 37¢ lower.

Feeder Cattle futures closed an average of 45¢ lower.

Corn futures closed mostly 2¢ to 3¢ higher.

Soybean futures closed mostly 5¢ to 9¢ higher. 

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

Choice boxed beef cutout value was 74¢ lower Friday afternoon at $217.01/cwt. Select was 11¢ lower at $212.02.

January 26th, 2019|

Cattle Current Podcast-Jan. 25, 2019

Negotiated cash fed cattle trade remained undeveloped through Thursday afternoon.

Pressure in Lean Hog futures, undeveloped cash trade and light interest held Cattle futures to minimal gains.

Other than 20¢ and 2¢ lower in the front two contracts, Live Cattle futures closed an average of 28¢ higher.

Feeder Cattle futures closed an average of 50¢ higher.

Corn futures closed mostly fractionally lower to 1¢ lower.

Soybean futures closed mostly unchanged to fractionally mixed. 

Wholesale beef values were steady to firm on moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 54¢ higher Thursday afternoon at $217.75/cwt. Select was 10¢ higher at $212.14.

January 24th, 2019|

Cattle Current Podcast-Jan. 24, 2019

Negotiated cash fed cattle trade remained undeveloped through Wednesday afternoon. Although too few to trend, there were a few live trades in the western Corn Belt at $122-$125.

Prices were higher at some fat cattle auctions. For instance, Ch 2-4 steers brought $127.29 to $128.87/cwt. at Tama, IA, which was $2-$3 higher than last week’s negotiated trade in the region. On the other hand, Ch 2-3 steers brought $120.00 to $123.25 at Sioux Falls.

There were 4,139 head offered in the weekly Fed Cattle Exchange Auction. One lot of Texas steers (63 head) sold for 1-9 day delivery at $123/cwt. One lot of Kansas heifers (116 head) were passed out at $123 for 1-9 day delivery.

Feeder Cattle futures led Live Cattle higher Wednesday. Support included firmer outside markets and resurgent wholesale beef values.

Live Cattle futures closed an average of 53¢ higher.

Feeder Cattle futures closed an average of $1.60 higher ($1.37 to $2.15 higher).

Corn futures closed mostly fractionally higher to 1¢ higher.

Soybean futures closed mostly 2¢ to 5¢ higher. 

Wholesale beef values were firm to higher on moderate to fairly good demand and light offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 87¢ higher Wednesday afternoon at $217.21/cwt. Select was 32¢ higher at $212.04.

January 23rd, 2019|

Cattle Current Podcast-Jan. 23, 2019

Negotiated cash fed cattle trade remained undeveloped through Tuesday afternoon. Although too few to trend, there was a limited number of sales in Kansas at $122/cwt. on a live basis and at $123 in Nebraska.

Despite stronger wholesale beef values and recent firmness in cash fed cattle prices, Cattle Futures closed lower Tuesday, led by Feeder Cattle. Pressure included sharply lower outside markets, perhaps less weather impact from the weekend than anticipated and concerns about longer term demand strength (see “financial indices” below).

Live Cattle futures closed an average of $1.24 lower through the front three contracts and then an average of 61¢ lower.

After 40¢ lower in spot Jan, Feeder Cattle futures closed an average of $1.35 lower.

Corn futures closed mostly 2¢ lower through Sep ’20 and then fractionally lower to 1¢ lower.

Soybean futures closed 5¢ to 7¢ lower through Sep ’20 and then 2¢ to 3¢ lower.

Wholesale beef values were higher on moderate to fairly good demand and light offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.08 higher Tuesday afternoon at $216.34/cwt. Select was 86¢ higher at $211.72.

January 22nd, 2019|

Cattle Current Podcast-Jan. 22, 2019

When all was said and done, negotiated cash fed cattle trade was mostly steady last week at $124/cwt. on a live basis in the Southern Plains and Nebraska, but $1 higher in the western Corn Belt at $123-$125. Dressed trade was steady at $197.

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

January 21st, 2019|

Cattle Current Podcast-Jan. 21, 2019

Negotiated cash fed cattle trade remained undeveloped through Friday afternoon, with prices for the week looking to be steady to higher.

Lower feedlot performance tied to winter weather, and apparent short covering ahead of the holiday weekend, helped boost Live Cattle futures Friday; Feeder Cattle tagged along to a lesser degree. Strong gains in Lean Hog futures also provided support.

Except for 57¢ lower in spot Feb, Live Cattle futures closed an average of 45¢ higher.

Except for 10¢ lower in March, Feeder Cattle futures closed an average of 20¢ higher.

Soybean futures moved higher Friday, presumably on adverse South American weather and hopes for trade talks; corn followed along.

Corn futures closed fractionally higher to 2¢ higher through Sep ’20 and then mostly fractionally lower.

Soybean futures closed 7¢ to 9¢ higher through Sep ’20 and then 4¢ to 5¢ higher.

Wholesale beef values were firm to higher on moderate to good demand and light offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 65¢ higher Friday afternoon at $213.15/cwt. Select was $1.81 higher at $209.45.

January 19th, 2019|

Cattle Current Podcast-Jan. 18, 2019

Negotiated cash fed cattle trade remained undeveloped through Thursday afternoon.

Spot Feeder Cattle futures pressured the entire cattle complex. Factors included stronger grain prices and the continued erosion in cash calf and feeder cattle prices, tied to weather.

Live Cattle futures closed an average of 65¢ lower.

Feeder Cattle futures closed an average of $1.25 lower (72¢ lower to $2.35 lower in spot Jan).

Corn futures closed 3¢ to 6¢ higher through Sep ’20 and then 1¢ to 2¢ higher.

Soybean futures closed 10¢ to 13¢ higher through Jan ’20 and then mostly 6¢ to 7¢ higher.

Wholesale beef values were firm on moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 57¢ higher Thursday afternoon at $212.50/cwt. Select was 70¢ higher at $207.64.

January 17th, 2019|

Cattle Current Podcast-Jan. 17, 2019

Negotiated cash fed cattle trade was undeveloped through Wednesday afternoon.

There were 542 head offered in the weekly Fed Cattle Exchange auction, and no takers.

Except for spot Feeder Cattle, Cattle futures ended up little changed, despite a fair bit of pressure for much of the session.

Other than an average of 21¢ lower in the back two contracts, Live Cattle futures closed an average of 25¢ higher.

Except for 97¢ lower in spot Jan and 5¢ lower in Mar, Feeder Cattle futures closed an average of 27¢ higher.

Corn futures closed 1¢ to 2¢ higher.

Except for 1¢ higher in the front three contracts, Soybean futures closed mostly unchanged to fractionally lower.

Wholesale beef values were weak on Choice and higher on Select with light to moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 28¢ lower Wednesday afternoon at $211.93/cwt. Select was $1.07 higher at $206.94.

January 16th, 2019|

Cattle Current Podcast-Jan. 16, 2019

Negotiated cash fed cattle trade was undeveloped through Tuesday afternoon. Last week’s stronger cash trade and another winter storm looming for the Plains and Midwest later this week suggest steady to higher prices.

Those factors supported nearby Live Cattle futures, while lower grain prices boosted Feeder Cattle.

After $1.52 higher in spot Feb, Live Cattle futures closed narrowly mixed (an average of 36¢ lower to an average of 36¢ higher).

Except for 10¢ lower in spot Jan, Feeder Cattle futures closed an average of 45¢ higher.

Grain pressure on Tuesday included, reportedly, more promising weather in South America and the dearth of public data.

Corn futures closed 5¢ to 7¢ lower through Jul ’20 and then mostly 2¢ lower.

Soybean futures closed 9¢ to 10¢ lower through Mar ‘20 and then mostly 4¢ to 7¢ lower.

Wholesale beef values were steady to firm on moderate to fairly good demand and heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 19¢ higher Tuesday afternoon at $212.21/cwt. Select was 41¢ higher at $205.87.

January 15th, 2019|

Cattle Current-Podcast-Jan. 15, 2019

Negotiated cash fed cattle traded ended up mostly $1 higher on a live basis last week at $124/cwt. in Nebraska and the Southern Plains; $1-$2 higher in the western Corn Belt at $122-$124. Dressed trade was $2-$3 higher at $197.

Early support in grain futures helped pressure Feeder Cattle, while stronger cash prices and the weather helped cap losses in Live Cattle.

Except for an average of 37¢ higher in the front two contracts, Live Cattle futures closed an average of 22¢ lower. 

Except for $1.27 lower in spot Jan, Feeder Cattle futures closed an average of 59¢ lower.

Corn futures closed mostly fractionally higher.

Soybean futures closed mostly 5¢ to 6¢ lower (8¢ lower in spot Jan).

Wholesale beef values were weak to lower on light to moderate demand and heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 44¢ lower Monday afternoon at $212.02/cwt. Select was 81¢ lower at $205.46.

January 14th, 2019|

Cattle Current Podcast-Jan. 14, 2019

Cattle feeders and packers continued their standoff through late Friday afternoon, with negotiated cash fed cattle trade undeveloped, according to USDA reports. However, according to AMS, there was a smattering of dressed sales in the Northern Plains at $197/cwt., which was $2 more than the previous week. 

Adverse pen conditions and another winter storm over the weekend point to continued erosion in feedlot performance and more price leverage for cattle feeders.

Cattle futures closed near steady Friday, maintaining week-to-week gains as traders waited cash direction.

Except for 17¢ lower in June, Live Cattle futures closed an average of 15¢ higher. 

Except for 7¢ and 12¢ higher in April and May, Feeder Cattle futures closed an average of 33¢ lower.

Corn futures closed mostly 2¢ higher.

Soybean futures closed 3¢ to 4¢ higher.

Wholesale beef values were lower on light demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.50 lower Friday afternoon at $212.46/cwt. Select was $1.50 lower at $206.27.

January 12th, 2019|

Cattle Current Podcast-Jan. 11, 2019

Negotiated cash fed cattle trade remained undeveloped through Thursday afternoon. Current indications continue to suggest steady to higher prices when it does occur.  Wet, muddy condition in major cattle feeding areas continue to hinder cattle performance and add support to the market.

Cattle futures traded mainly sideways.

Except for 25¢ lower in the back contract, Live Cattle futures closed an average of 11¢ higher. 

Feeder Cattle futures closed 10¢ lower to 20¢ higher.

Grains closed lower on the day, presumably on a less bearish outlook than traders expected to see for soybeans in South America. Chatter also picked up a notch regarding the growing dearth of publicly available market data, due to the ongoing partial government shutdown.

Corn futures closed 4¢ to 5¢ lower through Jul ’20 and then mostly 2¢ lower.

Soybean futures closed 11¢ to 17¢ lower.

Wholesale beef values were steady on Choice and higher on Select with moderate to fairly good demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 12¢ higher Thursday afternoon at $213.96/cwt. Select was $1.30 higher at $207.77.

January 10th, 2019|

Cattle Current Podcast-Jan. 10, 2019

Negotiated cash fed cattle trade remained undeveloped through Wednesday afternoon. There were only 571 head offered in the weekly Fed Cattle Exchange auction, with none sold.

Cattle futures softened some, likely on profit taking and awaiting the week’s cash direction.

Live Cattle futures closed an average of 26¢ lower through the front six contracts and then an average of 27¢ higher.

Except for 10¢ higher in the back contract, Feeder Cattle futures closed an average of 58¢ lower.

Corn futures closed mostly unchanged to 1¢ higher.

Soybean futures closed 5¢ higher across the board. 

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

Choice boxed beef cutout value was 14¢ lower Wednesday afternoon at $213.84/cwt. Select was 79¢ lower at $206.47.

January 9th, 2019|

Cattle Current Podcast-Jan. 9, 2019

Negotiated fed cattle trade was undeveloped through Tuesday afternoon, but Cattle futures suggest steady to higher prices for the week. They closed sharply higher, especially Feeder Cattle, buoyed by increasing open interest and trade activity.

Live Cattle futures closed an average of 84¢ higher (40¢ higher to $2.10 higher in spot Feb), with the most active trade since September.

Feeder Cattle futures closed an average of $1.30 higher, with the most active trade since October.

Corn futures closed mostly 1¢ lower.

Soybean futures closed 3¢ to 6¢ lower through Jan ’20 and then mostly 1¢ lower.

Wholesale beef values were weak to lower on light demand and heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 30¢ lower Tuesday afternoon at $213.98/cwt. Select was 95¢ lower at $207.26.

January 8th, 2019|

Cattle Current Podcast-Jan. 8, 2019

There were a few early negotiated fed cattle sales in Nebraska Monday at $122.50/cwt., but too few to trend. Live sales there last week were at mostly $123.

Cattle futures closed higher, buoyed by firmer outside markets and oversold conditions. There’s also the most open interest in Live Cattle for at least nine months.

Live Cattle futures closed an average of 76¢ higher (37¢ higher at the back to $1.27 higher in spot Feb).

Feeder Cattle futures closed an average of 98¢ higher.

Corn futures closed fractionally mixed.

Soybean futures closed mostly 1¢ to 2¢ higher.

Wholesale beef values were steady to firm on moderate to fairly good demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 23¢ lower Monday afternoon at $214.28/cwt. Select was 55¢ higher at $208.21.

January 7th, 2019|

Cattle Current Podcast-Jan. 7, 2019

Negotiated cash fed cattle trade for the week was generally steady in Nebraska and the Southern Plains at $123/cwt. ($122.00-$122.50 in Nebraska). Live sales were $1-$2 higher in the western Corn Belt at $121-$122. Dressed trade was steady in Nebraska at $195; steady to $4 higher in the western Corn Belt at $194-$195.

Higher grain prices helped pressure Feeder Cattle, while softer wholesale beef values and volatile outside markets weighed on Live Cattle.

Live Cattle futures closed an average of 98¢ lower (67¢ to $1.40 lower).

Feeder Cattle futures closed an average of $1.40 lower.

Corn futures closed 2¢ to 3¢ higher through Sep ‘20 and then 1¢ to 2¢ higher.

Soybean futures closed 7¢ to 10¢ higher through Sep ’20 and then mostly 4¢ higher.

Wholesale beef values were lower on light to moderate demand and heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.98 lower Friday afternoon at $214.51/cwt. Select was $1.72 lower at $207.66.

January 6th, 2019|

Cattle Current Podcast-Jan. 4, 2019

Negotiated cash fed cattle trade was steady at $123/cwt. in the Southern Plains through Thursday afternoon, with moderate demand and slow trade in the Texas Panhandle; moderate trade and demand in Kansas. There were a few live sales in Nebraska at the same price and steady with the prior week, but too few to trend.

Sharply lower outside markets and higher grain prices pressured Feeder Cattle futures on Thursday. Live Cattle softened some, but received support from steady cash fed cattle and wholesale beef values.

Except for 5¢ higher in away Feb, Live Cattle futures closed an average of 25¢ lower.

Feeder Cattle futures closed an average of $1.24 lower.

Corn futures closed mostly 3¢ to 4¢ higher through Sep ‘20 and then fractionally higher to 1¢ higher.

Soybean futures closed mostly 3¢ to 6¢ higher.

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

Choice boxed beef cutout value was 15¢ lower Thursday afternoon at $216.49/cwt. Select was $1.53 lower at $209.38.

January 3rd, 2019|

Cattle Current Podcast-Jan. 3, 2019

Negotiated cash fed cattle prices end up sharply higher in late trade last week: $4 higher at $123/cwt. in the Southern Plains and Nebraska; $1-$3 higher in the western Corn Belt at $119-$121. Dressed sales were $5 higher in Nebraska at $195; steady to $5 higher in the western Corn Belt at $190-$195.

Recently higher cash fed cattle prices and continued firmness in wholesale beef values continue to support Cattle futures. They were pressured on Wednesday by likely profit taking; added pressure for Feeder Cattle early from stronger grain prices.

Live Cattle futures closed narrowly mixed (from an average of 29¢ lower to an average of 22¢ higher), with a sharp increase in open interest.

Feeder Cattle futures closed an average of 71¢ lower through the front four contracts, but well off of session lows, erasing Monday’s gains. They were 7¢ lower to 2¢ higher across the back half of the board.

Corn futures closed fractionally higher to 2¢ higher.

Soybean futures closed 10¢ to 12¢ higher through Sep ‘19 and then mostly 6¢ to 9¢ higher.

Wholesale beef values were higher on Choice and steady on Select with moderate to fairly good demand and light offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.29 higher Wednesday afternoon at $216.64/cwt. Select was 25¢ higher at $210.91.

January 2nd, 2019|

Cattle Current Podcast-Dec. 31 to Jan 2, 2019

Negotiated cash fed cattle trade remained undeveloped through Friday afternoon. Though too few to trend, there were a few live sales reported in the western Corn Belt on Thursday at $119.00-$121.50/cwt., which was about $1 higher than the previous week.

Front-month Live Cattle set the tone for firm to higher futures prices, supported by expectations of steady to higher cash fed cattle prices.

Except for $1.15 higher in spot Dec and 22¢ lower in the back contract, Live Cattle futures closed an average of 27¢ higher.

Feeder Cattle futures closed narrowly mixed (10¢ lower to 22¢ higher).

Corn futures closed 1¢ higher.

Soybean futures closed 10¢ to 13¢ higher through March ’20 and then 8¢ to 9¢ higher.

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

Choice boxed beef cutout value was 89¢ lower Friday afternoon at $214.41/cwt. Select was 30¢ higher at $207.52.

December 29th, 2018|

Cattle Current Podcast-Dec. 28, 2018

Negotiated cash fed cattle trade remained undeveloped through Thursday afternoon, but Live Cattle futures bounced higher, pulling Feeder Cattle along. Apparently, traders expect solid consumer demand heading into the new year. That’s hard to argue against, given snugger front-month fed cattle supplies and wholesale beef values holding their ground.

After an average of $1.39 higher in the front two contracts, Live Cattle futures closed an average of 45¢ higher (an average of 69¢ higher overall).

Feeder Cattle futures closed an average of 52¢ higher (12¢ higher at the back of the board to 90¢ higher in spot Jan).

Corn futures closed 1¢ lower to 1¢ higher.

Soybean futures closed fractionally mixed to 1¢ higher.

Wholesale beef values were weaker on light demand and heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 39¢ lower Thursday afternoon at $215.30/cwt. Select was 38¢ lower at $207.22. Both remained higher week to week.

December 27th, 2018|

Cattle Current Podcast-Dec. 27, 2018

Negotiated cash fed cattle trade was undeveloped Wednesday, as expected. There was chatter about steady to higher prices this week, though, based on current demand and an estimated holiday harvest larger than many expected.

Cash fed cattle prices last week were steady to a touch higher. Live prices were $119/cwt. in Kansas and Nebraska ($118-$120 in the western Corn Belt). Dressed prices were $190.

Cattle futures closed narrowly mixed to higher (Feeder Cattle), supported by firm fed cattle prices and boxed beef cutout values.

After 47¢ higher in spot Dec, Live Cattle futures closed narrowly mixed (17¢ lower to 7¢ higher). On Monday, except for unchanged in the spot month, they were an average of 22¢ higher.

Feeder Cattle futures closed an average of 34¢ higher. They were an average of 32¢ higher on Monday.

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

Choice boxed beef cutout value was $1.64 higher Wednesday afternoon at $215.69/cwt. Select was 10¢ higher at $207.60.

December 26th, 2018|

Cattle Current Podcast-Dec. 24-26, 2018

Cash fed cattle continued steady to a touch higher than the previous week, through late Friday afternoon. For the week, live sales were steady at $119/cwt. in Kansas and Nebraska. Dressed trade in Nebraska was $3 higher at $190. Live sales in the western Corn belt were $1-$2 higher at $118-$120, while dressed sales were $3 higher at $190.

Cattle futures closed narrowly mixed to end the week, with no reaction to the previous day’s monthly Cattle on Feed report and amid stronger wholesale beef prices.

Live Cattle futures closed narrowly mixed (an average of 42¢ higher through the front three contracts and then an average of 23¢ lower).

Feeder Cattle futures closed marginally mixed (17¢ lower to 7¢ higher).

Wholesale beef values were higher to sharply higher on moderate to good demand and light offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.58 higher Friday afternoon at $214.05/cwt. Select was $2.24 higher at $207.50.

December 22nd, 2018|

Cattle Current Podcast-Dec. 21, 2018

Cash fed cattle trade started Thursday at $190/cwt. in Nebraska, which was $2 more than last week. Though too few to trend, there were also some early live sales in the western Corn Belt at $120 and early dressed sales at $190, both $3 more than last week.

Cattle futures closed mostly higher ahead of the monthly Cattle on Feed report (see below), which will likely be viewed as neutral to a touch bearish.

Except for 50¢ higher in spot Dec and 17¢-27¢ lower at the back, Live Cattle futures closed 10¢ to 30¢ higher.

Other than 30¢ higher in the back two contracts, Feeder Cattle futures closed an average of $1.02 higher.

Corn futures closed mostly 5¢ to 6¢ lower through Jul ’20 and then fractionally lower to 2¢ lower.

Soybean futures closed 4¢ to 6¢ lower.

Wholesale beef values were firm to higher on good demand and light offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 77¢ higher Thursday afternoon at $212.47/cwt. Select was 41¢ higher at $205.26.

December 20th, 2018|

Cattle Current Podcast-Dec. 20, 2018

Cash fed cattle trade remained undeveloped through Wednesday afternoon.

There were only 250 head offered in the weekly Fed Cattle Exchange auction, and no takers.

Cattle futures closed either side of steady with no direction from the cash market, biding time for Thursday’s monthly Cattle on Feed report and little trading interest.

Live Cattle futures closed marginally mixed, (an average of 13¢ lower through the front three contracts and then an average of 12¢ higher).

Other than unchanged in spot Jan, Feeder Cattle futures closed an average of 24¢ lower.

Corn futures closed 2¢ to 3¢ lower through Jul ’20 and then mostly fractionally lower.

Soybean futures closed most 5¢ to 7¢ lower.

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

Choice boxed beef cutout value was 98¢ lower Wednesday afternoon at $211.70/cwt. Select was 12¢ higher at $204.85.

December 19th, 2018|

Cattle Current Podcast-Dec. 19, 2018

As expected, negotiated cash fed cattle trade remained undeveloped through Tuesday afternoon.

Cattle futures firmed, amid continued light trade, apparently spurred along by short covering, more than anything.

Live Cattle futures closed an average of 62¢ higher.

Feeder Cattle futures closed an average of 91¢ higher.

Corn futures closed most 1¢ higher.

Soybean futures closed mostly 2¢ to 3¢ higher.

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

Choice boxed beef cutout value was 1¢ higher Tuesday afternoon at $212.68/cwt. Select was 97¢ higher at $204.73.

December 18th, 2018|

Cattle Current Podcast-Dec. 18, 2018

Cattle futures softened to start the week, especially Feeder Cattle. Pressure likely included the anticipated packer slowdown during the next two holiday-shortened weeks, as well as technical correction.

Live Cattle futures closed an average of 77¢ lower.

Feeder Cattle futures closed an average of $1.70 lower ($1.20 to $2.45 lower).

Corn futures closed fractionally lower through Dec ’10 and then mixed.

Soybean futures closed 2¢ to 4¢ higher.

Wholesale beef values were firm to higher on moderate to good demand and light to moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.71 higher Monday afternoon at $212.67/cwt. Select was 62¢ higher at $203.76.

December 17th, 2018|

Cattle Current Podcast-Dec.17, 2018

Negotiated cash fed cattle prices in the Southern Plains on Friday were mainly steady with the previous week at $119/cwt. on a live basis. Early dressed sales in Nebraska were $1 higher at $188. Though too few to trend, early live sales in the western Corn Belt were $1 higher at $117, while early dressed sales of $187 were at the upper end of the prior week’s trading range in the region.

Cattle futures meandered to a marginally softer close.

Other than 12¢ higher in spot Dec, Live Cattle futures closed an average of 29¢ lower.

Feeder Cattle futures closed an average of 22¢ lower.

Corn futures closed mostly unchanged to fractionally mixed.

Soybean futures closed 4¢ to 6¢ lower.

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

Choice boxed beef cutout value was $1.51 lower Friday afternoon at $210.96/cwt. Select was $2.14 higher at $203.14.

December 16th, 2018|

Cattle Current Podcast-Dec. 14, 2018

Negotiated cash fed cattle trade remained undeveloped through Thursday afternoon. Although too few to trend, there were some early live sales in the western Corn Belt at $117/cwt., which was $1 higher than last week. Early dressed sales at $187, were at the top of last week’s range for the region.

Live Cattle futures edged mostly higher, while recent pressure on grain prices added lift to Feeder Cattle.

Other than an average of 7¢ lower in near Feb, and Apr, Live Cattle futures closed an average of 27¢ higher.

Feeder Cattle futures closed an average of 60¢ higher.

Corn futures closed mostly fractionally mixed.

Soybean futures closed 10¢ to 13¢ lower through 2019.

Wholesale beef values were steady to weak on moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 22¢ higher Thursday afternoon at $212.47/cwt. Select was 57¢ lower at $201.00.

December 13th, 2018|

Cattle Current Podcast-Dec. 13, 2018

Negotiated cash fed cattle trade was undeveloped through Wednesday afternoon.

There were only 156 head (two lots) offered in the weekly Fed Cattle Exchange auction. One lot (97 heifers) sold for delivery at 1-9 days for an average of $119/cwt.

Cattle futures continued to build on recent gains Wednesday, buoyed by last week’s large fed cattle harvest, as a barometer of domestic demand strength, in tandem with stronger cash prices.

Live Cattle futures closed an average of 39¢ higher.

Feeder Cattle futures closed an average of 34¢ higher.

Corn futures closed mostly unchanged to fractionally mixed.

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

Choice boxed beef cutout value was $2.21 lower Wednesday afternoon at $212.25/cwt. Select was 18¢ higher at $201.57.

December 12th, 2018|

Cattle Current Podcast-Dec. 12, 2018

Last week’s higher fed cattle prices and firmer wholesale beef values appeared to finally offer some spark to Cattle futures on Tuesday, especially Feeder Cattle.

Live Cattle futures closed an average of 77¢ higher.

Feeder Cattle futures closed an average of $1.68 higher ($1.15 higher to $2.27 higher in spot Jan).

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

Choice boxed beef cutout value was 96¢ lower Tuesday afternoon at $214.46/cwt. Select was 45¢ higher at $201.39.

December 11th, 2018|

Cattle Current Podcast-Dec. 11, 2018

Negotiated cash fed cattle trade last week ended up $1-$3 higher at $119/cwt. ($116 in the western Corn Belt). Dressed trade was steady to $4 higher at $187.

Feeder Cattle futures gained some ground Monday, amid limited trade, while Live Cattle closed narrowly mixed, despite stronger cash prices and wholesale beef values.

Live Cattle futures closed 32¢ lower to 32¢ higher.

Feeder Cattle futures closed an average of 67¢ higher. 

Wholesale beef values were firm to higher on moderate  to fairly good demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.13 higher Monday afternoon at $215.42/cwt. Select was 44¢ higher at $200.94.

December 10th, 2018|

Cattle Current Podcast-Dec. 10, 2018

Negotiated cash fed cattle trade remained mostly undeveloped through Friday afternoon, according to USDA reports. There was some light to moderate trade in the western Corn Belt at $115-$117/cwt., which was $1 higher than the previous week. Early dressed sales were steady at $183-$185. By late in the day, AMS reported some dressed trade in Nebraska at $187, which was $2-$4 more than the previous week.

Cattle futures closed narrowly mixed in choppy trade.

Live Cattle futures closed an average of 22¢ higher, except for 5¢ to 27¢ lower at either end of the board.

Other than 17¢ higher in spot Jan, Feeder Cattle futures closed unchanged to an average of 22¢ lower. 

Wholesale beef values were higher to sharply higher on good demand and moderate to heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.62 higher Friday afternoon at $214.29/cwt. Select was $2.28 higher at $200.50.

December 8th, 2018|

Cattle Current Podcast-Dec. 7, 2018

Negotiated cash fed cattle trade was undeveloped through Thursday afternoon.

Cattle futures softened but closed well off of session lows that came early, driven in part by the plummeting stock market (see below).

Live Cattle futures closed an average of 48¢ lower. 

Except for an average of 35¢ lower in the back two contracts, Feeder Cattle futures closed an average of $1.22 lower. 

Wholesale beef values were weak on Choice and higher on Select with light to moderate demand and light offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 59¢ lower Thursday afternoon at $212.67/cwt. Select was $1.36 higher at $198.22.

December 6th, 2018|

Cattle Current Podcast-Dec. 6, 2018

Major U.S. stock exchanges were closed Wednesday, saluting the life of patriot and former president George Herbert Walker Bush.

Negotiated cash fed cattle trade was undeveloped through Wednesday afternoon, but early signs pointed to at least steady money.

For instance, there were only two lots of steers from Kansas (219 head) offered in the weekly Fed Cattle Exchange auction. Both sold at a weighted average price of $117.83/cwt. for delivery at 1-9 days. That price was right at last week’s average country trade for the region.

Likewise, prices for Ch 2-4 steers ($115.58-$116.63) at the Tama fat cattle auction in Iowa were at the upper end of country prices in the western Corn Belt last week.

Cattle futures closed higher Wednesday—led by Feeder Cattle—building on gains from the previous session, although trade and overall direction were limited.

Live Cattle futures closed an average of 71¢ higher. 

Feeder Cattle futures closed an average of $1.02 higher. 

Wholesale beef values were weak on moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 60¢ lower Wednesday afternoon at $213.26/cwt. Select was 65¢ lower at $196.86.

December 5th, 2018|

Cattle Current Podcast-Dec. 5, 2018

Negotiated cash fed cattle trade was undeveloped through Tuesday afternoon.

Cattle futures gained some traction, in the face of sharply lower outside markets. Feb Live Cattle led the way. Ultimately, Feeder Cattle tagged along to a lesser degree.

Except for 15¢ lower in the back contract, Live Cattle futures closed an average of 95¢ higher (30¢ to $1.47 higher).

Except for 10¢ lower in spot Jan, Feeder Cattle futures closed an average of 59¢ higher. 

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

Choice boxed beef cutout value was 78¢ higher Tuesday afternoon at $213.86/cwt. Select was $1.67 lower at $197.51.

December 4th, 2018|

Cattle Current Podcast-Dec. 4, 2018

Negotiated cash fed cattle trade ended up mostly $1-$2 higher on a live basis last week at $118/cwt. in the Southern Plains, $114-$116 in the western Corn Belt and $116-$118.50 in Nebraska. Dressed trade was $3-$6 higher in the western Corn Belt at $183-$186. In Nebraska, it was steady to $2 less than the bulk of the previous week’s trade at $183-$185.

Despite stronger cash prices, firmer wholesale beef values and positive news regarding U.S.-China trade (see below), Cattle futures softened to start the week. Pressure included the decline in Lean Hog futures, as well as recently strengthening grain prices, where Feeder Cattle are concerned.

Live Cattle futures closed an average of 49¢ lower (5¢ to 72¢ lower).

Feeder Cattle futures closed an average of $1.40 lower,  (72¢ lower in spot Jan to $1.72 lower at the back).

Wholesale beef values were firm to higher on fairly good demand and heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 47¢ higher Monday afternoon at $213.08/cwt. Select was 77¢ higher at $199.18.

December 3rd, 2018|

Cattle Current Podcast, Dec. 3, 2018

Negotiated cash fed cattle trade remained largely undeveloped through USDA’s late-afternoon report Friday. There were some live sales in the western Corn Belt at $115/cwt., unevenly steady with Wednesday’s $114-$116, which was $1-$2 higher than the previous week. There was some early dressed trade in Nebraska at $183, but too few transactions to trend; prices the previous week were at $180-$185, mostly $185.

Live Cattle futures firmed on Friday (17¢ lower to 32¢ higher), supported by the steady to higher feel in the cash market.

Feeder Cattle futures softened amid continued lackluster trade and perhaps some month-end position squaring. Except for 7¢ lower in the back two contracts, Feeder Cattle futures closed an average of 60¢ lower.

Though futures prices remain channel-bound, there continue to be expectations for a secondary boost, if and when China and the U.S. settle their trade differences. The notion is that China’s ongoing problems with African Swine Fever mean that nation needs to import lots more pork, potentially significantly more from the U.S. President Trump and China’s President Xi Jingping were scheduled to meet over the weekend during the G20 Summit.

Wholesale beef values were steady on moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was even with the previous day Thursday afternoon at $212.61/cwt. Select was 12¢ lower at $198.41.

December 1st, 2018|

Cattle Current Podcast-Nov. 30, 2018

Other than early live sales in the western Corn Belt Wednesday, which were $1-$2 higher than last week at $114-$116/cwt., negotiated cash fed cattle trade remained undeveloped through Thursday afternoon.

Cattle futures dipped, recovering some from the strongest early pressure. Other than, arguably, more interest flowing to Lean Hogs, there seemed no apparent fundamental reason for the decline. Given the current support of fed cattle prices, it was one of those sessions that left you wondering exactly what components comprise electronic-trading algorithms, and perhaps more important, how far ahead.

After 17¢ lower in spot Dec and 27¢ lower in near Feb, Live Cattle futures closed an average of 97¢ lower (52¢ to $1.30 lower).

Feeder Cattle futures closed an average of $1.46 lower.

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

Choice boxed beef cutout value was 67¢ lower Thursday afternoon at $212.61/cwt. Select was 3¢ higher at $198.53.

November 29th, 2018|

Cattle Current Podcast-Nov. 29, 2018

Notions grew stronger yesterday for steady to higher cash fed cattle prices this week.

Early live sales in the western Corn Belt were $1-$2 higher at $114-$116/cwt., on slow trade and light demand.

There were 620 head (seven lots) offered in the weekly Fed Cattle Exchange auction. One lot (148 head) of steers from Kansas sold at $116.75/cwt. for delivery at 1-9 days. That’s toward the top of the price range for country trade in the region last week.

Live Cattle futures closed marginally mixed Wednesday, while Feeder Cattle softened slightly, amid light trade and a lack of direction.

Live Cattle futures closed narrowly mixed, from an average of 5¢ higher in three contracts to an average of 12¢ lower.

Feeder Cattle futures closed an average of 54¢ lower.

Wholesale beef values were weak to lower on light to moderate demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 72¢ lower Wednesday afternoon at $213.28/cwt. Select was $1.74 lower at $198.50.

November 28th, 2018|

Cattle Current Podcast-Nov. 28, 2018

Cattle futures closed mainly narrowly lower Tuesday, with little direction one way or the other.

Except for 5¢ higher in away Dec and unchanged at the back, Live Cattle futures closed an average of 21¢ lower.

Feeder Cattle futures closed an average of 28¢ lower.

Wholesale beef values were weak on Choice and firm on Select with light to moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 45¢ lower Tuesday afternoon at $214.00/cwt. Select was 45¢ higher at $200.24.

November 27th, 2018|

Cattle Current Podcast-Nov. 27, 2018

Cattle futures closed marginally mixed but mostly higher Monday, supported by last week’s friendly Cattle on Feed report and a recent bump in wholesale beef values.

Live Cattle futures closed an average of 21¢ lower through the front four contracts and then unchanged to 5¢ higher.  

Other than 22¢ lower in spot Jan, Feeder Cattle futures closed an average of 24¢ higher.

Corn futures closed mostly 1¢ to 2¢ lower.

Wholesale beef values were firm to higher on fairly good demand and light offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 60¢ higher Monday afternoon at $214.45/cwt. Select was $1.28 higher at $199.79.

November 26th, 2018|

Cattle Current Podcast-Nov. 26, 2018

Negotiated cash fed cattle trade for the week ended up mostly $2-$3 higher on a live basis at $116-$117/cwt. ($113-$114 in the western Corn Belt), and $2-$7 higher in the beef at $180-$185.

Cattle futures continued higher on Friday, amid light holiday trade and continued support from the friendly Cattle on Feed report and stronger cash fed cattle prices.

Live Cattle futures closed an average of 37¢ higher (7¢ to 70¢ higher).  

Except for unchanged to 20¢ lower in the back three contracts, Feeder Cattle futures closed an average of 83¢ higher.

Corn futures closed mostly 1¢ to 2¢ lower.

Wholesale beef values were steady on moderate demand and light offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 16¢ higher Friday afternoon at $213.85/cwt. Select was 25¢ higher at $198.51.

November 25th, 2018|

Cattle Current Podcast-Nov. 22-23, 2018

Between late Tuesday and yesterday, negotiated cash fed cattle trade kicked off at higher money. Live trade was $2.50 higher in the Texas Panhandle at $116.50/cwt. and $1-$2 higher in the western Corn Belt at $113-$114. Dressed trade in the North was $2-$4 higher at $180.

Incidentally, there were 459 head offered in the weekly Fed Cattle Exchange auction and no takers.

Cattle futures closed higher on Wednesday, buoyed by stronger cash fed cattle and a much friendlier Cattle on Feed report than many expected (see below).

Live Cattle futures closed an average of 76¢ higher. 

Feeder Cattle futures closed an average of $1.21 higher.

Wholesale beef values were steady to weak on light to moderate demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 40¢ lower Wednesday afternoon at $213.69/cwt. Select was 17¢ lower at $198.26.

November 21st, 2018|

Cattle Current Podcast-Nov. 21, 2018

As suspected, negotiated cash fed cattle trade remained undeveloped through Tuesday afternoon.

Cattle futures closed mixed (Live Cattle) to a touch lower (Feeder Cattle) on Tuesday, pressured by sharply lower outside markets and light trade volume, as much as anything. There was also wait-and-see for Wednesday’s monthly Cattle on Feed report (see below).

Live Cattle futures closed 45¢ lower to 20¢ higher.

Feeder Cattle futures closed an average of 18¢ lower.

Wholesale beef values were steady to firm on moderate demand and heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 70¢ higher Tuesday afternoon at $214.09/cwt. Select was 14¢ lower at $198.43.