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—Oct. 27, 2021

Cattle futures stepped higher Tuesday, helped along by follow-through support from the friendly Cattle on Feed report, as well as early indications of cash prices pushing past steady this week and wholesale beef prices turn seasonally higher.

Feeder Cattle futures closed an average of $1.33 higher (35¢ to $2.05 higher).

Those gains came despite Corn futures closing mostly 3¢ to 5¢ higher.

Soybean futures closed mostly fractionally higher to 2¢ higher.

Live Cattle futures closed an average of $1.48 higher.

Negotiated cash fed cattle trade was slow on light demand in the Texas Panhandle through Tuesday afternoon, according to the Agricultural Marketing Service. Prices were mainly steady with last week at $124/cwt., but a few traded $1 higher at $125.

Elsewhere, trade ranged from mostly inactive on light demand to a standstill with too few transactions to trend.

Last week, live prices were $124 in Kansas and $124-$125 in Nebraska and the western Corn Belt. Dressed prices were $196.

Choice boxed beef cutout value was $1.72 higher at $284.76/cwt. Select was 65¢ lower at $262.54.

October 26th, 2021|

Cattle Current Podcast—Oct. 26, 2021

Cattle futures found traction Monday from the friendly Cattle on Feed report.

Feeder Cattle futures closed an average of $1.25 higher, except for 20¢ higher in waning spot Oct.

Live Cattle futures closed an average of 92¢ higher.

Corn futures closed mostly marginally higher.

Soybean futures closed 9¢ to 16¢ higher.

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

Last week, trade was at $124.00/cwt. on a live basis in the Southern Plains and mainly $124-$125  in Nebraska and the western Corn Belt. Dressed trade was at $196.

Choice boxed beef cutout value was $1.22 higher Monday afternoon at $283.04/cwt. Select was 8¢ higher at $263.19.

October 25th, 2021|

Cattle Current Podcast—Oct. 25. 2021

Cash cattle price were generally mixed to steady last week as more calves make their way to town and as fed cattle keep slugging for extra traction.

“Seasonal weakness in the calf market is evident as producers have been setting wheels under calves the past several weeks at a rapid pace,” says Andrew P. Griffith, agricultural economist at the University of Tennessee, in his weekly market comments. “…As more calves make their way to the market, stocker producers become more selective in the cattle they will pay a premium for. Freshly-weaned calves tend to have an increased incidence of sickness this time of year as weaning stress is compounded by large temperature swings. From the stocker perspective, there is an opportunity to profit on calves being purchased and sold in truckload lots. The value of gain for an October purchase of a 525-pound steer and the sale of an 825-pound steer in March is $1.42 per pound with a 5% death loss. That is favorable math.”

Feeder Cattle futures closed an average of $1.99 lower on Friday (83¢ to $2.68 lower). Week to week, they were an average of $2.54 lower, amid profit taking from recent gains, slack interest, stagnant cash prices and skittishness about the monthly Cattle on Feed report. They received added pressure from resurgent Corn futures, which closed an average of 11¢ higher through the front six contracts week to week on Friday, with strong export demand.

However, Feeder Cattle perked up on Monday in response to the Cattle on Feed report. More on those numbers momentarily.

October 25th, 2021|

Cattle Current Podcast—Oct.22, 2021

Negotiated cash fed cattle trade ranged from inactive on light demand to mostly inactive on light demand through Thursday afternoon, according to the Agricultural Marketing Service.

So far this week, live prices are steady in the Southern Plains at $124/cwt., steady to $2.50 higher in Nebraska at $124.00-$126.50 and steady to $1 higher in the western Corn Belt at $124-$125. Dressed prices are steady at $196.

Cattle futures closed mixed Thursday.

Live cattle were down an average of 63¢ lower on likely profit taking, pressure from Lean Hogs and positioning ahead of Friday’s Cattle on Feed report. Feeder Cattle managed to close narrowly mixed.

Feeder Cattle futures closed narrowly mixed, from an average of 36¢ lower to an average of 19¢ higher.

Choice boxed beef cutout value was 63¢ higher at $280.66/cwt. Select was 8¢ lower at $262.72/cwt.

As for grains, Corn and soybean futures closed lower Thursday beneath the weight of profit taking and lower crude oil prices.

Corn futures closed mostly 4¢ to 7¢ lower.

Soybean futures closed mostly 18¢ to 21¢ lower.

October 21st, 2021|

Cattle Current Podcast—Oct. 21, 2021

Negotiated cash fed cattle trade was slow with moderate demand in all major cattle feeding regions through Wednesday afternoon, according to the Agricultural Marketing Service.

Trade in the Southern Plains was mostly steady at $124/cwt.

Although too few to trend, there were some early live sales in Nebraska at $124.00-$126.50, and some in the western Corn Belt at $124-$125, compared to $124 in both regions last week. Early dressed sales were steady at $196.00.

Cattle futures closed higher Wednesday, bolstered by higher outside markets, leveling wholesale beef values, slightly higher cash prices and positioning ahead of Friday’s Cattle on Feed report. Trade volume remained on the low side.

Live Cattle futures closed an average of 74¢ higher (50¢ to 95¢ higher).

Choice boxed beef cutout value was 85¢ lower Wednesday afternoon at $280.03/cwt. Select was $1.27 higher at $262.80/cwt.

Feeder Cattle futures closed an average of $1.05 higher (50¢ to $1.32 higher).

Higher outside markets and energy prices helped boost Corn Futures Wednesday, while exports and more non-commercial interest boosted the entire grain complex.

Corn futures closed 7¢ to 9¢ higher — mostly 8¢ higher — across most of the board.

Soybean futures closed mostly 18¢ to 20¢ higher through Jan ‘23.

October 20th, 2021|

Cattle Current Podcast—Oct. 20, 2021

Negotiated cash fed cattle trade ranged from limited on light demand to a standstill through Tuesday afternoon, according to the Agricultural Marketing Service. There were too few transactions to trend.

Live prices last week were steady in the Southern Plains on a live basis at $124/cwt. and steady to $2 higher at $124 in Nebraska and the western Corn Belt. Dressed prices were at $196, which was steady in Nebraska but steady to $3 higher in the western Corn Belt.

Choice boxed beef cutout value was 79¢ higher Tuesday afternoon at $280.88/cwt. Select was $1.72 higher at $261.53/cwt.

Cattle futures closed narrowly mixed Tuesday amid light trade with Feeder Cattle futures showing signs of firming.

Live Cattle futures closed mixed, from an average of 25¢ lower to an average of 13¢ higher.

Feeder Cattle futures closed mixed, from an average of 34¢ lower through the front five contracts to an average of 64¢ higher the rest of the way.

Corn futures closed mostly 1¢ to 2¢ lower.

Soybean futures closed mostly 6¢ to 8¢ higher.

October 19th, 2021|

Cattle Current Podcast—Oct. 19, 2021

Negotiated cash fed cattle trade ranged from mostly inactive with very light demand to a standstill through Monday afternoon, according to the Agricultural Marketing Service. There were too few transactions to trend.

Live prices last week were steady in the Southern Plains on a live basis at $124/cwt. and steady to $2 higher at $124 in Nebraska and the western Corn Belt. Dressed prices were at $196, which was steady in Nebraska but steady to $3 higher in the western Corn Belt.

The five-area direct average steer price last week was 88¢ higher at $123.84/cwt. The average steer price in the beef was 33¢ higher at $195.70.

Cattle futures started the week softer amid technical considerations and traders apparently seeking more price direction. Another day of stronger Corn futures added pressure to Feeder Cattle. Some might also be considering positions ahead of the monthly Cattle on Feed report due out Friday.

Feeder Cattle futures closed an average of $1.52 lower, (50¢ lower at the back to $2.07 lower toward the front).

Live Cattle futures closed an average of 43¢ lower, except for an average of 8¢ higher in the back two contracts.

Choice boxed beef cutout value was 15¢ lower Monday afternoon at $280.09/cwt. Select was 81¢ lower at $259.81/cwt.

Corn futures got a follow-through boost from export sales, which were 85% more than the prior four-week average, according to the latest U.S. Export Sales report for the week ending Oct. 7. They closed mostly 4¢ to 5¢ higher.

Soybean futures closed mostly 1¢ to 3¢ higher.

October 18th, 2021|

Cattle Current Podcast—Oct. 18, 2021

Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Friday afternoon, according to the Agricultural Marketing Service. There were too few transactions to trend.

Live prices last week were steady in the Southern Plains on a live basis at $124/cwt. and steady to $2 higher at $124 in Nebraska and the western Corn Belt. Dressed prices were at $196, which was steady in Nebraska but steady to $3 higher in the western Corn Belt.

Estimated total cattle slaughter last week of 646,000 head was 11,000 head fewer than the previous week. Year-to-date estimated total cattle slaughter of 26.3 million head is 806,000 head more than last year (3.2%). Year-to-date estimated total beef production of 21.72 billion lbs. is 588.9 million lbs. more than a year earlier (+2.8%).

Live Cattle futures closed an average of 50¢ higher with follow-through support from the previous session tied to firmer cash prices and higher outside markets.

Feeder Cattle futures closed an average of 71¢ lower, pressured by a surge in Corn futures and week-end positioning.

Corn futures closed mostly 7¢ to 9¢ higher.

Soybean futures closed mostly 9¢ to 11¢ higher.

Choice boxed beef cutout value was 8¢ lower Friday afternoon at $280.24/cwt. Select was 6¢ lower at $260.62.

The average dressed steer weight for the week ending Oct. 2 was 916 lbs., according to USDA’s Actual Slaughter Under Federal Inspection report. That was 2 lbs. heavier than the previous week but 8 lbs. lighter than a year earlier. The average dressed heifer weight of 836 lbs. was 3 lbs. heavier than the previous week but 7 lbs. lighter than the same week last year.

October 17th, 2021|

Cattle Current Podcast—Oct. 15, 2021

Negotiated cash fed cattle trade was limited on moderate demand in Nebraska and the western Corn Belt through Thursday afternoon, according to the Agricultural Marketing Service. Live sales were steady to $2 higher in the western Corn Belt at $124/cwt., while dressed prices were steady at $196. There were too few to trend in Nebraska, where prices the previous day were steady to $2 higher at $124; steady in the beef at $196.

Trade in the Southern Plains was mostly inactive on light demand with too few transactions to trend. On Wednesday, live prices were steady at $124.

Higher outside markets and the slight increase in some regional cash prices helped draw more buying interest to Cattle futures Thursday.

Live Cattle futures closed an average of 78¢ higher (35¢ higher toward the back to $1.30 higher toward the front).

Feeder Cattle futures closed an average of 84¢ higher.

Choice boxed beef cutout value was 30¢ higher Thursday afternoon at $280.32/cwt. Select was $1.98 higher at $260.68.

Corn futures closed mostly 1¢ to 3¢ higher.

Soybean futures closed 5¢ to 11¢ higher through Sep ’22 and then mainly 1¢ lower.

October 14th, 2021|

Cattle Current Podcast—Oct. 14, 2021

Negotiated cash fed cattle trade was steady with the previous week in the Southern Plains at $124/cwt. through Wednesday afternoon, according to the Agricultural Marketing Service. Trade was limited on light demand in the Texas Panhandle; slow on moderate demand in Kansas.

Trade in other regions was slow on light demand.

Live sales in Nebraska were steady to $2 higher at $124; steady in the beef at $196. Although too few to trend, there were some early live sales in the western Corn Belt at $123-$124, and a few in the beef at $196. Price there last were $122 and $193-$196, respectively.

Cattle futures closed lower Wednesday. Along with lower outside markets early in the day, most pressure seemed tied to WASDE increasing expected beef production for this year, as wholesale beef prices decline and cash fed cattle prices remain tough to budge.

Feeder Cattle futures closed an average of 85¢ lower (22¢ to $1.32 lower).

Live Cattle futures closed an average of 71¢ lower (25¢ lower at the front to $1.15 lower.)

Choice boxed beef cutout value was $1.05 lower Wednesday afternoon at $280.02/cwt. Select was $2.65 lower at $258.70.

Corn futures closed mostly 6¢ to 10¢ lower.

Soybean futures closed mostly 4¢ to 7¢ lower.

October 13th, 2021|

Cattle Current Podcast—Oct. 13, 2021

Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Tuesday afternoon. There were too few transactions to trend, according to the Agricultural Marketing Service.

Live prices last week were at $124/cwt. in the Southern Plains, $122-$124 in Nebraska and $122 in the western Corn Belt. Dressed prices were $196 in Nebraska and $193-$196 in the western Corn Belt.

Cattle futures were a mixed bag Tuesday with Live Cattle, especially the front months, pressured by increased beef production estimates in the latest World Agricultural Supply and Demand Estimates  (WASDE).

Live Cattle futures closed an average of 42¢ lower (5¢ lower at the back to 92¢ lower toward the front).

On the other hand, Feeder Cattle futures closed an average of 45¢ higher except for 75¢ lower in spot Oct. Support included higher corn production and corn price stability suggested by the latest WASDE. 

Choice boxed beef cutout value was 5¢ lower Tuesday afternoon at $281.07/cwt. Select was $2.29 lower at $261.35.

Wheat futures gained Tuesday but Corn and especially Soybean futures softened in the wake of the latest World Agricultural Supply and Demand Estimates.

Corn futures closed mostly 5¢ to 10¢ lower.

Soybean futures closed 20¢ to 30¢ lower through Jan ’23 and then 12¢ to 17¢ lower.

K.C. Wheat futures were mostly 3¢ to 5¢ higher.

October 12th, 2021|

Cattle Current Podcast—Oct. 12, 2021

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

Live prices last week were at $124/cwt. in the Southern Plains, $122-$124 in Nebraska and $122 in the western Corn Belt. Dressed prices were $196 in Nebraska and $193-$196 in the western Corn Belt. Between last week’s increased slaughter level and recent futures prices hopes are growing to budge cash prices higher this week.

Estimated total cattle slaughter last week of 657,000 head was 20,000 head more than the previous week and year. Estimated total year-to-date cattle slaughter of 25.63 million head was 815,000 head more (+3.3%) than the same time last year. Estimated year-to-date total beef production of 21.8 billion lbs. was 604.7 million lbs. more (+2.9%) than a year earlier.

Cattle futures found a little more traction Monday as traders appeared more confident in recent gains.

Feeder Cattle futures closed an average of 73¢ higher, except for 15¢ lower in spot Oct.

Live Cattle futures closed an average of 37¢ higher, except for 7¢ and 10¢ lower toward either end of the board.

Choice boxed beef cutout value was $2.15 lower Monday afternoon at $281.12/cwt. Select was 90¢ higher, though, at $263.64.

Corn futures closed mostly 1¢ to 2¢ higher.

Soybean futures closed mostly 9¢ to 14¢ lower.

October 11th, 2021|

Cattle Current Podcast—Oct. 11, 2021

Negotiated cash fed cattle trade ranged from a standstill to mostly inactive with light demand in all major feeding regions through Friday afternoon with too few transactions to trend, according to the Agricultural Marketing Service.

Live prices last week were steady in the Southern Plains at $122-$124/cwt. in Kansas and $124 in the Texas Panhandle. Prices were steady in the western Corn Belt at $122 but mostly steady to $2 higher in Nebraska at $122-$124. Dressed prices were $196, which was steady in Nebraska and toward the top of last week’s price range in the western Corn Belt.

Feeder Cattle futures closed an average of 39¢ lower as traders positioned for the weekend following the surge higher. Week to week on Friday, they closed an average of $5.17 higher.

Similarly, Live Cattle futures closed narrowly mixed from an average of 37¢ lower to an average of 17¢ higher. They closed an average of $3.92 week to week on Friday.

Choice boxed beef cutout value was $2.03 lower Friday afternoon at $283.27/cwt. Select was $1.74 lower at $262.74/cwt.

Corn futures closed mostly 1¢ to 3¢ lower.

Soybean futures closed mostly 4¢ to 7¢ lower.

October 10th, 2021|

Cattle Current Podcast—Oct. 8, 2021

Feeder Cattle futures took center stage Thursday, closing sharply higher and leading Live Cattle along. Support seemed to stem mainly from increased trader confidence based on notions the seasonal low is in the books.

Feeder Cattle futures closed an average of $2.34 higher ($1.50 higher at the back to $3.55 higher in spot Oct).

Live Cattle futures closed an average of $1.29 higher (47¢ higher at the back to $1.87 higher toward the front.)

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

Soybean futures closed mostly 5¢ to 9¢ higher.

Negotiated cash fed cattle trade was mostly inactive with light demand in all major feeding regions through Thursday afternoon with too few transactions to trend, according to the Agricultural Marketing Service.

So far this week, live prices are steady in the Southern Plains at $122-$124/cwt. in Kansas and $124 in the Texas Panhandle. Prices are steady in the western Corn Belt at $122 but mostly steady to $2 higher in Nebraska at $122-$124. Dressed prices are $196, which is steady in Nebraska and toward the top of last week’s price range in the western Corn Belt.

Choice boxed beef cutout value was $1.32 lower Thursday afternoon at $285.30/cwt. Select was $1.52 higher at $264.44.

October 7th, 2021|

Cattle Current Podcast—Oct. 7, 2021

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

Live prices in the Texas Panhandle were steady at $124/cwt., steady to $2 higher in Kansas at $124 and steady to $2 higher in Nebraska at $122-$124. Dressed trade in Nebraska was steady at $196.

Trade was limited on light demand in the western Corn Belt. There were a few dressed sales at $196, but there were too few to trend. Prices last week were mostly $122 on a live basis and $192-$197 in the beef.

Live Cattle futures closed and average of 56¢ higher.

Feeder Cattle futures closed and average of $1.15 higher, except for 32¢ lower in the back contract.

Choice boxed beef cutout value was $1.09 lower Wednesday afternoon at $286.62/cwt. Select was $4.87 lower at $262.91.

Corn futures closed mostly 3¢ to 5¢ lower.

Soybean futures closed 3¢ to 9¢ lower.

October 6th, 2021|

Cattle Current Podcast—Oct. 6, 2021

Negotiated cash fed cattle trade was mostly inactive with light demand in all trading regions through Tuesday afternoon, according to the Agricultural Marketing Service. There were not enough sales for a market trend.

Live prices last week were at $124/cwt. in the Texas Panhandle, at $122-$124 in Kansas, at $122 in Nebraska and at $122-$123 in the western Corn Belt. Dressed prices were $196 in Nebraska and $192-$196 in the western Corn Belt. 

Cattle futures received follow-through support Tuesday amid continued oversold conditions and outside support.

Feeder Cattle futures closed an average of $1.37 higher (60¢ higher in Aug ’22 up to $1.85 in nearby Nov.

Live Cattle futures closed an average of 66¢ higher (20¢ at the front of the board to 95¢ at the back) except for nearby Dec, down 20¢.

Choice boxed beef cutout value was $1.47 lower Tuesday afternoon at $287.71/cwt. Select was $2.62 higher at $267.78/cwt.

Corn futures closed 2¢ to 4¢ lower.

Soybean futures closed 7¢ to 15¢ higher.

October 5th, 2021|

Cattle Current Podcast—Oct. 5, 2021

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

Live prices last week were at $124/cwt. in the Texas Panhandle at $122-$124 in Kansas, at $122 in Nebraska and at mostly $122 in the western Corn Belt. Dressed prices were $196 in Nebraska and $192-$197 in the western Corn Belt.

Estimated total cattle slaughter last week of 637,000 head was 4,000 head fewer than the previous week and 27,000 head fewer than the same time last year.

Cattle futures plowed higher Monday, buoyed in part by extremely oversold conditions.

Live Cattle futures closed an average of $1.64 higher (75¢ higher at the back to $2.85 higher toward the front).

Feeder Cattle futures closed an average of $1.30 higher Monday (32¢ higher toward the back to $2.25 higher in spot Oct) except for $2.00 lower in Sep.

Choice boxed beef cutout value was $3.18 lower Monday afternoon at $289.18/cwt. Select was 32¢ higher at $265.16.

Corn futures closed fractionally lower to 2¢ higher across most of the board.

Soybean futures closed 6¢ to 10¢ lower through Jly ’22 and then mostly fractionally lower to 3¢ lower.

October 4th, 2021|

Cattle Current Podcast—Oct. 4, 2021

Negotiated cash fed cattle trade was limited on light demand in Nebraska and the Western Corn Belt through Friday afternoon, according to the Agricultural Marketing Service. There were a few live sales at $122/cwt., however not enough in either region for a full market trend. Trading was at a standstill in the Southern Plains. 

Live prices last week were steady in the Texas Panhandle at $124/cwt., steady to $1 lower in Kansas at $123-$124, $2 lower in Nebraska at $122 and steady to $1 lower in the western Corn Belt at $122-$123. Dressed prices were $2 lower in Nebraska at $196 and steady to $1 lower in the western Corn Belt at $192-$196.

Cattle futures ended the week mixed as traders continued to position for the new month. Conditions remain as oversold as buyer interest is limited.

Feeder Cattle futures closed mixed from an average of 66¢ lower in four contracts (7¢ to $1.95 lower) to an average of 57¢ higher (20¢ to $1.95 higher).

Live Cattle futures closed mixed, an average of 38¢ lower through the front four contracts to an average of 21¢ higher in the back four contracts.

Choice boxed beef cutout value was $2.62 lower at $292.36/cwt. Select was $4.48 lower at $264.84/cwt.

Corn futures closed mostly 6¢ to 9¢ higher.

Soybean futures closed 6¢ to 9¢ lower in the front four contracts, 3¢ to 5¢ lower through Jan ’23 and then mostly 1¢ lower to fractionally higher.

October 3rd, 2021|

Cattle Current Podcast—10-01-21

Negotiated cash fed cattle trade was limited on light demand in all major feeding regions through Thursday afternoon with too few transactions to trend, according to the Agricultural Marketing Service.

So far this week, Live prices are steady in the Texas Panhandle at $124/cwt., steady to $1 lower in Kansas at $123-$124, $2 lower in Nebraska at $122 and steady to $1 lower in the western Corn Belt at $122-$123. Dressed prices are $2 lower in Nebraska at $196 and steady to $1 lower in the western Corn Belt at $192-$196.

Position squaring for the end of the week, month and quarter, along with softer cash prices and sharply lower outside markets helped push Cattle futures lower Thursday.

Feeder Cattle futures closed an average of $2.35 lower, except for 35¢ lower in expiring Sep.

Live Cattle futures closed an average of $1.60 lower.

Choice boxed beef cutout value was $2.35 lower Thursday afternoon at $294.98/cwt. Select was $2.46 lower at $269.32/cwt.

Corn futures closed lower and Soybean futures closed sharply lower Thursday. Pressure included higher projected stocks than anticipated (see below) and the recently stronger dollar weighing on exports. As with cattle, week-end and month-end and positioning likely also contributed.

Corn futures closed mostly 2’2¢ to 2’6¢ lower.

Soybean futures closed 21¢ to 28¢ lower through Aug ’22 and then 15¢ lower to 3¢ higher.

September 30th, 2021|

Cattle Current Podcast—Sept. 30, 2021

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

Live sales traded steady in the Texas Panhandle at $124/cwt. and steady to $2 lower in Nebraska at $122-$124/cwt. Dressed trade in Nebraska was $2 lower at $196.

Although too few to trend, there were some live sales in Kansas at $123-$124 and some in the western Corn Belt at $121.00-$123.50.

Those softer prices and declining wholesale beef values pressured Live Cattle futures Wednesday, which closed an average of 26¢ lower, except for 10¢ higher in away Oct and unchanged in away Dec.

Choice boxed beef cutout value was $4.23 lower Wednesday afternoon at $297.33/cwt. Select was $2.57 lower at $271.78/cwt.

Weakness on the live side and a day of stronger Corn futures added pressure to Feeder Cattle, which closed an average of $1.08 lower.

Corn futures closed mostly 4¢ to 6¢ higher.

Soybean futures closed mostly 4¢ to 6¢ higher through Aug ‘22 and then mainly 2¢ to 4¢ higher.

September 29th, 2021|

Cattle Current Podcast—Sept. 29, 2021

Short covering and lower Corn futures helped Feeder Cattle futures mostly rebound from the previous day’s pressure.

Feeder Cattle futures closed an average of $1.00 higher.

Live Cattle futures closed mixed, from an average of 17¢ lower in four contracts to an average of 39¢ higher.

Negotiated cash fed cattle trade was mostly inactive on very light demand in all major feeding regions through Tuesday afternoon with too few transactions to trend, according to the Agricultural Marketing Service.

Fed cattle prices last week were generally steady on a live basis at $123-$124/cwt. Dressed trade was $2 lower at $198 in Nebraska and $194-$198 in the western Corn Belt.

Choice boxed beef cutout value was $1.14 lower Tuesday afternoon at $301.56/cwt. Select was 3¢ lower at $274.35.

Corn futures closed 5¢ to 7¢ lower through new-crop contracts and then 2¢ lower to 1¢ higher.

Soybean futures closed mostly 9¢ to 10¢ lower.

September 28th, 2021|

Cattle Current Podcast—Sept. 28, 2021

Cattle futures closed lower Monday, pressured by Friday’s Cattle on Feed report with unexpectedly higher placements. 

Live Cattle futures closed an average of 40¢ lower.

Feeder Cattle futures closed an average of $1.68 lower (38¢ to $3.00 lower). They received extra pressure from Corn futures, which closed an average of 12¢ higher in the front six contracts, apparently based on early yields.

Soybean futures closed up across the board, mostly 2¢ to 6¢ higher.

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

Live price last week were generally steady at $123-$124/cwt. Dressed trade was $2 lower at $198 in Nebraska and $194-$198 in the western Corn Belt.

 Choice boxed beef cutout value was 62¢ lower Monday afternoon at $302.70/cwt. Select was 15¢ lower at $274.38.

September 27th, 2021|

Cattle Current Podcast—Sept. 27, 2021

Negotiated cash fed cattle trade ranged from a standstill to mostly inactive on light demand through Friday afternoon, according to the Agricultural Marketing Service. There were too few transactions to trend in any region.

Live price last week were generally steady at $123-$124/cwt. Dressed trade was $2 lower at $198 in Nebraska and $194-$198 in the western Corn Belt.

Cattle futures closed mixed on Friday, amid fairly light action as traders positioned ahead of the monthly Cattle on Feed report and the end of the week.

Feeder Cattle futures closed an average of 50¢ higher, except for 27¢ lower in spot Sep.

Live Cattle futures closed an average of 34¢ lower.

Estimated total cattle slaughter last week was 641,000 head, according to USDA’s Agricultural Marketing Service (AMS). That was 16,000 head fewer than the previous week. Year-to-date estimate total cattle slaughter of 20.11 million head was 627,000 head more (+3.2%) than the same period last year. Estimated year to date beef production of 20.1 billion lbs. was 627 million lbs. more (+3.2%) than the same time last year.

The average dressed steer weight the week ending Sept 11 was 909 lbs., according to USDA’s Actual Slaughter Under Federal Inspection report. That was 3 lbs. heavier than the previous week but 11 lbs. lighter than the same week last year. The average dressed heifer weight of 831 lbs. was 9 lbs. heavier than the previous week but 5 lbs. lighter than the previous year.

Choice boxed beef cutout value was $2.28 lower Friday afternoon at $303.32/cwt. Select was 46¢ lower at $274.53.

September 26th, 2021|

Cattle Current Podcast—Sept. 24, 2021

Negotiated cash fed cattle trade ranged from a standstill to limited trade on light demand through Thursday afternoon, according to the Agricultural Marketing Service. There were too few transactions to trend in any region.

So far this week, live price are generally steady with last week at $123-$124/cwt. Dressed trade is $2 lower at $198 in Nebraska and $194-$198 in the western Corn Belt.

Resurgent equity markets helped Cattle futures mainly increase Thursday.

Live Cattle futures closed an average of 47¢ higher, except for 5¢ lower in spot Oct.

Recently higher Corn futures capped Feeder Cattle, which closed from an average of 33¢ lower in three contracts to an average of 37¢ higher.

Corn futures closed mostly 3¢ to 4¢ higher.

Soybean futures closed mostly 1¢ to 3¢ higher.

Choice boxed beef cutout value was $2.23 lower Thursday afternoon at $305.60/cwt. Select was 51¢ lower at $274.99.

Net U.S. beef export sales (2021) for the week ending Sept. 16 totaled 15,800 metric tons, according to the weekly U.S. Export Sales report. That was 3% more than the previous week and 17% more than the prior four-week average. Increases were primarily for Japan, South Korea, China, Taiwan, and Canada. 

Consensus favors Friday’s monthly Cattle on Feed report coming in about even with the previous year; slightly few placements and total cattle on feed.

 

September 23rd, 2021|

Cattle Current Podcast—Sept. 23, 2021

Negotiated cash fed cattle trade was slow with moderate demand in Kansas and Nebraska through Wednesday afternoon, according to the Agricultural Marketing Service.

Live prices were steady in Kansas at $123-$124/cwt., but $1 lower in Nebraska at $124. Dressed trade in Nebraska was $2 lower at $198.

Trade was limited on light demand in other regions. A light test brought steady money of $124 in the Texas Panhandle. Live sales in the western Corn Belt last week were $123-$124; dressed sales were $196-$200.

Higher outside markets and potential positioning ahead of Friday’s Cattle on Feed report helped lift Cattle futures Wednesday.

Feeder Cattle futures closed an average of $1.09 higher (87¢ to $1.27 higher) except for 5¢ lower in spot Sep.

Live Cattle futures closed an average of $1.02 higher (65¢ to $1.30 higher).

Choice boxed beef cutout value was $3.54 lower Wednesday afternoon at $307.83/cwt. Select was $2.51 lower at $275.50.

Corn futures closed 7¢ to 8¢ higher through new-crop contracts and then mostly 1¢ to 3¢ higher.

Soybean futures closed 6¢ to 9¢ higher through the front six contracts and then mostly 1¢ to 4¢ higher.

September 22nd, 2021|

Cattle Current Podcast—Sept. 22, 2021

Negotiated cash fed cattle trade was at a standstill in the Southern Plains and Western Corn Belt through Tuesday afternoon, according to the Agricultural Marketing Service. In Nebraska, trading was mostly inactive with very light demand and not enough purchases to trend.

Last week in the Texas Panhandle, live sales traded at $124/cwt. In Kansas, live sales traded from $123-$124. In Nebraska, live sales traded at $124 and dressed mostly at 200. In the Western Corn Belt, live sales traded from $123-$124 and dressed at $196-$200.

Cattle futures mostly firmed Tuesday, despite continued pressure in Lean Hogs, tied to queasiness over China’s economic growth. After the bell, USDA announced confirmation of African Swine Fever in Haiti, which shares an island with the Dominican Republic, where it was recently confirmed.

Feeder Cattle futures closed an average of 48¢ higher, except for an average of 7¢ lower in the front two contracts.

Live Cattle futures closed an average of 38¢ higher, except for an average of 22¢ lower in the front three contracts.

Choice boxed beef cutout value was $4.29 lower Tuesday afternoon at $311.37/cwt. Select was $2.74 lower at $278.01.

Corn futures closed mostly 2¢ to 4¢ lower.

Soybean futures closed mostly 9¢ to 11¢ higher.

September 21st, 2021|

Cattle Current Podcast—Sept. 21, 2021

Plenty of Monday’s market attention was focused beyond cattle to equities and other commodities as Wall Street investors sold heavily, apparently mostly due to concerns tied to China’s property market. Fears are a potential global domino effect in financial markets on top of ongoing worries about the pandemic and economic growth. The Dow Jones Industrial Average was down 614 points, the S&P 500 closed 75 points lower and the NASDAQ was down 330 points.

Despite the heavy outside pressure, Cattle futures held their own.

Feeder Cattle futures closed an average of 29¢ higher, except for unchanged in Mar and 5¢ lower in May.

Live Cattle futures closed an average of 16¢ lower except for 55¢ higher in near Dec.

Corn futures closed 2¢ to 5¢ lower through new-crop contracts and then mostly 1¢ lower to 1¢ higher.

Soybean futures closed mostly 15¢ to 21¢ lower.

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

Last week, prices were steady to unevenly steady in the Southern Plains and Nebraska with live prices at $124/cwt. in the Texas Panhandle, $123-$124 in Kansas and $124 in Nebraska. Live prices in the western Corn Belt were $1-$3 lower at $123-$124. Dressed traded was unevenly steady at $200 in Nebraska but unevenly steady to $4 lower in the western Corn Belt at $196-$200.

Choice boxed beef cutout value was $1.19 higher Monday afternoon at $315.66/cwt. Select was $1 higher at $280.75.

September 20th, 2021|

Cattle Current Podcast—Sept. 20, 2021

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

For the week, prices are steady to unevenly steady in the Southern Plains and Nebraska with live prices at $124/cwt. in the Texas Panhandle, $123-$124 in Kansas and $125 in Nebraska. Live prices in the western Corn Belt were $1-$3 lower at $123-$124. Dressed traded was unevenly steady at $200.

Through Thursday, the five-area direct fed steer price was 83¢ lower on a live basis at $123.90/cwt. The average steer price in the beef was $2.14 lower at $200.81.

Estimated total cattle slaughter last week was 83,000 head more than the previous week at 660,000. Year-to-date estimated total cattle slaughter of 23.7 million head was 843,000 head more (+3.7%) than the same time last year. Total year-to-date beef production of 19.57 billion lbs. was 643.3 million lbs. more (+3.4%) than the same period last year.

Cattle futures sagged lower Friday amid outside market weakness and week-end positioning.

Feeder Cattle futures closed an average of 89¢ lower (57¢ lower at the back to $1.20 lower).

Live Cattle futures closed an average of 78¢ lower.

Choice boxed beef cutout value was $3.53 lower at $314.47/cwt. Select was 52¢ lower at $279.75.

Corn futures closed 1¢ to 3¢ lower.

Soybean futures closed 8¢ to 12¢ lower through Aug ‘22 and then mostly 4¢ to 6¢ lower.

September 19th, 2021|

Cattle Current Podcast—Sept. 17, 2021

Cattle futures managed to close marginally lower to narrowly mixed Thursday.

Feeder Cattle futures closed narrowly mixed, from an average of 34¢ lower in four contracts to an average of 56¢ higher.

Live Cattle futures closed an average of 38¢ lower, except for an average of 6¢ higher in two contracts.

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

For the week, prices are steady to unevenly steady in the Southern Plains and Nebraska with live prices at $124/cwt. in the Texas Panhandle, $123-$124 in Kansas and $125 in Nebraska. Live prices in the western Corn Belt are $1-$3 lower at $123-$124. Dressed traded is unevenly steady at $200.

Choice boxed beef cutout value was $1.82 lower Thursday afternoon at $318.00/cwt. Select was $3.62 lower at $280.27.

Net U.S. beef export sales for the week ending Sept. 9 were 15,300 metric tons, according to USDA’s weekly U.S. Export Sales report. That was 23% more than the previous week and 24% more than the prior four-week average. Increases were primarily for Japan, South Korea, China, Mexico, and Canada.

Corn futures closed mostly 3¢ to 4¢ lower.

Soybean futures closed fractionally higher to 1¢ higher through May ‘22 and then mostly 1¢ to 4¢ lower.

September 16th, 2021|

Cattle Current Podcast—Sept. 16, 2021

Negotiated cash fed cattle trade was slow on light to moderate demand in the Southern Plains through Wednesday afternoon, according to the Agricultural Marketing Service. Live prices were generally steady at $124/cwt. in the Texas Panhandle and $123-$124 in Kansas.

Prices were unevenly steady in Nebraska at $125 on a live basis and $200 in the beef.

There were too few transactions to trend in the western Corn Belt.

Choice boxed beef cutout value was $3.07 lower Wednesday afternoon at $319.82/cwt. Select was $6.73 lower at $283.89.

Cattle futures retreated Wednesday but held on to most of the previous session’s gains. Resurgent Corn futures added pressure to Feeder Cattle.

Feeder Cattle futures closed an average of $1.20 lower (2¢ at the back to  to $2.15 lower toward the front).

Live Cattle futures closed an average of 59¢ lower (10¢ lower at the front to $1.10 lower at the back), except for 5¢ higher in spot Oct.

Corn futures closed 11¢ to 13¢ higher through new-crop contracts and then mostly 3¢ to 6¢ higher.

Soybean futures closed 8¢ to 12¢ higher through Nov ‘22 and then mostly 4¢ to 6¢ higher.

September 15th, 2021|

Cattle Current Podcast—Sept. 15, 2021

Negotiated cash fed cattle trade was inactive on light demand in all major cattle feeding regions through Tuesday afternoon, with too few transactions to trend according to the Agricultural marketing Service.

Last week, live prices were at $123-$124/cwt. in the Southern Plains and $124-$127 in the North. Dressed trade was at $198-$203.

Cattle futures were finally oversold and cheap enough to generate buying interest Tuesday. Support included the fact that the JBS plant in Grand Island — offline Monday due to a fire on the rendering side — was reportedly back up and running.

Feeder Cattle futures closed an average of $2.96 higher ($2.57 to $3.45 higher).

Live Cattle futures closed an average of $2.16 higher ($1.65 to $2.82 higher).

Choice boxed beef cutout value was $3.04 lower Tuesday afternoon at $322.89/cwt. Select was $1.54 lower at $290.62.

Corn futures closed 3¢ to 7¢ higher across the front half of the board and then fractionally higher to 3¢ higher.

Soybean futures closed 1¢ to 2¢ lower, except for 4¢ higher in spot Sep.

September 14th, 2021|

Cattle Current Podcast—Sept. 14, 2021

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

Last week, live prices were at $123-$124/cwt. in the Southern Plains, $124-$126 in Nebraska and $124-$127 in the western Corn Belt. Dressed trade was at $198-$203. 

Last week’s five-area direct average steer price was $124.79/cwt. on a live basis, which was 64¢ less than the previous week. The average steer price in the beef was 97¢ lower at $200.82.

Widespread reports of an overnight for at the JBS packing facility in Grand Island, Neb. — apparently halting production, at least for Monday — shoved already faltering Cattle futures lower. Overall weakness in commodity markets also contributed pressure.

Feeder Cattle futures closed an average of $2.09 lower.

Live Cattle futures closed an average of $1.06 lower

Choice boxed beef cutout value was 57¢ lower Monday afternoon at $247.59/cwt. Select was 82¢ lower at $218.01/cwt.

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

Soybean futures closed mostly 1¢ lower through Aug ’22 and then fractionally higher to 2¢ higher.

September 13th, 2021|

Cattle Current Podcast—Sept. 13, 2021

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

Last week, live prices were steady to $1 lower at $123-$124/cwt. in the Southern Plains, $124-$125 in Nebraska and $124-$127 in the western Corn Belt. Dressed trade was $2-$5 lower in Nebraska at $198 and steady to $3 lower in the western Corn Belt at $203.

Cattle futures continued lower Friday, pressured by growing concerns about rising Delta variant infections hampering economic recovery and demand.

Feeder Cattle futures closed an average of $1.47 lower (50¢ lower in the back contract to $2.10 lower in Nov ’21).

Live Cattle futures closed an average of 76¢ lower, (33¢ lower in the front contract to $1.13 lower at the back).

Choice boxed beef cutout value was $5.36 lower Friday at $327.22/cwt. Select was $3.08 lower at $298.37.

The average dressed steer weight the week ending Aug. 28 was 901 lbs., which was 2 lbs. lighter than the previous week and 15 lbs. lighter than the same week last year, according to USDA’s Actual Slaughter Under Federal Inspection report. The average dressed heifer weight of 821 lbs. was 1 lb. heavier than the previous week but 13 lbs. lighter than the previous year.

Estimated total cattle slaughter the holiday shortened week was 577,000 head, according to USDA, which was 47,000 head fewer than the previous week. Year-to-date estimated total cattle slaughter of 23.04 million head is 834,000 more (+3.76%) than the same period last year.

Estimated year-to-date total beef production of 19.03 billion lbs. was 648.1 million lbs. more (+3.53%) than the same time the previous year.

Corn futures closed higher Friday, despite bearish World Agricultural Supply and Demand Estimates that increased ending stocks with more projected planted acres and higher estimated yield.

Corn futures closed mostly 1¢ to 9¢ higher.

Soybean futures closed 15¢ to 19¢ higher.

September 12th, 2021|

Cattle Current Podcast—Sept. 10, 2021

Negotiated cash fed cattle trade was slow on light demand in Nebraska through Thursday afternoon. Although there were too few transactions to trend, there was some live trade at $124-$125/cwt. and some in the beef at $198. The previous day, established trend was as $126 and $203, respectively.

Trade was limited on light demand in Kansas with a few live sales steady with the previous day at $123.

Trade was limited on light demand in the western Corn Belt. Live prices the previous day were at $124-$125; $203 dressed.

Trade was at a standstill in the Texas Panhandle. Live prices the previous day were at $123-$124.

Cattle futures offered hope again early in yesterday’s session but closed lower yet again, except for front-month Live Cattle.

Feeder Cattle futures closed an average of 69¢ lower (2¢ lower toward the front to $1.28 lower at the back).

Live Cattle futures closed an average of 51¢ lower, except for 2¢ to 65¢ higher in the front three contracts.

Choice boxed beef cutout value was $2.28 lower Thursday afternoon at $332.58/cwt. Select was $1.72 lower at $296.45.

Corn futures closed mostly 2¢ to 5¢ lower.

Soybean futures closed 7¢ to 12¢ lower with most of the pressure in new-crop contracts.

September 9th, 2021|

Cattle Current Podcast—Sept. 9, 2021

Negotiated cash fed cattle trade was slow on light demand in Nebraska and the western Corn Belt through Wednesday afternoon, according to the Agricultural Marketing Service. Although too few transactions to trend, there were a few live sales in Nebraska at $126/cwt. There were also some early dressed sales in Nebraska and the western Corn Belt at $203. Last week, live prices were $125-$126 in Nebraska and $125-$128 in the western Corn Belt. Dressed trade in the regions was at $200-$203.

Trade in the Southern Plains was limited on light demand. There were a few live sales at $124, steady with the previous day. Last week, live sales in Kansas were at $125-$126 and at $123-$124 in the Texas Panhandle.

Cattle futures tried to gain traction early in Wednesday’s session but ran out of steam amid continued concerns about declining beef values and demand uncertainty.

Feeder Cattle futures closed an average of $1.18 lower (22¢ lower at the front to $1.77 lower toward the back).

Live Cattle futures closed an average of 76¢ lower amid heavy trade.

Choice boxed beef cutout value was 33¢ lower Wednesday afternoon at $334.86/cwt. Select was $3.73 lower at $298.17.

Corn futures closed mostly fractionally lower to 1¢ lower, except for 2¢ higher in spot Sep.

Soybean futures closed fractionally higher to 2¢ higher through Sep ’22 and then fractionally lower.

For the record, 59% of the nation’s corn crop was in Good or Excellent condition (week ending Sept. 5), according to the latest USDA Crop Progress report. That was 1% less than the previous week and 2% less than the five-year average.

57% of the soybean crop was in good or excellent condition versus 56% the previous year and 65% for average.

September 8th, 2021|

Cattle Current Podcast—Sept. 8, 2021

Negotiated cash fed cattle trade was at a standstill in all feeding regions through Tuesday afternoon, according to the Agricultural Marketing Service. Last week, live sales were at $124/cwt. in the Texas Panhandle $123-$124 in Kansas, $125-$126 in Nebraska and $125 in the western Corn Belt. Dressed trade was at $200-$203.

Although seemingly plumb oversold, Cattle futures continued to melt down Tuesday. Many other commodity and equity markets suffered, too, as growing cases of the cover delta variant sap risk appetite. For Cattle, that’s on top of everything from cash market leverage woes to post-Labor Day demand uncertainty to the weekend announcement about atypical BSE confirmed in Brazil (see below).

Feeder Cattle futures closed an average of $2.20 lower.

Live Cattle futures closed an average of $1.29 lower, amid active trade.

Choice boxed beef cutout value was $1.23 lower Tuesday afternoon at $335.19/cwt. Select was $2.23 lower at $301.90.

Corn futures closed 10¢ to 13¢ lower through new-crop contracts and then mostly 2¢ to 6¢ lower.

Soybean futures closed mostly 10¢ to 14¢ lower.

September 7th, 2021|

Cattle Current Podcast—Sept. 6-7, 2021

Cattle futures took it on the chin Friday as traders seemed to grow more concerned about post-Labor Day beef demand and the continued apparent inability of cattle feeders to gain currentness, given the anemic packing pace.

Feeder Cattle futures closed an average of $2.04 lower Friday ($1.00 to $2.57 lower).

Live Cattle futures closed an average of $1.02 lower (45¢ to $1.27 lower) amid expanding open interest.

Negotiated cash fed cattle trade has was mostly inactive on very light demand in all major feeding regions through Friday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service (AMS).

For the week, AMS reported live prices $2 lower in Nebraska at $126/cwt. and $2-$3 lower in the western Corn Belt at $125-$126. Dressed trade was $2-$5 lower in Nebraska at $200-$203.

The Texas Cattle Feeders Association reported its members trading steers at an average of $123.94/cwt., which was $1.57 more than the previous week. They traded heifers for $1.67 more at $123.80.

Corn futures closed 8¢ lower in spot Sep, then fractionally lower to 2¢ lower through Dec ’22, and then fractionally higher to 1¢ higher.

Soybean futures closed mostly 8¢ to 10¢ higher through new-crop contracts and then mostly 2¢ to 4¢ higher.

September 5th, 2021|

Cattle Current Podcast—Sept. 3, 2021

There were too few negotiated cash fed cattle transactions to trend in any major cattle feeding region through Thursday afternoon, according to the Agricultural Marketing Service. So far this week, amid anemic trade, live prices are $2 lower in Nebraska at $126/cwt. and $2-$3 lower in the western Corn Belt at $125-$126. Dressed trade in Nebraska is $2-$5 lower at $200-$203.

Choice boxed beef cutout value was 53¢ lower Thursday afternoon at $337.92/cwt. Select was $2.60 lower at $304.97.

Cattle futures continued to sag lower Thursday amid sluggish interest ahead of the long holiday weekend, declining wholesale beef values and the lackluster packing pace. Feeder Cattle led the charge lower.

Feeder Cattle futures closed an average of $2.42 lower ($1.65 to $3.00).

Live Cattle futures closed an average of $1.38 lower ($1.05 to $1.60).

Corn futures closed mostly 2¢ higher through new-crop contracts, then mostly 1¢ to 2¢ lower.

Soybean futures closed 1¢ to 5¢ higher through new-crop contracts, then mostly unchanged to fractionally higher.

September 2nd, 2021|

Cattle Current Podcast—Sept. 2, 2021

Negotiated cash fed cattle trade was slow on light demand in all major regions through Tuesday afternoon, according to the Agricultural Marketing Service. A few dressed sales in Nebraska traded at $203/cwt.

Last week, live prices were at $122-$123/cwt. in the Southern Plains at $123/cwt. Live and dressed sales were at $128 and $202-$208, respectively, in Nebraska and the western Corn Belt.

The Choice boxed beef cutout value was $3.66 lower Wednesday afternoon at $338.45/cwt. Select was $4.46 lower at $307.57.

Likely short covering helped Cattle futures regain some recently lost ground Wednesday. Further erosion in grain futures, tied to Hurricane Ida impacts, also helped Feeder Cattle futures.

Feeder Cattle futures closed an average of $1.11 higher (30¢ to $1.53), except for 7¢ lower in spot Sep.

Live Cattle futures closed an average of 43¢ higher, except for an average of 43¢ lower in the back two contracts.

Grain futures continued to fall Wednesday beneath the weight of export shipping disruptions wrought by Hurricane Ida.

Corn futures closed 10¢ to 18¢ lower through new-crop contracts and then mostly 2¢ to 4¢ lower.

Soybean futures closed 9¢ to 21¢ lower through new-crop contracts and then mostly 6¢ to 9¢ lower.

September 1st, 2021|

Cattle Current Podcast—Sept. 1, 2021

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

Last week, live prices were at $122-$123/cwt. in the Southern Plains at $123/cwt. Live and dressed sales were at $128 and $202-$208, respectively, in Nebraska and the western Corn Belt.

Cattle futures declined Tuesday with follow-through pressure tied to concerns about recently slower packer production, post Labor Day demand and declining wholesale beef prices. Month-end position squaring was also a factor.

Feeder Cattle futures closed an average of 72¢ lower (7¢ to $1.20), except for 7¢ higher in May.

Live Cattle futures closed an average of 76¢ lower (10¢ to $1.43 lower). 

Through midday today, though, Cattle futures were rebounding some, helped along by further declines in Grain futures.

Choice boxed beef cutout value was 67¢ lower Tuesday afternoon at $342.11/cwt. Select was 52¢ lower at $312.03/cwt.

Corn and Soybean futures closed lower with continued pressure from uncertainty surrounding the impact of Hurricane Ida.

Corn futures closed down mostly 5¢ to 8¢.

Soybean futures closed mostly 4¢ to 10¢ lower through new-crop contracts, and then mostly 2¢ to 3¢ higher.

September 1st, 2021|

Cattle Current Podcast—Aug. 31, 2021

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

Last week, live prices were at $122-$123/cwt. in the Southern Plains at $123/cwt. Live and dressed sales were at $128 and $202-$208, respectively, in Nebraska and the western Corn Belt.

Lower Corn futures helped boost Feeder Cattle futures Monday. They closed an average of 62¢ higher (10¢ to $1.75), except for spot Sep, down 60¢.

Recent sluggishness in the pace of packer buying continued to pressure Live Cattle futures again Monday. They closed an average of 57¢ lower (18¢ to $1.75). 

Choice boxed beef cutout value was $2.56 lower Monday afternoon at $342.78/cwt. Select was $2.97 lower at $312.55/cwt.

Front-month Corn and Soybean futures fell hard with barge delivery uncertainty stemming from Hurricane Ida.

Corn futures closed 6¢ to 17¢ lower through new-crop contracts and then mostly 3¢ lower.

Soybean futures closed 11¢ to 54¢ lower in the front seven contracts and then mostly 4¢ to 7¢ lower.

August 31st, 2021|

Cattle Current Podcast—Aug. 30, 2021

Despite the lack of sustained follow-through support from the most recent Cattle on Feed report, volatile outside markets and an apparent top in wholesale beef values, cash cattle and futures mainly gained last week.

Live Cattle futures closed an average of $1.02 higher (7¢ to $1.45 higher) week to week on Friday, except for $2.27 lower in almost-spent spot Aug.

On the cash side of the fence, negotiated fed cattle prices last week, were $1-$2 higher on a live basis in the Southern Plains at $123/cwt. However, the anemic pace of trade meant there was  no established trend in the North. Live prices the previous week were at $125-$127 in Nebraska and at $127 in the westerner Corn Belt. Dressed trade the previous week was at $200 in Nebraska and at $200-$205 in the western Corn Belt.

Sluggish trade pressured Live Cattle futures on Friday. Part of that stemmed from reports of mechanical problems at various plants last week.

Through Thursday, USDA’s Agricultural Marketing Service (AMS) reported 33,363 head traded direct in the five-area regions, compared to 60,342 at the same time the previous week and 65,386 head a year earlier.

Live Cattle futures closed an average of 52¢ lower through the front four contracts (5¢ lower to $1.27 lower in spot Aug) and then an average of 28¢ higher.

Overall, though, recently expanding open interest provided support, as does the reality of improving supply-side fundamentals.

As Derrell Peel, Extension livestock marketing specialist at Oklahoma State University pointed out in his weekly market comments,

“August represents the sixth consecutive monthly decline in feedlot inventories from the February peak, a decrease of 1.032 million head or 8.5% over the six months. In the previous five years, he says the average feedlot inventory decline from the spring high to summer low has been 6.2%.” 

Moreover, Peel notes lighter year-over-year carcass weights also provide more indication that feedlots are getting more current. He adds lower carcass weights also reflect the impact and incentives stemming from sharply higher feedlot cost of gain, which should help hold carcass weights in check.

August 28th, 2021|

Cattle Current Podcast—Aug. 27, 2021

Negotiated cash fed cattle trade was mostly inactive on light demand in Kansas through Thursday afternoon, according to the Agricultural Marketing Service. Elsewhere, it was slow on light demand.

Live sales in the Texas Panhandle were $1-$2 higher at $123/cwt. Although too few to trend, early live sales were $1-$3 higher in Nebraska at $128 and $1 higher in the western Corn Belt at $127. Early dressed sales were $1-$2 higher at $202 in Nebraska and $202.00-$206.50 in the western Corn Belt.

Weaker outside markets and the lack of follow-through support pressured Cattle futures Thursday.

Feeder Cattle futures closed an average of 95¢ lower, except for 15¢ higher spot Aug.

Live Cattle futures closed an average of 55¢ lower, except for 15¢ higher in the back contract.

Choice boxed beef cutout value was 38¢ higher Thursday afternoon at $347.27/cwt. Select was $3.90 higher at $319.59.

Corn futures closed mostly 1¢ to 6¢ lower, except for 1¢ higher in spot Sept.

Soybean futures closed mostly 6¢ to 10¢ lower, except for 21¢ higher in spot Sept.

August 26th, 2021|

Cattle Current Podcast—Aug. 26, 2021

Negotiated cash fed cattle trade ranged from inactive to limited through Wednesday afternoon with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, live sales were at $121-$122/cwt. in the Texas Panhandle, $122 in Kansas, $125-$127 in Nebraska and $127 in the western Corn Belt. Dressed sales were at $200 in Nebraska and at $200-$205 in the western Corn Belt.

There was just a light run for Wednesday’s fat cattle auction in Tama, IA (313 head), but Choice steers and heifers traded $1.50 to $1.75/cwt. higher. There were 127 Choice 2-4 steers weighing an average of 1,377 lbs., bringing an average of $131.43.

Slaughter steers sold $2-$4 lower at Sioux Falls Regional in South Dakota. Fat heifers traded steady to $1 lower. There were 313 Choice 3-4 steers weighing an average of 1,532 lbs., bringing an average of $126.52/cwt.

Lack of cash direction, positioning from strong gains to start the week and softer wholesale beef values weighed on Live Cattle futures Wednesday.

Live Cattle futures closed an average of 76¢ lower (5¢ to $1.40 lower), except for unchanged to an average of 7¢ higher in three contracts toward the middle of the board.

Higher Corn futures added pressure to Feeder Cattle.

Feeder Cattle futures closed an average of 58¢ lower, except for 72¢ higher in almost spent Aug and 17¢ higher in the back contract.

Wholesale beef prices trended lower for the second consecutive day.

Choice boxed beef cutout value was 69¢ lower Wednesday afternoon at $346.89/cwt. Select was $1.21 lower at 315.69.

Total federally inspected cattle slaughter in July of 2.8 million head was 65,800 fewer (-2.3%) than the previous year. Total cattle slaughter for January through July of 19.25 million head was 880,700 more (+4.8%) year over year.

Commercial beef production in July of 2.3 billion lbs. was 104 million lbs. less (-4.3%) year over year. For January through July, beef production of 16.2 billion lbs. was 758.1 million lbs. more (+4.9%) than the same time last year. The average live weight was down 14 lbs. from the previous year, at 1,349 lbs.

Total commercial red meat production in July of 4.4 billion lbs. was 429.5 million lbs. less (-8.9%) than the previous year. Total commercial red meat production for January through July was 32.3 billion lbs., which was 645.6 million lbs. more (+2.0%).

Corn futures closed mostly 6¢ to 12¢ higher.

Soybean futures closed mostly 8¢ to 12¢ higher, except for mainly 1¢ higher in new-crop contracts.

August 25th, 2021|

Cattle Current Podcast—Aug. 25, 2021

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

Last week’s five-area direct average steer price was $2.19 higher on a live basis at $125.47/cwt. The average steer price in the beef was 5¢ higher at $200.68.

Cattle futures closed mixed Tuesday. Follow-through support prevailed through most of the session.

Live Cattle closed mainly higher, boosted by the cash outlook and the 13,688-contract increase in open interest the previous day.

Live Cattle futures closed an average of 47¢ higher, except for an average of 45¢ lower in the front two contracts.

Choice boxed beef cutout value was 45¢ lower Tuesday afternoon at $347.58/cwt. Select was $2.50 lower at $316.90.

Rising Corn futures prices, as well as  likely position squaring and profit taking pressured Feeder Cattle.

Feeder Cattle futures closed an average of 81¢ lower, except for 37¢ higher in spot Aug.

Corn and Soybean futures closed higher Tuesday, supported by crop conditions in the weekly Crop Progress report.

Corn futures closed mostly 6¢ to 9¢ higher.

Soybean futures closed 30¢ to 43¢ higher through Aug ’22 and then mostly 23¢ to 28¢ higher.

August 24th, 2021|

Cattle Current Podcast—Aug. 24, 2021

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

Cash fed cattle prices last week were $1 higher in the Southern Plains at $122/cwt., $1-$2 higher in Nebraska at $125-$127 and $1-$2 higher in the western Corn Belt at $127. Dressed trade was mostly $2 higher in Nebraska at $200; from $1 to $2 higher to $4 lower in the western Corn Belt at $200.

Last week’s five-area direct average steer price was $2.19 higher on a live basis at $125.47/cwt. The average steer price in the beef was 5¢ higher at $200.68.

Lower year-over-year July feedlot placements and fewer cattle on feed year over year — based on the latest Cattle on Feed report — helped boost Cattle futures Monday, amid heavy and active trade.

Choice boxed beef cutout value was $2.97 higher Monday afternoon at $348.03/cwt. Select was 87¢ higher at $319.40.

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

Soybean futures closed 2¢ to 9¢ higher through Sep ’22 and then mostly 11¢ to 14¢ higher.

August 23rd, 2021|

Cattle Current Podcast—Aug. 23, 2021

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

Live prices last week were $1 higher in the Southern Plains at $122/cwt., $1-$2 higher in Nebraska at $125-$127 and $1-$2 higher in the western Corn Belt at $127. Dressed trade was mostly $2 higher in Nebraska at $200; $2 higher to $4 lower in the western Corn Belt at $200.

The down day in grain futures Friday sparked Feeder Cattle futures, as did likely positioning ahead of what turned out to be a positive Cattle on Feed report (see below).

Feeder Cattle futures closed an average of $1.47 higher (75¢ to $2.60 higher). Week to week on Friday, they were an average of $1.17 higher.

Live Cattle futures closed an average of 53¢ higher, except for unchanged and 5¢ lower toward the back. Strength in wholesale beef values and slightly higher cash fed cattle prices provided support.

Choice boxed beef cutout value was $3.43 higher Friday afternoon at $345.06/cwt. Select was $2.12 higher at $318.53.

Corn futures closed down an average of 13¢ lower through the front six contracts, then mostly 5¢ to 9¢ lower.

Soybean futures closed an average of 27¢ lower through the front six contracts, then mostly 9¢ to 18¢ lower.

August 23rd, 2021|

Cattle Current Podcast—Aug. 20, 2021

Negotiated cash fed cattle trade was mainly slow on light demand through Thursday afternoon, according to the Agricultural Marketing Service. So far this week, live prices in the North are generally $1-$2 higher at $125-$127/cwt. Price are steady to $1 higher in the Southern Plains at $121-$122.

Choice boxed beef cutout value was $1.55 higher Thursday afternoon at $341.63/cwt. Select was $6.61 higher at $316.41/cwt.

Net U.S. beef export sales for the week ending Aug. 12 were 11,100 metric tons for 2021, according to USDA’s weekly U.S. Export Sales report. That was 18% less than the previous week and 42% less than the prior four-week average. Increases were primarily for Japan, South Korea, China, Taiwan, and Mexico.

Cattle futures softened Thursday. More than anything, pressure seemed mostly tied to weakness in outside markets and in commodities overall as fund managers assess the impact of surging COVID cases on economic growth.

Live Cattle futures closed an average of 53¢ lower (20¢ to 90¢)

Feeder Cattle futures closed an average of 38¢ lower (23¢ to 58¢ lower)

Corn futures closed an average of 13¢ lower through the front six contracts, then fractionally to 7¢ lower.

Soybean futures closed an average of 30¢ lower through the front six contracts, then mostly 8¢ to 25¢ lower.

August 19th, 2021|

Cattle Current Podcast—Aug. 19, 2021

Negotiated cash fed cattle trade was slow on moderate demand in the North Tuesday at steady to higher money.

Live sales in Nebraska were $2 higher at $125 to $128/cwt. Dressed sales were generally $2 higher at $200, but some up to $205.

In the western Corn Belt, live sales were $1-$2 higher at $127. Although too few to trend, there were some dressed sales at $200, compared to $198-$204 last week.

Trade in the Texas Panhandle was slow on light demand. There were some live trades at $121 to $122 — steady to $1 higher than last week — but too few to trend.

In Kansas, trade was mostly inactive.

Cattle futures retraced recent softness, led by Feeder Cattle Wednesday. Support included the outlook for steady to higher cash fed cattle prices, as well as optimism about the monthly Cattle on Feed report due out Friday.

Feeder Cattle futures closed an average of $1.74 higher ($1.35 to $2.42 higher).

Live Cattle futures closed an average of 52¢ higher (2¢ to 92¢ higher), except for 17¢ lower in the back contract.

Choice boxed beef cutout value was $2.02 higher Wednesday afternoon at $340.08/cwt. Select was $3.03 higher at $309.80.

Corn futures closed mostly 1¢ to 3¢ higher.

Soybean futures closed 4¢ to 10¢ lower through Jly ’22 and then mostly fractionally lower to 1¢ lower.

August 18th, 2021|

Cattle Current Podcast—Aug. 18, 2021

Although too few to trend, there were some early live sales in the western Corn belt at $127/cwt. and a few in the beef at $204, the top end of last week’s price range in the region.

Elsewhere, trade ranged from a standstill to mostly inactive with very light demand.

Weaker outside markets and the lack of cash direction weighed on Cattle futures Tuesday.

Feeder Cattle futures closed an average of 75¢ lower (32¢ to $1.30 lower).

Live Cattle futures closed an average of 56¢ lower (22¢ to $1.00 lower) except for 5¢ higher in the back contract.

That was despite another day of strong gains for wholesale beef prices. Choice boxed beef cutout value was $8.26 higher Tuesday afternoon at $338.06/cwt. Select was $3.22 higher at $306.77/cwt.

Corn futures close mostly 4¢ to 5¢ lower.

Soybean futures closed 3¢ to 7¢ lower through Jly ’22 and then mostly fractionally lower to 1¢ lower.

August 17th, 2021|

Cattle Current Podcast—Aug. 17, 2021

Negotiated cash fed cattle trade ranged from a standstill to mostly inactive with very light demand through Monday afternoon, according to the Agricultural Marketing Service. Prices last week were generally steady. Live sales were at $121/cwt. in the Southern Plains, $123-$126 in Nebraska and $125-$126 in the western Corn Belt. Dressed sales were at $198 in Nebraska and at $198-$203 in the western Corn Belt.

Live Cattle futures rode surging wholesale beef values higher through nearby contracts.

Choice boxed beef cutout value was $4.97 higher Monday afternoon at $329.80/cwt. Select was $5.53 higher at $303.55/cwt.

Live Cattle futures closed an average of 81¢ higher through the front three contracts on Monday and then an average of 45¢ lower.

Feeder Cattle futures softened on likely profit taking and wariness about sustained strength. They closed an average of 71¢ lower, except for 17¢ higher toward the back of the board.

Corn futures closed 2¢ to 4¢ lower through new-crop contracts, and then mostly fractionally lower to 1¢ higher.

Soybean futures closed mostly 3¢ to 5¢ higher.

August 16th, 2021|

Cattle Current Podcast—Aug. 16, 2021

Negotiated cash fed cattle trade ranged from mostly inactive to limited on light demand through Friday afternoon, according to the Agricultural Marketing Service. Prices for the week were generally steady. Live sales were at $121/cwt. in the Southern Plains, $123-$126 in Nebraska and $125-$126 in the western Corn Belt. Dressed sales were at $198 in Nebraska and at $198-$203 in the western Corn Belt.

Choice boxed beef cutout value was $6.90 higher Friday afternoon at $324.83/cwt. Select was $7.71 higher at $298.02/cwt.

Cattle futures softened in front-month contracts Friday, but strengthened in away months, supported by improving supply fundamentals.

Live Cattle futures closed an average of 28¢ higher, except for an average of 30¢ lower in the front three contracts.

Feeder Cattle futures closed an average of 67¢ higher (15¢ to $1.40 higher), except for an average of 56¢ lower in the front two contracts.

Corn futures wavered on the positive weather outlook.

Corn futures closed mixed, fractionally lower to 1¢ higher through new-crop contracts and then mostly 3¢ lower to 2¢ higher.

Soybean futures gained on confirmed strong weekly exports.

Soybean futures closed 11¢ to 26¢ higher through Aug ’22 and then 5¢ to 9¢ higher.

August 15th, 2021|

Cattle Current Podcast—Aug.13, 2021

Negotiated cash fed cattle trade continued at a listless pace Thursday. Although too few transactions to trend, there were some live trades in Nebraska at $123-$126/cwt. and at $198 in the beef, compared to $125 and $198, respectively, last week. Elsewhere, trade was inactive to limited.

Feeder Cattle futures started Thursday’s session strong, retreated in the face of higher Corn futures — in the wake of the monthly World Agricultural Supply and Demand Estimates (WASDE) — and then mostly firmed by the end of the session.

Feeder Cattle futures closed mixed, from an average of 14¢ lower to an average of 38¢ higher.

Surging wholesale beef prices helped lift Live Cattle futures, but sluggish cash trade limited the potential. Choice boxed beef cutout value was $7.13  higher Thursday afternoon at $317.93/cwt. Select was $2.32 higher at $290.31/cwt.

Live Cattle futures closed an average of 64¢ higher.

The average dressed steer weight the week ending July 31 was 3 lbs. lighter than the previous week at 891 lbs., according to USDA’s Actual Slaughter Under Federal Inspection report. The average dressed heifer weight was 2 lbs. lighter at 814 lbs.

Corn futures gained on the WASDE report, amid volatile intra-day trading. They closed 9¢ to 14¢ higher through new-crop contracts and then mostly 1¢ to 3¢ higher.

Soybean futures closed mixed, mostly 3¢ lower to 2¢ higher.

August 12th, 2021|

Cattle Current Podcast—Aug. 12, 2021

Negotiated cash fed cattle trade was slow on light to moderate demand in the Southern Plains through Wednesday afternoon, according to the Agricultural Marketing Service. A few early live sales traded steady with last week at $121.

In Nebraska and the Western Corn Belt, trading was limited with light demand.

Last week in Kansas, live sales traded at $121. In Nebraska live sales traded at $125 and dressed at $198. In the Western Corn Belt, live sales were at $125-$126 and dressed at $198.

Stronger Corn futures and sluggish cash prices helped pressure Cattle futures Wednesday. There might have also been some defensiveness ahead of Thursday’s monthly World Agricultural Supply and Demand Estimates.

Live Cattle futures closed mixed from an average of 34¢ lower to an average of 15¢ higher

Feeder Cattle futures closed an average of 64¢ lower (22¢ lower toward the front of the board to $1.12 lower in the back contract).

Choice boxed beef cutout value was $5.48  higher Wednesday afternoon at $310.80/cwt. Select was $3.38 higher at $287.99/cwt.

Corn futures closed 2¢ to 7¢ higher through the front six contracts, then fractionally higher to 1¢ higher.

Soybean futures closed mostly fractionally higher to 2¢ higher, except for 42¢ lower in waning Spot Aug. 

August 11th, 2021|

Cattle Current Podcast—Aug. 1, 2021

Negotiated cash fed cattle trade was again at a standstill in the Southern Plains and Nebraska through Tuesday afternoon, according to the Agricultural Marketing Service. In the Western Corn Belt, trading was still mostly inactive on light demand.

Last week in the Texas Panhandle, live sales traded from $121 to $122. In Kansas, live sales traded at $121. In Nebraska live sales traded at $125 and dressed at $198. In the Western Corn Belt, live sales were at $125-$126 and dressed at $198.

Cattle futures firmed after early pressure to close higher Tuesday, helped along by the extraordinary run in wholesale beef prices.

Live Cattle futures closed an average of 40¢ higher (3¢ to 65¢).

Feeder Cattle futures closed an average of 34¢ higher, except for 15¢ lower in Sept.

Corn futures closed fractionally lower to 4¢ lower through the front six contracts.

Soybean futures closed 6¢ to 7¢ higher in the front six contracts, except for 14¢ higher in Spot Aug.

August 10th, 2021|

Cattle Current Podcast—Aug. 10, 2021

Negotiated cash fed cattle trade was at a standstill in the Southern Plains and Nebraska through Monday afternoon, according to the Agricultural Marketing Service. It was mostly inactive on light trade in the Western Corn Belt.

Last week in the Texas Panhandle, live sales traded from $121 to $122. In Kansas, live sales traded at $121. In Nebraska live sales traded at $125 and dressed at $198. In the Western Corn Belt, live sales were at $125-$126 and dressed at $198.

Steep declines in Lean Hog futures pressured Cattle futures Monday despite last week’s stronger cash trade and surging wholesale beef prices. By the end of the session, though, they were back to about even.

Live Cattle futures closed an average of 27¢ lower (15¢ to 45¢), except for unchanged in spot Aug.

Feeder Cattle futures closed mixed, down an average of 19¢, except for 28¢ higher in Apr.

Choice boxed beef cutout value was $3.54 higher Monday afternoon at $299.80/cwt. Select was $3.72 higher at $280.81/cwt.

Crop progress and an improved weather outlook pressured Corn futures Monday.

Corn futures closed mostly 2¢ to 3¢ lower.

Soybean futures closed mostly 4¢ to 7¢ lower, except for 11¢ higher in Spot Aug.

August 10th, 2021|

Cattle Current Podcast—Aug. 9, 2021

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

Last week were generally $1-$2 higher on a live basis in the Texas Panhandle at $121-$122/cwt.; $1 higher in Kansas at $121; $3 higher in Nebraska at $125; $1-$2 higher in the western Corn Belt at $125-$126. Dressed trade was $2 higher in Nebraska at $198; $3 higher to $3 lower at $198 in the western Corn Belt.

Surging wholesale beef values, position squaring and stronger cash fed cattle prices, albeit with anemic trade, helped buoy Cattle futures Friday.

Live Cattle futures closed an average of 78¢ higher (30¢ to $1.225)

Feeder Cattle futures closed an average of $1.62 higher (80¢ to $2.20)

Corn futures closed 3¢ to 6¢ higher through the front six contracts, except for up fractionally in spot Sept, and then mostly 8¢ to 9¢ higher.

Soybean futures closed 6¢ to 8¢ higher, except for 20¢ higher in Spot Aug.

August 8th, 2021|

Cattle Current Podcast—Aug. 6, 2021

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

So far this week, live sales are: $1-$2 higher in the Texas Panhandle at $121-$122/cwt.; $1 higher in Kansas at $121; $3 higher in Nebraska at $125; $1-$2 higher in the western Corn Belt at $125-$126. Dressed trade is $2 higher in Nebraska at $198; $3 higher to $3 lower at $198 in the western Corn Belt.

Heavy pressure in Lean Hog futures weighed on Live Cattle Thursday, despite higher cash and wholesale prices.

Live Cattle futures closed an average of 96¢ lower with more pressure at the front (52¢ to $1.47 lower).

Higher Corn futures pressured Feeder Cattle futures.

Feeder Cattle futures closed an average of $1.59 lower.

Choice boxed beef cutout value was $3.24 higher Thursday afternoon at $292.58/cwt. Select was $2.62 higher at $273.77/cwt.

Corn futures closed 5¢ to 10¢ higher through the front six contracts and then mostly fractionally higher to 1¢ higher.

Soybean futures mixed, from 4¢ lower to 3¢ higher.

August 5th, 2021|

Cattle Current Podcast—Aug. 5, 2021

Negotiated cash fed cattle prices leaned higher Wednesday: $1 higher in Kansas at $121/cwt. on a live basis; steady to $1 higher in Nebraska at $125 (compared to Tuesday); steady with the previous day at $125 in the Western Corn Belt. Although too few to trend, live prices in the Texas Panhandle were $2 higher at $122. Dressed trade was $2 higher in Nebraska at $198. All of that was on slow trade with light to moderate demand.

Stronger cash prices and surging wholesale beef values provided support for Cattle futures Wednesday.

Live Cattle futures closed an average of 55¢ higher.

Feeder Cattle futures closed an average of 42¢ higher.

Through mid session today, limit-down moves in Lean Hogs are weighing on Live Cattle, while a bounce in Corn futures is pressuring Feeder Cattle.

Corn futures closed mixed mixed Wednesday, down 4¢ to 5¢ through new-crop contracts and then mostly fractionally higher.

Soybean futures closed 5¢ to 11¢ higher through Jul ’22 and then 4¢ higher.

August 5th, 2021|

Cattle Current Podcast—Aug. 4, 2021

Negotiated cash fed cattle trade was limited on light demand in Nebraska and the Western Corn Belt through Tuesday afternoon, according to the Agricultural Marketing Service. In the Western Corn Belt, a few live sales traded at $125/cwt. 

Trade was mostly inactive on light demand in the Southern Plains.

Surging wholesale beef prices helped lift Live Cattle.

Choice boxed beef cutout value was $4.84 higher Tuesday afternoon at $285.84/cwt. Select was $4.11 higher at $267.49/cwt.

Live Cattle futures closed an average of 50¢ higher, (25¢ higher at the back to $1.12 at the front), except for 10¢ lower in the back contract.

Feeder Cattle futures were buoyed by lower Corn futures.

Feeder Cattle futures closed an average of 59¢ higher, except for an average of 17¢ lower in the back two contracts.

Grain futures trended lower with the weekly Crop Progress report (see below), profit taking and the lack of follow-through for Wheat.

Corn futures closed 6¢ to 8¢ lower through new-crop six contracts, then mostly unchanged to fractionally lower.

Soybean futures closed 22¢ to 33¢ lower through Aug ’22 and then mostly 15¢ to 16¢ lower.

August 3rd, 2021|

Cattle Current Podcast—Aug. 3, 2021

Negotiated cash fed cattle trade was limited on very light demand in Nebraska and at a standstill in all other major feeding regions through Monday afternoon, according to the Agricultural Marketing Service.

Cattle futures edged higher Monday with stronger wholesale beef prices and optimism for pushing cash prices higher this week.

Live Cattle futures closed an average of 31¢ higher.

Feeder Cattle futures closed an average of 53¢ higher, from 7¢ higher in spot Aug to $1.05 higher at the back.

Choice boxed beef cutout value was $2.54 higher Money afternoon at $281.00/cwt. Select was $4.19 higher at $263.38/cwt.

CME Feeder Cattle Index $1.54 higher at $155.58

Rallying wheat futures led grains higher Monday.

Corn futures closed mostly 10¢ to 14¢ higher.

Soybean futures closed mostly 4¢ to 6¢ higher through Aug ‘22, and then mostly 11¢ to 17¢ higher.

August 3rd, 2021|

Cattle Current Podcast—Aug. 2, 2021

Negotiated cash fed cattle prices last week were $1 higher in the Southern Plains at $122/cwt. and unevenly steady in Nebraska at $122. Dressed trade in Nebraska was $1 higher at $196. Dressed prices in the western Corn Belt were $196, compared to $195-$202 the previous week; no established trend for live trade.

Through Thursday, the average five-area direct fed steer price was $121.05/cwt., 40¢ more than the previous week. The average steer price in the beef was $197.49, which was 70¢ more.

Cattle futures softened further Friday amid week-end and month-end position squaring.

Live Cattle futures closed an average of  60¢ lower.

Feeder Cattle futures closed an average of  32¢ lower (5¢ to $1.02 lower).

Choice boxed beef cutout value was $3.24 higher Friday afternoon at $278.46/cwt. Select was $2.37 higher at $259.19/cwt.

Estimated total cattle slaughter last week of 649,000 head was 1,000 more than the previous week and 13,000 more than the same week last year. Estimated year-to-date total cattle slaughter of 19.24 million head is 826,000 more (+4.5%) than the same period last year.

Corn futures closed 10¢ 11¢ lower through new-crop contracts and then mostly 5¢ to 7¢ lower.

Soybean futures closed mostly 14¢ to 29¢ lower.

August 1st, 2021|

Cattle Current Podcast—July 30, 2021

Negotiated cash fed cattle trade was slow on light to moderate demand in in all major feeding regions through Thursday afternoon, according to the Agricultural Marketing Service. In the Southern Plains compared to last week, live purchases traded $1 higher at $120/cwt.

In Nebraska, live sales traded unevenly steady at $122/cwt. and dressed sales were $1 higher at $196/cwt. In the Western Corn Belt, dressed sales traded unevenly steady at $196/cwt. while live sales last week traded from $120-$124/cwt.

Higher grain futures prices weighed on Cattle futures Thursday.

Feeder Cattle futures closed an average of $1.23 lower, from 85¢ lower at the back to $1.67 lower in spot Aug.

Live Cattle futures closed just an average of 21¢ lower. Part of the support was Lean Hog futures recovering from the previous day’s slide, when there was chatter about African Swine Fever being confirmed closer to the Continental United States — it was confirmed the Dominican Republic.

Choice boxed beef cutout value was $2.06 higher Thursday afternoon at $275.22/cwt. Select was 70¢ higher at $256.82.

The average dressed steer weight the week ending July 17 was 888 lbs., according to USDA’s Actual Slaughter Under Federal Inspection report. That was 3 lbs. heavier than the previous week but 11 lbs. lighter than the same week last year. The average dressed heifer weight of 813 lbs. was 1 lb. heavier than the prior week but 16 lbs. lighter than the previous year.

Net U.S. beef export sales were 22,500 metric tons (2021) the week ending July 22, according to the weekly U.S. Export Sales report. That was 11% less than the previous week but 28% more than the prior four-week average. Increases were primarily for South Korea, Japan and China.

Hotter, drier weather in the Corn Belt helped lift grain futures prices Thursday.

Corn futures closed 7¢ to 8¢ higher through new-crop contracts, then mostly 3¢ to 5¢ higher.

Soybean futures closed mostly 11¢ to 16¢ higher.

July 29th, 2021|

Cattle Current Podcast—July 29, 2021

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

Central Stockyards offered 7,773 head in its weekly Fed Cattle Exchange auction. Of those, 1,085 head sold (436 heifers and 649 steers), all from the Southern Plains. Steers brought a weighted average price of $119.78/cwt. The weighted average price for heifers was $119.14.

Cattle futures limped to narrowly mixed trade Wednesday amid sluggish interest.

Live Cattle support included another day of higher boxed beef prices.

Live Cattle futures closed marginally mixed, from an average of 7¢ lower in four contracts to an average of 9¢ higher. 

Feeder Cattle futures wavered with pressure from higher Corn futures, led by sharply higher Wheat futures. Kansas City Wheat on the CME was 14¢ to 18¢ higher through May ’23. Chicago Wheat was 10¢ to 14¢ higher through Sep ’22.

Feeder Cattle futures closed narrowly mixed, from an average of 37¢ lower through the front five contracts to an average of 19¢ higher.

Choice boxed beef cutout value was $3.43 higher Wednesday afternoon at $273.16/cwt. Select was $2.18 higher at $256.12/cwt. The CME Boxed Beef Index was $1.19 higher at $262.75.

Corn futures closed fractionally higher to 3¢ higher through the front six contracts, then mostly fractionally higher to 1¢ higher.

Soybean futures closed 13¢ higher in spot Aug, then 1¢ to 3¢ higher through Jan ’23.

July 28th, 2021|

Cattle Current Podcast—July 28, 2021

Negotiated cash fed cattle trade was mostly inactive on very light demand in Nebraska and the Western Corn Belt through Tuesday afternoon, according to the Agricultural Marketing Service. In Nebraska last week, live sales were at $120-$123/cwt. and dressed at $195/cwt.

In the Western Corn Belt last week, live sales traded from $120-$124/cwt. and dressed sales from $195-$202/cwt.

Trading was at a standstill in the Southern Plains. Last week in the Southern Plains, live sales traded at $119/cwt.

Cattle futures drifted lower Tuesday amid likely profit taking and with traders awaiting cash direction.

Feeder Cattle futures closed an average of 50¢ lower, except for unchanged in the back contract. 

Live Cattle futures closed an average of 42¢ lower, except for an average of 20¢ higher in the back three contracts.

Wholesale beef prices continued to gain on Labor Day stocking. Choice boxed beef cutout value was $1.80 higher Tuesday afternoon at $269.73/cwt. Select was $3.02 higher at $253.94/cwt.

Grain futures on Tuesday battled between tougher crop conditions and a mixed to favorable weather forecast.

Corn futures closed fractionally lower to 3¢ lower.

Soybean futures closed 1¢ to 5¢ higher through Jan ’22, then fractionally lower to 11¢ lower.

July 27th, 2021|

Cattle Current Podcast—July 27, 2021

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

In the Western Corn Belt last week, live sales traded from $120-$124/cwt. and dressed sales from $195-$202.

Live trade in the Southern Plains last week was at $119.

In Nebraska last week, live sales were at $120-$123 and dressed at $195.

Cattle futures gained traction Monday, buoyed by last Friday’s friendly USDA reports (see below).

Feeder Cattle futures closed an average of $1.44 higher. 

Live Cattle futures closed an average of 97¢ higher.

Choice boxed beef cutout value was $1.30 higher Monday afternoon at $267.93/cwt. Select was 98¢ higher at $250.92/cwt.

Grain futures edged higher Monday on a hotter, drier near-term weather outlook.

Corn futures closed up 2¢ to 3¢ through new-crop contracts, then mostly 6¢ to 7¢ higher.

Soybean futures closed up mostly 8¢ to 9¢, except for mostly 6¢ higher in the front four contracts.

July 26th, 2021|

Cattle Current Podcast—July 26, 2021

Negotiated cash fed cattle prices ended up lower last week: $1 lower in the Southern Plains on a live basis at $119/cwt.; steady to $3 lower in Nebraska at $122-$123; $1 lower in the western Corn Belt at $124. Dressed trade was $1-$7 lower in Nebraska at $195; $1-$2 lower in the western Corn Belt at $195.

Through Thursday, the five-area average direct fed steer price was $120.65/cwt. on a live basis, which was $2.15 less than the previous week. The average steer price in the beef was $196.79, which was 96¢ less.

Cattle futures, especially Feeder Cattle gained Friday, buoyed by lower Corn futures and expectations of a friendly Cattle on Feed report (see below).

Feeder Cattle futures closed an average of $1.76 higher across the board. 

Live Cattle futures closed an average of 46¢ higher through Aug ’22; then down 30¢-45¢ in the back contracts.

Choice boxed beef cutout value was 49¢ higher Friday afternoon at $266.63/cwt. Select was 17¢ higher at $249.94/cwt.

Estimated total cattle slaughter last week was 652,000 head, which was 1,000 head fewer than the previous week. Year-to-date estimated total cattle slaughter of 18.60 million head is 820,000 head more (+4.61%) than the same period last year.

Positive weather expectations and lower weekly exports pressured Grain futures Friday.

Corn futures closed down 10¢ to 18¢ through the front six contracts, then down 1¢ to 9¢ through Dec ’23.

Soybean futures closed down 10¢ to 15¢ in the through Jan ’22, then down 3¢ to 6¢.

July 25th, 2021|

Cattle Current Podcast—July 23, 2021

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

For the week, live sales in Nebraska are steady to $2 lower at $122-$123/cwt. Dressed trade is $1-$7 lower at $195.

Live sales in the western Corn Belt are $5 lower at $120. Dressed trade is $1 lower to $5 higher at $195-$202

Live sales in the Southern Plains this week are mainly steady at $120.

Feeder Cattle closed higher Thursday, supported by lower Corn futures.

Feeder Cattle futures closed an average of $1.40 higher across the board. 

Live Cattle benefitted from higher wholesale beef prices the last couple of days, although it seems way too early to call a seasonal bottom.

Live Cattle futures closed an average of 68¢ higher across the board.

Strong weekly export sales also provided support.

U.S. net beef export sales for 2021 totaled 25,100 metric tons the week ending July 15, according to USDA’s weekly U.S. Export Sales report. That was noticeably more than the previous week and 63% more than the prior four-week average. Increases primarily were for South Korea, Japan, China, Canada, and Mexico.

Choice boxed beef cutout value was 90¢ higher Thursday afternoon at $266.14/cwt. Select was $1.00 higher at $249.77/cwt. Steer byproduct value was $14.07/cwt., the first time it reached that mark since April of 2015. It started this calendar year right at $9.00.

July 22nd, 2021|

Cattle Current Podcast—July 22, 2021

Negotiated cash fed cattle trade and demand were moderate in the Southern Plains through Wednesday afternoon, according to the Agricultural Marketing Service. Compared to last week, live sales traded $1 lower at $119/cwt.

Although too few transactions to trend, there was limited trade and light demand in Nebraska, where a few live sales traded at $122-$123, compared to $123-$125 last week.

Cattle futures, especially Feeder Cattle, gained Wednesday. It was tough to pinpoint any particular reason. Perhaps some of the support came from early positioning ahead of the Cattle on Feed and semiannual Cattle reports due out Friday.

Feeder Cattle futures closed an average of $1.12 higher. 

Live Cattle futures closed an average of 48¢ higher.

Choice boxed beef cutout value was 36¢ higher Wednesday afternoon at $265.24/cwt. Select was 19¢ higher at $248.77/cwt.

Corn futures closed mostly fractionally higher to 2¢ higher.

Soybean futures closed mixed, down 1¢ to 4¢ in the front two contracts, then mostly 2¢ to 6¢ higher through Sep ’22 and then mostly fractionally higher to 7¢ lower.

July 21st, 2021|

Cattle Current Podcast—July 21, 2021

Negotiated cash fed cattle trade ranged from a standstill to limited with very light demand through Tuesday afternoon, according to the Agricultural Marketing Service.

Cattle futures closed lower amid light trade Tuesday, led by Feeder Cattle, which was pressured by Corn futures once again.

Feeder Cattle futures closed an average of $1.25 lower through the front five contracts, then down 18¢ to 30¢ at the back. 

Live Cattle futures closed an average of 47¢ lower, except for 73¢ higher in the back contract.

Choice boxed beef cutout value was $1.61 lower Tuesday afternoon at $264.88/cwt. Select was 91¢ lower at $248.58/cwt. Also of note, steer byproduct value spiked 80¢ to $13.93/cwt.

Grain futures bounced higher Tuesday with hotter, drier weather forecast in the Corn Belt and wheat challenges in the West.

Corn futures closed 12¢ to 16¢ higher through Jly ‘22, and then mostly 2¢ to 6¢ higher.

Soybean futures closed 10¢ to 15¢ higher through Sep ‘22, and then 8¢ to 9¢ higher.

July 20th, 2021|

Cattle Current Podcast—July 20, 2021

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

Last week, live trade was generally steady: $120/cwt. in the Southern Plains; $123-$125 in Nebraska; $125 in the western Corn Belt. Dressed trade was steady in Nebraska at $196-$202 and steady to $5 lower in the western Corn Belt at $196-$197.

Cattle futures faded early pressure from outside markets to close mostly higher.

Feeder Cattle futures closed an average of 52¢ higher, except for 5¢ lower in Apr. 

Live Cattle futures closed narrowly mixed, from and average of 46¢ lower to an average of 16¢ higher.

Choice boxed beef cutout value was $1.45 lower Monday afternoon at $266.49/cwt. Select was $2.30 lower at $249.49/cwt.

Grain futures closed mixed Monday with traders eyeing sharply lower outside markets and weather.

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

Soybean futures closed 14¢ to 26¢ lower through Sep. ’22 and then mostly 9¢ lower.

July 19th, 2021|

Cattle Current Podcast—July 19, 2021

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

For the week, live trade was generally steady in the Southern Plains at $120/cwt. and at $123 in Nebraska. It was unevenly steady in the western Corn Belt at $125.00-$125.50. There was no established dressed trade.

Choice boxed beef cutout value was $1.93 lower Friday afternoon at $267.94/cwt. Select was 69¢ lower at $251.79/cwt.

Total estimated cattle slaughter last week was 653,000 head, which was 78,000 head more than the previous holiday-shortened week.

Year-to-date estimated total cattle slaughter of 17.94 million head is 802,000 head more (+4.68%) than the same period last year.

Year-to-date estimated total beef production of 14.85 billion lbs. is 706.5 million lbs. more (+4.99%) than last year.

Cattle futures lost some ground Friday amid generally steady cash prices, lower outside markets and stronger Wheat futures.

That was despite front-month Lean Hog futures surging higher in response to news that African Swine Fever (ASF) was confirmed in Germany’s domestic swine population for the first time, by the National Reference Laboratory for African Swine Fever at the nation’s Friedrich-Loeffler Institute (FLI). The disease was confirmed in one sow at an organic farm and two pigs at a smallholdings farm, in districts near the border between Germany and Poland. The disease was confirmed in a wild boar in the same region last September.

Feeder Cattle futures closed an average of $1.14 lower (72¢ to $1.75 lower).

Live Cattle futures closed an average of 68¢ lower (12¢ to 95¢ lower).

Grain futures closed mixed Friday.

Corn futures closed 3¢ to 8¢ lower through new-crop contracts and then fractionally higher to 3¢ higher.

Soybean futures closed 7¢ to 11¢ higher through Aug. ’22 and then mostly 2¢ to 3¢ higher.

July 18th, 2021|

Cattle Current Podcast—July 16, 2021

Negotiated cash fed cattle trade was at a standstill in the Texas Panhandle through Thursday afternoon. Elsewhere, it was limited on light to moderate demand with too few transactions to trend.

On Wednesday, live sales in Nebraska were steady with the previous week at $123/cwt. and unevenly steady in the western Corn Belt at $125.00-$125.50. Last week, dressed trade in both regions was at $196-$202.

A day earlier, live trade in the Southern Plains was generally steady at $120.

Cattle futures closed narrowly mixed Thursday with pressure from sluggish cash fed cattle sales and continued erosion of wholesale beef values. Weekly U.S. beef export sales also took a breather.

Net U.S. beef export sales for the week ending July 8 were 9,300 metric tons (2021), which was 61% less than the previous week and 44% less than the prior four-week average, according to the Weekly U.S. Export Sales report. Increases were primarily for Japan, Mexico, China, Taiwan), and South Korea. 

Feeder Cattle futures closed mixed, from 25¢ lower to 43¢ higher.

Live Cattle futures closed mixed, from an average of 17¢ lower to an average of 9¢ higher, except for unchanged in the back contract.

Choice boxed beef cutout value was $3.01 lower Thursday afternoon at $269.87/cwt. Select was $1.27 lower at $252.48/cwt.

The average dressed steer weight the week ending July 3 was 884 lbs., according to USDA’s Actual Slaughter Under Federal Inspection report. That was 1 lb. heavier than the previous week but 12 lbs. lighter than the same week a year earlier. The average dressed heifer weight of 811 lbs. was 1 lbs. lighter than the previous week and 15 lbs. lighter than the previous year.

Corn futures closed 2¢ to 4¢ lower through Jul ’22 and then 2¢ to 3¢ higher.

Soybean futures closed 3¢ to 6¢ lower across the board.

July 15th, 2021|

Cattle Current Podcast—July 15, 2021

Negotiated cash fed cattle trade in Nebraska was slow on light demand through Wednesday afternoon, according to the Agricultural Marketing Service. Compared to the last reported market on Monday, live sales traded $2 lower at $123/cwt. Last week, dressed sales were at $196-$202/cwt.

In the Southern Plains and Western Corn Belt, trade was mostly inactive on light demand. On Tuesday in the Southern Plains, live sales traded mostly at $120/cwt. In the Western Corn Belt, last week live sales traded from $124-$126/cwt. and dressed at $196-$202/cwt.

Cattle futures tried to extend gains early Wednesday but apparently ran out of technical steam.

Feeder Cattle were also pressured by strong gains in Corn futures.

Feeder Cattle futures closed an average of $2 lower (from $1.55 to $2.42).

Live Cattle futures closed an average of 41¢ lower, except for 12¢ higher in the back contract.

Choice boxed beef cutout value was 46¢ lower Wednesday afternoon at $272.88/cwt. Select was $2.99 lower at $253.75/cwt.

Front-month grain futures continued higher with a hotter, drier forecast and reports of storm-damaged beans in some areas of the Corn Belt.

Corn futures closed 15¢ to 18¢ higher through new-crop contracts and then mostly unchanged to fractionally higher.

Soybean futures closed 29¢ to 38¢ higher through the front six contracts and then mostly 20¢ to 25¢ higher.

July 14th, 2021|

Cattle Current Podcast—July 14, 2021

Negotiated cash fed cattle trade was limited on light demand in the Texas Panhandle through Tuesday afternoon, according to the Agricultural Marketing Service. Compared to last week, early live sales traded steady at $120/cwt. In Kansas, trading was slow on moderate demand. Compared to last week, early live sales traded steady to $1 higher, mostly at $120/cwt.

In Nebraska and the Western Corn Belt, cash trading was mostly inactive on light demand. In Nebraska on Monday, live sales traded at $125/cwt.; dressed sales last week traded from $196-$202/cwt. In the Western Corn Belt, last week live sales traded from $124-$126/cwt. and dressed at $196-$202/cwt.

Whether it was hedging for inflation (see below) or simply considering the fundamentals and optimistic prices ahead, Live Cattle futures closed higher Tuesday, dragging Feeder Cattle along.

Live Cattle futures closed an average of $1 higher (45¢ to $1.92 higher).

Feeder Cattle futures closed an average of 82¢ higher (62¢ to $1.17 higher).

Choice boxed beef cutout value was $1.66 lower Tuesday afternoon at $273.34/cwt. Select was $2.03 lower at $256.74/cwt.

Net U.S. beef export sales were 23,700 metric tons (for 2021) the week ending July 1, according to USDA’s Weekly Export Sales report. That was 96% more than the previous week and 64% more than the prior four-week average.

Increases were primarily for South Korea, Japan, China, Mexico, and Canada. 

Grain futures edged higher with follow-through support from the previous day’s, WASDE.

Corn futures closed 7¢ to 8¢ higher through Jly ‘22, and then mostly 3 higher

Soybean futures closed mostly 1¢ to 3¢ higher.

July 13th, 2021|

Cattle Current Podcast—July 13, 2021

Negotiated cash fed cattle trade was slow on light demand in Nebraska through Monday afternoon, according to the Agricultural Marketing Service. Early live sales traded steady to $2 higher than last week at $125/cwt. Dressed sales there last week were at $196-$202/cwt.

Trading in the Western Corn Belt was mostly inactive on very light demand. Last week, live sales traded from $124-$126/cwt. and dressed sales were at $196-$202/cwt.

In all other major trading regions, trading was at a standstill. Last week in the Texas Panhandle, live sales traded at $120/cwt. In Kansas, live sales were at $119-$120/cwt.

Live Cattle futures gained Monday, supported by higher prices forecast in the latest World Agricultural Supply and Demand Estimates (see below).

Live Cattle futures closed an average of 52¢ higher.Feeder Cattle futures faltered with another session of higher Corn futures.

Feeder Cattle futures closed an average of 70¢ lower.

Choice boxed beef cutout value was $3.59 lower Monday afternoon at $275.00/cwt. Select was $1.36 higher at $258.77.

Grain futures closed higher, supported by the WASDE.

Corn futures closed 15¢ to 16¢ higher through new-crop contracts, and then mostly 11¢ to 12¢ higher.

Soybean futures closed mostly 18¢ to 20¢ higher.

July 12th, 2021|

Cattle Current Podcast—July 12, 2021

Negotiated cash fed cattle trade was at a standstill in the Texas Panhandle though Friday afternoon, according to the Agricultural Marketing Service. Elsewhere, trade was limited on light demand.

For the week, live prices were generally steady to $2 lower in the Southern Plains at $119-$120/cwt. and steady to either side of steady at $123-$126 in the north. Dressed trade was steady in the western Corn Belt at $196-$202 but steady to $4 higher in Nebraska at  $198-$202.

The five-area direct average steer price through Thursday was $122.01/cwt. on a live basis, which was $1.81 less than the same period a week earlier. The average steer price in the beef was 34¢ higher at $198.48.

Feeder Cattle futures faded pressure through much of the session to close higher Friday, perhaps supported by some positioning ahead of Monday’s monthly World Agricultural Supply and Demand Estimates.

Feeder Cattle futures closed an average of $1.68 higher ($1.30 to $2.12 higher).

Live Cattle futures managed to edge higher but remained under pressure from declining wholesale beef values. Monday’s markets could come under pressure from the Executive order signed by President Biden Friday, aimed at a number of broad issues, including concentration and competition in several industries, including agriculture.

Live Cattle futures closed an average of 51¢ higher, except for 5¢ lower in spot Aug.

Choice boxed beef cutout value was $3.38 lower Friday afternoon at $278.59/cwt. Select was $2.65 lower at $257.41

Corn futures closed 6¢ to 8¢ lower through new-crop contracts, and then fractionally higher to 3¢ lower.

Soybean futures closed mostly 10¢ to 14¢ higher.

July 11th, 2021|

Cattle Current Podcast—July 9, 2021

Negotiated cash fed cattle trade was limited on light demand in the Southern Plains through Thursday afternoon, according to the Agricultural Marketing Service.

Elsewhere, trade was slow with moderate demand.

For the week, live prices are generally steady to $2 lower in the Southern Plains at $119-$120/cwt. and steady to either side of steady at $123-$125 in the north. Dressed trade is steady in the western Corn Belt at $196-$202 but steady to $4 higher in Nebraska at  $198-$202.

Cattle futures closed lower Thursday, pressured by declining wholesale beef prices and softer cash prices.

Feeder Cattle futures closed an average of $1.28 lower.

Live Cattle futures closed an average of $1.24 lower.

Choice was boxed beef cutout value was $2.93 lower Thursday afternoon at $281.97/cwt. Select was $2.02 lower at $260.06

Favorable weather continued to pressure Corn and Soybean futures Thursday.

Corn futures closed down between 6¢ and 14¢ lower through the front six contracts.

Soybean futures closed between 1¢ and 7¢ lower through the front six contracts, except for spot July, up 3¢.

July 9th, 2021|

Cattle Current Podcast—July 8, 2021

Negotiated cash fed cattle trade was moderate with moderate demand in the Texas Panhandle through Wednesday afternoon, according to the Agricultural Marketing Service. In Kansas, trading was slow on moderate demand. Live sales in both regions were steady to $2 lower at $120/cwt.

Trading in Nebraska and the Western Corn Belt was limited on light demand.

In Nebraska, a few dressed sales traded at $198-$202/cwt. Prices last week were $198 in the beef and $125.00-$126.50 on a live basis.

In the Western Corn Belt, a few live sales traded at $125/cwt. and a few dressed from $200-$202/cwt. Last week, prices were $124-$126 and $197-$202, respectively.

Feeder Cattle futures closed an average of $1.71 lower Wednesday amid likely profit taking from solid gains in the previous session.

Live Cattle futures closed an average of $1.15 lower with the steady to lower cash market and continued decline in wholesale beef values.

Choice boxed beef cutout value was $1.78 lower Wednesday afternoon at $284.90/cwt. Select was $1.23 lower at $262.08

Corn futures continued under pressure from the wetter, cooler forecast: 3¢ and 9¢ lower through the front six contracts.

Soybean futures bounced back from the previous day’s steep decline, helped along by eroding crop conditions. They closed 20¢ and 22¢ higher through the front six contracts.

July 7th, 2021|

Cattle Current Podcast—July 7, 2021

Negotiated cash fed cattle trade was limited on light demand in Nebraska and the Western Corn Belt through Tuesday afternoon, according to the Agricultural Marketing Service. It was at a standstill in the Southern Plains.

Last week, live prices were at $120-$122/cwt. in the Southern Plains and at $124-$126 in the North. Dressed prices were at $197-$198.

Feeder Cattle futures closed an average of $3.03 higher across the board Tuesday, taking advantage of the wide berth opened by Corn futures.

That helped support Live Cattle, despite the decline in wholesale beef prices, in tandem with climbing retail prices that could challenge demand.

Live Cattle futures closed narrowly mixed, from 40¢ higher in spot Aug to 23¢ lower in Dec with the back two contracts unchanged.

Choice boxed beef cutout value was $1.24 higher Tuesday afternoon at $286.68/cwt. Select was $1.10 lower at $263.31

Corn and Soybean futures plunged Tuesday, pressured by a wetter, cooler forecast.

Corn futures closed down between 38¢ and 41¢ lower through the front six contracts.

Soybean futures closed down between 86¢ and 95¢ lower through the front six contracts.

July 6th, 2021|

Cattle Current Podcast—July 5-6, 2021

Negotiated cash fed cattle trade was limited on light demand in Nebraska and the Western Corn Belt through Friday afternoon, according to the Agricultural Marketing Service. It was at a standstill in the Southern Plains.

For the week, live prices were steady to $2 lower in the Southern Plains at $120-$122/cwt. and unevenly steady in the North at $124-$126. Dressed prices were steady to $1 higher at $197-$198.

Stagnant cash trade and lower wholesale beef prices pressured Live Cattle futures Friday.

Live Cattle futures closed mostly lower, from 2¢ lower toward the back to $1.57 lower in spot Aug, except for unchanged to 2¢ higher in three contracts.

Softer Corn futures helped Feeder Cattle futures close an average of 70¢ higher, except for 50¢ lower at the back.

Choice boxed beef cutout value was $2.21 lower Friday afternoon at $285.44/cwt. Select was $2.52 lower at $264.41.

Estimated total cattle slaughter last week was 623,000 head, according to USDA, which was 38,000 head fewer than the previous week. Year-to-date estimated total cattle slaughter of 16.71 million head is 865,000 head more (+5.5%) than last year. Year-to-date estimated beef production of 13.85 billion lbs. is 784.7 million lbs. more (+6.0%).

Thin trade volume and positive weather pressured Corn and Soybean futures.

Corn futures closed 22¢ lower in spot Jly and then 8¢ and 9¢ lower in new crop contracts. Soybean futures closed mostly 2¢ to 5¢ higher.

For the week, though, Corn futures closed an average of 59¢ higher through the front six contracts, while Soybean futures closed an average of $1.27 higher through the front six contracts.

That had everything to do with USDA’s Acreage report issued on Wednesday. USDA estimated corn planted area for all purposes to be 1.87 million acres more than last year at 92.7 million acres, and soybean planted area 5% more at 87.6 million acres. That was significantly less than analysts expected for both crops.

July 5th, 2021|

Cattle Current Podcast—July 2, 2021

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

So far this week, live prices are steady to $2 lower in the Southern Plains at $120-$122/cwt. and unevenly steady in the North at $124-$126. Dressed prices are steady to $1 higher at $197-$198.

Cattle futures rallied back Thursday, following heavy pressure from grains in the previous session.

Live Cattle futures closed an average of $1.03 higher.

Feeder Cattle futures closed an average of $1.27 higher.

Choice boxed beef cutout value was $2.17 lower Thursday afternoon at $230.23/cwt. Select was $1.52 lower at $205.35.

The average dressed steer weight the week ending June 19 was 879 lbs., according to USDA’s Actual Slaughter Under Federal Inspection report. That was 3 lbs. lighter than the previous week and 11 lbs. lighter than the same week last year. The average dressed heifer weight was 2 lbs. heavier week to week at 813 lbs., but 10 lbs. lighter than a year earlier.

Corn and Soybean futures finished Thursday a touch softer amid volatile trade, following the previous day’s limit-up and near limit-up moves in the front months.

Corn futures closed mostly 1¢ to 3¢ lower.

Soybean futures closed down between 1¢ and 3¢ lower through the front six contracts and then mostly 3¢ to 6¢ lower.

July 1st, 2021|

Cattle Current Podcast—July 1, 2021

Negotiated cash fed cattle prices were unevenly steady through Wednesday afternoon, according to the Agricultural Marketing Service. Live prices were steady to $1 higher in Nebraska at $125-$126/cwt., but steady to $2 lower in Kansas at $120-$122 (compare to two weeks earlier). Dressed prices in Nebraska were $1 higher at $198.

Although too few to trend, there were some live sales in the western Corn Belt steady to $1 higher at $126 and some in the beef $1 higher at $198.

So far this week, live prices in the Texas Panhandle are steady to 75¢ lower than two weeks earlier at $121.25 to $122.00.

Feeder Cattle futures sagged lower Wednesday beneath the weight of surging Corn futures, while Live Cattle received support from outside markets.

Live Cattle futures closed an average of 63¢ higher, except for 5¢ lower in expiring Jun.

Feeder Cattle futures closed an average of $2.19 lower through the front four months, then an average of 73¢ lower.

Choice boxed beef cutout value was $1.05 lower Wednesday afternoon at $291.29/cwt. Select was $1.13 lower at $269.27

USDA’s Acreage and Grain Stocks reports (see below) fueled grain futures Wednesday. Along with month-end position squaring, the wetter forecast and the coming holiday, some expect extreme price volatility in the coming days.

Corn futures closed between 25¢ and 40¢ higher through the front six contracts. That included limit-up in the front four new-crop contracts.

Soybean futures closed between 73¢ and 90¢ higher through the front six contracts.

June 30th, 2021|

Cattle Current Podcast—June 30, 2021

Negotiated cash fed cattle trade was at a standstill in most regions through Tuesday afternoon, according to the Agricultural Marketing Service. In the Western Corn Belt, trading was mostly inactive on very light demand. Last week in the region, live sales traded from $125-$126/cwt. and dressed at $197/cwt.

The latest reported market in the Southern Plains was two weeks ago with live sales at $122/cwt.

On Monday in Nebraska, live sales traded at $126.50/cwt. and dressed sales at $197/cwt.

Cattle futures closed narrowly mixed Tuesday, able to fade some early pressure, but remained mired in uncertainty surrounding potential contract-end volatility (Live Cattle), limited cash trade last week, coupled with next week’s holiday and how Wednesday’s USDA Grain Stocks and Acreage reports will influence feed prices.

Live Cattle futures closed mixed with an average of 33¢ higher through the front three contracts then from 15¢ lower to 25¢ higher.

Feeder Cattle futures closed mixed, up an average of 64¢ higher in the front four contracts.

Choice boxed beef cutout value was $5.09 lower Tuesday afternoon at $292.34/cwt. Select was $3.56

Grain futures closed mainly narrowly mixed as traders awaited direction from the aforementioned USDA reports due out Wednesday.

Corn futures closed mostly 2¢ lower to 1¢ higher, except 19¢ higher in spot Jly.

June 29th, 2021|

Cattle Current Podcast—June 29, 2021

Negotiated cash fed cattle trade was at a standstill in the Texas Panhandle through Monday afternoon, according to the Agricultural Marketing Service. The latest reported market in the Southern Plains was two weeks ago with live sales at $122/cwt.

Trading was slow on light demand in Nebraska with early live sales steady to $1.50 higher at $126.50/cwt. Last week in Nebraska, dressed sales traded at $197/cwt.

Trading in the Western Corn Belt and Kansas was mostly inactive on very light demand. Last week in the Western Corn Belt, live sales traded from $125-$126/cwt. and dressed sales traded at $197/cwt.

A surge in Corn futures pressured feeder cattle futures on Monday, while live cattle futures traded narrowly mixed.

Live Cattle futures closed mixed from an average of 78¢ lower through the front four contracts to an average of 9¢ higher except for the back contract, unchanged.

Feeder Cattle futures closed down across the board an average of $1.73 lower, from $3.20 lower at the front to $1 lower at the back.

Choice boxed beef cutout value was $7.13 lower at $297.43/cwt. Select was $2.22 lower at $273.96.

Grain futures closed rallied back on Monday as weekend weather conditions deteriorated.

Corn futures closed mostly 17¢ to 39¢ higher through Dec ’22.

Soybean futures closed mostly 36¢ to 42¢ higher through Sept ’22.

June 28th, 2021|

Cattle Current Podcast—June 28, 2021

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

Through Thursday, AMS reported 43,484 confirmed negotiated sales for the week, compared to 76,273 head the previous week and 86,986 the previous year.

Although there were too few transactions to trend, a few live sales traded $1-$2 higher in Nebraska at $125-$126/cwt. and a few $2 higher in the western Corn Belt at $126.

The previous week, live prices were at $122/cwt. in the Southern Plains and $124 in the North. Dressed prices were at $195.

Through Thursday, the five-area direct average steer price was $2.69 higher week to week on a live basis at $125.54/cwt. The average steer price in the beef was $2.32 higher at $197.86.

Lower Corn futures helped Feeder Cattle futures gain steam on Friday, while Live Cattle inched higher with relatively few traded in the cash market this week.

Live Cattle futures closed an average of 19¢ higher, from 53¢ higher in Dec ’21 to 3¢ higher in Jun ’22.

Feeder Cattle futures closed an average of $2.40 higher, from $2.40 higher at the front to 93¢ higher toward the back.

Choice boxed beef cutout value was $2.86 lower Friday afternoon at $304.56/cwt. Select was 4¢ higher at $276.18.

Grain futures closed mostly down on Friday with more rain forecast. As well, the Supreme Court ruled in favor of small refineries seeking exemptions from federal requirements to blend ethanol or other bio-fuels with their products.

Corn futures closed mostly 10¢ to 17¢ lower through July ’23.

Soybean futures closed mostly 20¢ to 40¢ lower through Sept ’22.

June 27th, 2021|

Cattle Current Podcast—June 25, 2021

Negotiated cash fed cattle trade was mostly inactive on light demand in the Southern Plains through Thursday afternoon, according to the Agricultural Marketing Service. In Nebraska and the Western Corn Belt, trading was limited on light demand. A few live sales in Nebraska traded at $125-$126. 

Last week, live prices were at $122/cwt. in the Southern Plains and $124 in the North. Dressed prices were at $195.

Cattle futures faded early pressure Thursday to close mostly higher, perhaps with positioning ahead of this afternoon’s Cattle on Feed report. Heading into mid-day Friday, Feeder Cattle futures continued to edge higher, while Live Cattle were mostly a touch softer.

Live Cattle futures closed an average of 47¢ higher, except for 25¢ lower in near Aug. 

Feeder Cattle futures closed an average of 84¢ higher, from 52¢ higher to $1.45 higher at the front.

Choice boxed beef cutout value was $4.63 lower Thursday afternoon at $312.05/cwt. Select was 73¢ higher at $276.14.

Corn and Soybean futures continued mostly lower Thursday with weather pressure

Corn futures closed mostly 1¢ to 2¢ lower.

Soybean futures closed 7¢ to 13¢ lower through Aug ’22, and then mostly 1¢ to 2¢ lower.

June 25th, 2021|

Cattle Current Podcast—June 24, 2021

Negotiated cash fed cattle trade was mostly inactive on light demand in the Southern Plains through Wednesday afternoon, according to the Agricultural Marketing Service. In Nebraska and the Western Corn Belt, trading was limited on light to moderate demand. A few live sales in Nebraska traded at $126 and a few dressed at $197.

Choice boxed beef cutout value was $3.70 lower Wednesday afternoon at $312.05/cwt. Select was $4.34 lower at $275.41.

Cattle futures softened Wednesday, pressured by crumbling Lean Hog futures, the lack of cash direction and perhaps some early positioning ahead of Friday’s monthly Cattle on Feed report.

Live Cattle futures closed an average of 89¢ lower, from 30¢ to $1.40 lower.

Feeder Cattle futures closed an average of $2.11 lower, from $1.85 to $2.65 lower.

Corn futures closed mostly 1¢ to 3¢ lower through new-crop contracts, and then mostly fractionally higher to 2¢ higher.

Soybean futures closed 1¢ to 9¢ lower through the front five contracts and then mostly 6¢ to 10¢ higher.

June 23rd, 2021|

Cattle Current Podcast—June 23, 2021

Negotiated cash fed cattle trade was limited on light demand in the Southern Plains and Western Corn Belt through Tuesday afternoon, according to the Agricultural Marketing Service. In Nebraska, trading was mostly inactive on light demand.

Last week, live prices were at $122/cwt. in the Southern Plains and $124 in the North. Dressed prices were at $195.

Softer Corn futures helped Feeder Cattle futures gain Tuesday, while apparently oversold conditions and reports of higher cash prices in the North spurred Live Cattle.

Live Cattle futures closed an average of $1.65 higher, from $2.12 higher at the front to 65¢ higher at the back.

Feeder Cattle futures closed an average of $2.70 higher, from $3.25 higher at the front to $2.275 higher toward the back.

Choice boxed beef cutout values was $5.45 lower Tuesday afternoon at $315.75/cwt. Select was $1.71 lower at $279.75.

Grain futures were pressured Tuesday by timely rains forecast across the Midwest.

Corn futures closed mostly 11¢ to 18¢ lower through Dec ’22, except for fractionally higher in spot July.

Soybean futures closed mostly 16¢ to 18¢ lower through Nov ’22.

June 22nd, 2021|

Cattle Current Podcast—June 22, 2021

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

Last week, live prices were at $122/cwt. in the Southern Plains and $124 in the North. Dressed prices were at $195.

Cattle futures closed narrowly mixed Monday, supported by improving fundamentals but balanced by declining wholesale beef values and weaker Lean Hog futures.

Live Cattle futures closed an average of 23¢ lower.

Feeder Cattle futures closed an average of 47¢ higher, from 7¢ higher at the front to $1.12 higher toward the back.

So far this morning, both are higher.

Choice boxed beef cutout value was $2.08 lower Monday afternoon at $321.20/cwt. Select was $2.15 lower at $281.46.

Although new-Crop Corn futures eased Monday, overall Corn and Soybean futures were supported by weaker crop conditions (Good and Excellent) week over week and year over year.

Corn futures closed mostly 6¢ to 9¢ lower through new-crop contracts, and generally 3¢ to 5¢ higher in other contracts.

Soybean futures closed mostly 6¢ to 9¢ higher in new-crop contracts and mostly 13¢ to 22¢ higher in the others.

June 22nd, 2021|

Cattle Current Podcast—June 21, 2021

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

Live prices last week were $2-$3 higher in the Southern Plains at $122/cwt. and $3-$4 higher in the North at $124. Dressed prices were $4-$5 higher at $195.

Live Cattle futures closed higher Friday, regaining some of what was lost in the previous session, supported by higher cash prices and improving fundamentals.

Live Cattle futures closed an average of $1.00 higher (37¢ to $1.92 higher).

Resurgent grain futures prices pressured Feeder Cattle futures.

Feeder Cattle futures closed an average of $1.41 lower, from an average of (85¢ lower at the back to $2.37 lower at the front.

Choice boxed beef cutout value was $2.97 lower at $323.28/cwt. Select was $3.63 lower at $283.61.

Estimated total cattle slaughter for the week ending June 19 was 663,000 head, which was 2,000 head fewer than the previous week, but 17,000 head more than a year earlier, according to USDA. Year-to-date estimated total cattle slaughter of 15.4 million head is 820,000 more (+5.62%) than the same period last year. Total estimated beef production so far this year is 12.81 billion lbs., which is 772.6 million lbs. more (+6.42%).

Grain futures bounced back Friday from the previous day’s steep selloff, looking for the trading range encompassing the stronger U.S. dollar, weather risk, uncertainty about potential changes to the Renewable Fuel Standard and all of the rest.

Corn futures closed 22¢ to 34¢ higher through Jly ‘22 , and then mostly 14¢ to 17¢ higher.

Soybean futures closed mostly 54¢ to 66¢ higher.

June 20th, 2021|

Cattle Current Podcast—June 18, 2021

Negotiated cash fed cattle trade was at a standstill in the Texas Panhandle through Thursday afternoon, according to the Agricultural Marketing Service. Elsewhere, it was limited on light demand with too few transactions to trend. So far this week, live prices are $2-$3 higher in the Southern Plains at $122/cwt., $4 higher in Nebraska at $124 and $3-$4 higher in the western Corn Belt at $124. Dressed prices are $4-$5 higher at $195.

Live Cattle futures closed sharply lower Thursday with apparent profit taking, limit-down moves in Lean Hog futures and spillover pressures from widespread commodity selling (see below).

Live Cattle futures closed an average of $2.85 lower. 

Despite the pressure, sharply lower grain futures supported Feeder Cattle futures.

Feeder Cattle futures closed mixed, from an average of 49¢ lower to an average of 55¢ higher.

Choice boxed beef cutout value was $2.92 lower Thursday afternoon at $326.25/cwt. Select was $2.72 lower at $287.24.

The average dressed steer weight the week ending June 5 was 891 lbs., according to USDA’s Actual Slaughter Under Federal Inspection report. That was 1 lb. less than the previous year. The average dressed heifer weight of 812 lbs. was 12 lbs. lighter.

Grain futures tanked Thursday with promising weather in the Corn Belt. Growing uncertainty about whether President Biden will bolster or relax the current Renewable Fuel Standard added pressure, as did the sharply higher U.S. Dollar.

Moreover, there was broad-based commodity selling, tied to reports of China directing state-owned firms to reduce exposure to foreign commodity markets, in an effort to curb inflation.

Corn futures closed limit down 40¢ through the front six contracts, and then mostly 26¢ to 30¢ lower.

Soybean futures closed 82¢ to $1.18 lower through Jly ‘22. And then mostly 55¢ to 69¢ lower.

June 17th, 2021|

Cattle Current Podcast—June 17, 2021

Negotiated cash fed cattle prices continued higher in Kansas and Nebraska on slow trade and light demand through Wednesday afternoon, according to the Agricultural Marketing Service. So far this week, live prices are $2-$3 higher in the Southern Plains at $122/cwt. and $4 higher in Nebraska at $124. Dressed prices in Nebraska are $4-$5 higher at $195.

Last week, prices in the western Corn Belt were $120-$121 on a live basis and $190-$191 in the beef.

Cattle feeders offered 6,049 head in Central Stockyards’ weekly Fed Cattle Exchange auction. Of those, 1,006 sold — all from the Southern Plains and all on a live weight basis. Steers brought a weighted average price of $121.65/cwt. and heifers brought an average of $121.22.

Cattle futures mostly gained again Wednesday, supported by the recent break in grain futures, as well as higher cash prices. That came in the face of limit-down moves in front-month Lean Hog futures.

Feeder Cattle futures closed an average of 87¢ higher (17¢ to $2.30 higher), except for an average of 25¢ lower in the back two contracts.

Live Cattle futures closed an average of 72¢ higher (12¢ to $1.35 higher). 

Choice boxed beef cutout value was $5.26 lower Wednesday afternoon at $329.17/cwt. Select was $8.32 lower at $289.96. The Choice/Select spread was $39.21/cwt.

Positive weather kept pressure on Corn futures Wednesday.

Corn futures closed 1¢ to 7¢ lower, except for 5¢ higher in spot Jly.

Soybean futures closed mostly 18¢ to 30¢ lower.

June 16th, 2021|

Cattle Current Podcast—June 16, 2021

Negotiated cash fed cattle trade was limited on light demand in Nebraska and the western Corn Belt through Tuesday afternoon, according to the Agricultural Marketing Service (AMS). Although too few to trend, there were a few dressed trades at $195/cwt., compared to $190-$191 last week. Elsewhere, trade ranged from mostly inactive on very light demand to a standstill.

Live prices last week were at mostly $119-$120 in the Southern Plains, $120 in Nebraska and $120-$121 in the western Corn Belt.

The recent decline in Corn futures moderated Tuesday but continued to bolster Cattle futures, which were also supported by the outlook for steady to higher cash prices this week.

Feeder Cattle futures closed an average of $1.34 higher (62¢ to $2.22 higher).

Live Cattle futures closed an average of $1.91 higher through the front four contracts ($1.32 to $1.62 higher) and then an average of 26¢ higher, except for 12¢ lower in the back two contracts.

Choice boxed beef cutout value was $1.04 lower at $334.43/cwt. Select was $5.13 lower at $298.28. At $36.15, the Choice/Select spread was the highest since June 2017, when it peaked at $30.92.

Grain futures continued mainly lower Tuesday with the progress-friendly weather forecast in the Corn Belt.

Corn futures closed mostly 3¢ to 7¢ lower, except for 8¢ higher in spot Jly.

Soybean futures closed mostly 17¢ to 21¢ lower.

June 15th, 2021|

Cattle Current Podcast—June 15, 2021

Negotiated cash fed cattle trade was limited on very light demand in Nebraska through Monday afternoon, according to the Agricultural Marketing Service. There were a few live sales at $124/cwt., but too few to trend. Elsewhere, trade was at a standstill.

Live prices last week were at mostly $119-$120 in the Southern Plains, $120 in Nebraska and $120-$121 in the western Corn Belt. Dressed trade was at $190-$191.

Feeder Cattle futures roared higher Monday, buoyed by a sharp break in Corn futures. Live Cattle futures edged higher, with interest apparently constrained by what appears to be post-top wholesale prices for a while.

Feeder Cattle futures closed an average of $2.78 higher ($2.00 higher at the back to $3.42 higher at the front). That’s right at an average of $5 higher in the last two sessions.

Live Cattle futures closed an average of 48¢ higher.

Choice boxed beef cutout value was $2.09 lower through Monday afternoon at $335.47/cwt. Select was $1.80 lower at $303.41.

Grain futures prices fell Monday, swamped by more weekend rain than expected in the Corn Belt, as well as increased chances for rain and cooler temperatures in that region for the next couple of weeks.

Corn futures closed 25¢ to 31¢ lower through Jly ‘22, and mostly 13¢ and 16¢ lower. 

Soybean futures closed mostly 31¢ to 41¢ lower.

June 14th, 2021|

Cattle Current Podcast—June 14, 2021

Negotiated cash fed cattle trade was at a standstill in the Southern Plains through Friday afternoon, according to the Agricultural Marketing Service. Elsewhere, it ranged from limited to mostly inactive on light demand with too few transactions to trend.

Negotiated cash fed cattle prices for the week were mainly steady at mostly $120/cwt. on a live basis, except for $2 higher in the western Corn belt at $122. Dressed trade was steady at $190-$191.

Cattle futures gained Friday with support from softer Corn futures, continued elevated consumer demand and the likelihood improved supply fundamentals are getting closer.

Feeder Cattle futures closed an average of $2.19 higher ($1.57 higher at the back to $2.77 higher at the front).

Live Cattle futures closed an average of $1.16 higher.

Choice boxed beef cutout value was 48¢ lower at $337.77/cwt. Select was $4.89 lower at $305.51.

Estimated total cattle slaughter the week ending June 12 was 665,000 head, according to USDA. That was 127,000 more than the previous holiday-shortened week. Estimated beef production of 545.7 million lbs. was 102.7 million lbs. more.

Corn and Soybean Futures softened Friday with more near-term rain forecast for the Corn Belt and likely week-end profit taking.

Corn futures closed mostly 1¢ to 6¢ lower, except for 14¢ and 8¢ lower in the front two contracts.

Soybean futures closed 20¢ to 35¢ lower through Jan ‘22, 11¢ to 18¢ lower through the next five contracts, and then mostly 3¢ to 6¢ lower.

June 13th, 2021|

Cattle Current Podcast—June 11, 2021

Compared to the previous month, USDA increased projected 2021 beef production by 5 million lbs. to 27.905 billion lbs., in the latest World Agricultural Supply and Demand Estimates (WASDE). Analysts with the Economic Research Service (ERS) note higher expected cow slaughter is largely offset by lower steer and heifer slaughter.

USDA forecast the five-area direct fed steer price 70¢ higher for this year to $117/cwt., reflecting current price strength. Projected average prices are $120 in the second quarter, $115 in the third quarter and $120 in the fourth quarter.

Negotiated cash fed cattle trade in the Southern Plains was at a standstill through Thursday afternoon, according to the Agricultural Marketing Service. For the week so far, live sales are at $119-$120/cwt.

Elsewhere, trade ranged from slow to inactive on light demand.

Live sales in Nebraska and the western Corn Belt earlier in the week were at $120 on a live basis and at $190-$191 in the beef.

Cattle futures traded mostly higher on Thursday, amid light trade, especially for Live Cattle.

Feeder Cattle futures closed an average of 36¢ higher.

Live Cattle futures closed an average of 19¢ higher, except for down an average of 10¢ in the back two contracts.

Choice boxed beef cutout value was 40¢ lower Thursday afternoon at $338.25/cwt. Select was $2.53 higher at $310.40

June 10th, 2021|

Cattle Current Podcast—June 10, 2021

Negotiated cash fed cattle trade in the Southern Plains, Nebraska and Western Corn Belt was limited on moderate demand through Wednesday afternoon, according to the Agricultural Marketing Service. In the Texas Panhandle live sales were steady to 50¢ lower than last week at $119.50 to $120.00/cwt. In Kansas, live sales traded mostly steady at $120.00. In Nebraska, a few live sales traded from $120 to $121.

Cattle futures traded mixed Wednesday. Higher Corn futures pressured Feeder Cattle once again, while steady cash helped Live Cattle tread water.

Feeder Cattle futures closed an average of $1.11 lower (52 to $1.47 lower), except for unchanged and up $1.02 in the back two contracts.

Live Cattle futures closed narrowly mixed, from an average of 36¢ lower to an average of 35¢ higher.

Choice boxed beef cutout value was 4¢ higher Wednesday afternoon at $338.65/cwt. Select was $1.69 higher at $307.87

Grain markets were mixed on Wednesday, with corn futures getting help from ethanol demand and soybeans down across most of the board. The monthly World Agricultural Supply and Demand Estimates due out Thursday will likely have plenty to say about direction for the rest of the week.

Corn futures closed mostly 2¢ to 4¢ higher.

Soybean futures closed 13¢ to 17¢ lower through the front three contracts and then mostly 3¢ to 7¢ lower.

June 9th, 2021|

Cattle Current Podcast—June 9, 2021

Negotiated cash fed cattle trade was at a standstill in the Texas Panhandle through Tuesday afternoon, according to the Agricultural Marketing Service. Last week in the Southern Plains, live sales traded at $120. In Nebraska and the Western Corn Belt, trade was slow on moderate demand. Live sales in Nebraska traded steady at $120, dressed at $190-$191. In the Western Corn Belt, a few lives sales traded from $120-$121 and dressed from $190-$193. In Kansas, trading was limited on light demand with a few live sales at $119.

Cattle futures traded mixed Tuesday with Feeder Cattle mainly pressured by higher Corn futures, while Live Cattle edged higher, helped along by early cash direction.

Feeder Cattle futures closed an average of 59¢ lower through the front half of the board and then an average of 30¢ higher, except for $1.15 lower in the back contract.

Live Cattle futures closed an average of 36¢ higher, except for 30¢ lower in the back contract.

Choice boxed beef cutout value was 1¢ higher Tuesday afternoon at $338.61/cwt. Select was $2.99 lower at $306.18

A continued hot and dry forecast in the Midwest and Northern Plains helped push  grain markets higher on Tuesday.

Corn futures closed mostly 6¢ to 9¢ higher.

Soybean futures closed mostly 6¢ to 17¢ higher, except for 15¢ to 17¢ lower in most ‘23 contracts.

June 8th, 2021|

Cattle Current Podcast—June 8, 2021

Negotiated cash fed cattle trade was at a standstill in the Southern Plains and Western Corn Belt through Monday afternoon, according to the Agricultural Marketing Service. In Nebraska, trading was mostly inactive with very light demand. Last week, live prices were at $120. Dressed prices in Nebraska and the Western Corn Belt were at $190-$191.

Cattle futures tread water to the downside Monday with pressure from new-crop grain prices and the appearance of an imminent top for wholesale beef values.

Feeder Cattle futures closed an average of 18¢ lower, except for 28¢ and 55¢ higher at either end of the board.

Live Cattle futures closed an average of 33¢ lower through the front four contracts and then an average of 68¢ higher (37¢ higher to $1.60 higher in the back contract).

Choice boxed beef cutout value was 38¢ lower Monday afternoon at $338.60/cwt. Select was $2.56 lower at $309.17.

Except for nearby contracts, grain futures continued to extend gains Monday.

Corn futures closed 10¢ to 14¢ higher in new-crop contracts, and then mostly 4¢ to 7¢ higher. Spot Jly was down 3¢.

Soybean futures closed mostly 7¢ to 14¢ higher, except for 4¢ to 23¢ lower in the front three contracts.

June 7th, 2021|

Cattle Current Podcast—June 7, 2021

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

Regionally, negotiated prices last week were mostly steady to $1 either side of steady. Live prices were at $120/cwt. and dressed prices were at $189-$191.

Estimated total cattle slaughter for the week ending June 5 was 538,000 head, according to USDA. That was 91,000 head fewer than the previous week and 90,000 head fewer than the same week a year earlier. Estimated beef production for the week was 443.0 million lbs., which was 75 million lbs. less than the previous week.

Surging Corn futures prices hammered Feeder Cattle futures on Friday. It’s likely week-end profit taking also played a role.

Feeder Cattle futures closed an average of $2.09 lower ($1.32 lower at the back to $3.02 lower in spot Aug).

Although mainly lower Friday, Live Cattle futures continued to consolidate, supported by wholesale beef values and slaughter data suggesting a return to post-pandemic normal following disruptions at JBS earlier in the week.

Live Cattle futures closed an average of 47¢ lower, except for 5¢ and $1 higher at either end of the board and unchanged in away Aug.

Net U.S. beef export sales of 12,600 metric tons for 2021 were 55% less than the previous week and 38% less than the prior four-week average, according to USDA’s Export Sales report for the week ending May 27. Increases were primarily for Japan, South Korea, Taiwan, Mexico and Chile.

Choice boxed beef cutout value was $1.57 lower Friday afternoon at $338.98/cwt. Select was $1.43 lower at $311.73.

Grain markets were sharply higher on Friday as extreme heat gripped the Western Corn Belt and Northern Plains.

Corn futures closed up through Jul ’22 an average of 24¢ higher.

Soybean futures closed up an average of 33¢ through Jan ’22.

June 6th, 2021|

Cattle Current Podcast—June 4, 2021

Negotiated cash fed cattle trade was at a standstill in the Texas Panhandle through Thursday afternoon, according to the Agricultural Marketing Service. Elsewhere, it was limited on light to moderate demand.

So far this week, live sales are steady to $4 higher in the Texas Panhandle at $120/cwt., steady in Kansas at $119 to $120 and steady at $120 in Nebraska and the western Corn Belt. Dressed trade is steady with the upper end of last week’s range at $190-$191.

Cattle futures, especially Feeder Cattle faded early pressure to close mainly higher Thursday with continued support from higher wholesale beef values.

Feeder Cattle futures closed an average of $1.54 higher (62¢ higher in spot Aug to $2.92 higher at the back).

Live Cattle futures closed an average of 60¢ higher (12¢ to $1.02 higher), except for an average of 44¢ lower in the front three contracts.

Choice boxed beef cutout value was 39¢ higher Thursday afternoon at $340.55/cwt. Select was $1.28 higher at $313.16.

Grain markets were mainly lower on Thursday with weather forecasts continuing to cast a shadow.

Corn futures closed 6¢ to 13¢ lower through Jly ’22 and then mostly unchanged to fractionally higher.

Soybean futures closed 9¢ to 13¢ lower through Jan ‘22 and then mostly 5¢ higher, except for fractionally lower to 4¢ lower in a few middle contracts.

June 3rd, 2021|

Cattle Current Podcast—June 3, 2021

Negotiated cash fed cattle trade was limited on light demand in the Southern Plains. A few live sales in the Texas Panhandle traded from $119 to $120/cwt. through Wednesday afternoon, according to the Agricultural Marketing Service. In Kansas, a few live purchases traded at $120. In Nebraska and the Western Corn Belt, negotiated cash trading was slow with moderate demand. There were a few dressed trades in Nebraska at $190 to $191. In the western Corn Belt, there were a few live sales at $120 and few in the beef at $190-$191.

Feeder Cattle futures rallied higher with news JBS was resuming operations following the cyber-attack on its IT systems.

Feeder Cattle futures closed an average of $2.08 higher, from $3.18 to $2.40 higher in the front three months and $1.90 to $1.40 higher across the rest of the board.

Live Cattle futures closed an average of $1.61 higher, with the most gain ion the front two contracts. Only Apr ’22 and Jun ’22 gained less than $1 at 75¢ and 88¢ respectively.

Choice boxed beef cutout value was was $5.60 higher Wednesday afternoon at $340.16/cwt. Select was $5.43 higher at $311.88.

Grain markets were mixed on Wednesday with weather weighing on the corn market.

Corn futures closed down across the board an average of 6¢ lower through Jly ‘22.

Soybean futures closed up up an average of 16¢ through Mar ’22.

June 3rd, 2021|

Cattle Current Podcast—June 2, 2021

Cattle futures dropped hard Tuesday, in response to the uncertainties spawned by disruptions to JBS processing facilities, caused by the Sunday cyber-attack on that company’s global IT infrastructure. They clawed back some of the losses by the end of the session, though.

According to a JBS news release: “On Sunday, May 30, JBS USA determined that it was the target of an organized cyber-security attack, affecting some of the servers supporting its North American and Australian IT systems. The company took immediate action, suspending all affected systems, notifying authorities and activating the company’s global network of IT professionals and third-party experts to resolve the situation. The company’s backup servers were not affected, and it is actively working with an Incident Response firm to restore its systems as soon as possible.

“The company is not aware of any evidence at this time that any customer, supplier or employee data has been compromised or misused as a result of the situation. Resolution of the incident will take time, which may delay certain transactions with customers and suppliers.”

Widespread reports suggested JBS packing facilities closed. At press time there was no word on when normal production would resume. However, there were unconfirmed reports Tuesday evening that operations would resume Wednesday.

There was no negotiated trade report from the Agricultural Marketing Service as of press time Tuesday evening.

Negotiated cash fed cattle prices last week were at $116-$120/cwt. in the Texas Panhandle, at $119-$120 in Kansas and at $120 in Nebraska and the western Corn Belt. Dressed prices were at $191 in Nebraska and at $189-$191 in the western Corn Belt.

Feeder Cattle futures closed mixed on Tuesday, with JBS uncertainty weighing on the front months.

Feeder Cattle futures closed an average of $1.28 lower through the front half of the board, (45¢ lower to $2.20 lower in spot Aug) and then an average of 36¢ higher.

Live Cattle futures closed an average of $1.70 lower in the front three contracts (77¢ to $2.32 lower) and then an average of 89¢ higher, except for unchanged in the back contract.

Choice boxed beef cutout value was $3.59 higher Tuesday afternoon at $334.56/cwt. Select was $5.55 higher at $306.45.

Grain markets were up on Tuesday on news of a hot, dry forecast for the next two weeks in northern U.S. growing areas as well as southern Canada. Brazil’s drought also worsened.

Corn futures closed 28¢ to 32¢ higher through Jly ’22 and then mostly 10¢ to 15¢ higher.

Soybean futures closed mostly 16¢ to 24¢ higher.

June 1st, 2021|

Cattle Current Podcast—May 31 and June 1, 2021

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

Live prices last week were steady to $3 lower in the Texas Panhandle at $116-$120/cwt., steady to $1 lower in Kansas at $119-$120 and steady at $120 in Nebraska and the western Corn Belt. Dressed prices were steady to $1 higher in Nebraska at $191; steady in the western Corn Belt $189-$191.

Live Cattle futures closed mixed Friday, an average of 46¢ lower through the front four contracts, and then unchanged to an average of 7¢ higher. Part of the pressure likely stemmed from the lack of budge in cash prices, while the rally in wholesale beef values appears long in the tooth.

Choice boxed beef cutout value was 99¢ higher Friday at $330.97/cwt. Select was $3.20 lower at $300.90.

Feeder Cattle futures closed an average of $1.28 lower. Even though Corn futures were mostly 3¢ to 9¢ lower, the steep climb in the previous session continued to apply pressure. Feeder Cattle were down an average of about $3 in the last two sessions.

Total estimated cattle slaughter the week ending May 29 was 629,000 head, according to USDA. That was 40,000 head fewer than the previous week. Total estimated beef production for the week was 518.0 million lbs., which was 32.7 million lbs. less than the prior week.

May 30th, 2021|

Cattle Current Podcast—May 28, 2021

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

So far this week, live prices are $116-$120/cwt. in the Texas Panhandle, $119-$120 in Kansas and at $120 in Nebraska and the western Corn Belt. Dressed prices are at $191 in Nebraska and $189-$191 in the western Corn Belt.

Feeder Cattle futures closed an average of $1.69 lower Thursday, from 20¢ lower in spot May to $2.35 lower. Corn futures applied the pressure, up 33¢ to 40¢ higher through Jly ’22 and then mostly 13¢ to 24¢ higher. Dryness in the forecast and strong exports helped fuel the bounce. Soybean futures tagged along, closing 26¢ to 34¢ higher.

Live Cattle futures edged an average of 20¢ higher, except for 10¢ lower in spot Jun. Support included positive export news.

Net U.S. beef export sales of 27,900 metric tons (mt) for 2021 were 19% more than the previous week and 45% more than the prior four-week average, according to USDA’s U.S. Export Sales report for the week ending May 20. Increases were primarily for China, Japan, South Korea, Indonesia, and Taiwan.

Choice boxed beef cutout value was 49¢ higher Thursday afternoon at $329.98/cwt. Select was 5¢ higher at $304.10.

May 27th, 2021|

Cattle Current Podcast—May 27, 2021

Negotiated cash fed cattle trade was slow on light demand through Wednesday afternoon, according to the Agricultural Marketing Service.

Live prices in the Texas Panhandle Prices were steady to $3 lower than last week at $116-$120/cwt., steady to $1 higher in Kansas at $119-$120 and steady in Nebraska at $120. Dressed trade was steady to $1 higher in Nebraska at $191.

Although there were too few transactions to trend in the western Corn Belt, early live trades were steady at $120, while dressed sales were steady to $3 higher at $191.

Cattle futures edged lower Wednesday. Pressure included softer cash prices in the south and a deceleration in wholesale beef values.

Feeder Cattle futures closed an average of 49¢ lower (5¢ to $1.47 lower), except for an average of 24¢ higher in two contracts. 

Live Cattle futures closed an average of 34¢ lower.

Corn futures edged mostly 2¢ to 5¢ higher Wednesday, following the previous day’s steep break.

Front-month Soybeans continued to soften with the lack of follow-through export sales. Soybean futures closed fractionally lower to 8¢ lower through Jly ‘22 and then mostly 7¢ higher.

May 26th, 2021|

Cattle Current Podcast—May 26, 2021

Negotiated cash fed cattle trade was slow on light demand in the Southern Plains, Nebraska and the western Corn Belt through Tuesday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were some early live sales at $119 to mostly $120/cwt., except for $118 in the western Corn Belt. Early dressed sales in Nebraska were at $191.

Feeder Cattle futures closed higher Tuesday, boosted by another sharp break in Corn futures prices.

Feeder Cattle futures closed an average of $2.07 higher, from 35¢ higher in spot May to $2.55 higher. 

Live Cattle futures mainly edged higher, supported by wholesale beef values and resurgent front-month

Live Cattle futures closed an average of 30¢ higher, except for unchanged to an average of 9¢ lower in three contracts.

Choice boxed beef cutout value was $2.09 higher Tuesday afternoon at $329.92/cwt. Select was 87¢ higher at $304.26

Corn futures wilted Tuesday, pressured by planting progress and crop development, forecast rain and chatter about more corn acres.

Corn futures closed 23¢ to 37¢ lower though Jly ‘22 and then mostly 8¢ lower

Soybean futures closed 10¢ to 15¢ lower through May ‘22 and then mostly 6¢ lower.

May 25th, 2021|

Cattle Current Podcast—May 25, 2021

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

Live prices last week were at $119-$120/cwt. in the Texas Panhandle, at $119 in Kansas and at $120 in other regions. Dressed trade was at $190-$191 in Nebraska, $191 in Colorado and at $188-$191 in the western Corn Belt.

Feeder Cattle futures shrugged off Friday’s Cattle on Feed report and mostly extended gains Monday, helped along by further softness in Corn futures and recently stronger cash prices.

Feeder Cattle futures closed an average of 57¢ higher, except for 95¢ lower in spot May and unchanged in Mar.

Live Cattle futures weakened. Besides the lack of early-week cash direction, traders are likely trying to decide whether beef prices decline significantly after the Memorial Day push or slowly recede from current levels with further reopening of restaurants and food service.

Live Cattle futures closed an average of 55¢ lower, from 15¢ lower toward the back to 92¢ lower in spot Jun.

Choice boxed beef cutout value was $2.66 higher Monday afternoon at $327.83/cwt. Select was $1.08 higher at $303.39

Corn futures closed mostly 5¢ to 6¢ lower. 

Soybean futures closed mostly 3¢ to 4¢ higher, after 1¢ to 3¢ lower in the front three contracts.

May 24th, 2021|

Cattle Current Podcast—May 24, 2021

Negotiated cash fed cattle trade was mostly inactive with very light demand in Nebraska and the western Corn belt through Friday afternoon, according to the Agricultural Marketing Service. Elsewhere, trade was at a standstill.

For the week, live prices were steady to 50¢ higher in the Texas Panhandle at $119-$120/cwt., $1 lower in Kansas at $119, steady in Nebraska at $120 and mostly steady in the western Corn Belt at $120. Dressed prices were steady to $1 lower at $190-$191 in Nebraska and at $188-$191 in the western Corn Belt.

Cattle futures closed mainly higher Friday, with a late surge after two-sided trading. Support included softer, more stable Corn futures, along with continued demand strength.

Feeder Cattle futures closed an average of $1.69 higher. 

Live Cattle futures closed an average of 66¢ higher, (27¢ to $1.07 higher), except for and average of 30¢ lower in the back to contracts.

How the market reacts to the monthly Cattle on Feed report (see below) is anybody’s guess.

Boxed beef cutout value (p.m.): Choice boxed beef cutout value was 99¢ higher Friday afternoon at $325.17/cwt. Select was 70¢ higher at $302.31.

Estimated total cattle slaughter of 669,000 head last week was 29,000 head more than the previous week. Estimated year-to-date total cattle slaughter of 12.9 million head is 757,000 head more (+6.2%) than last year’s pandemic-ravaged pace. Estimated beef production last week was 550.7 million lbs., which was 23.1 million lbs. more than the previous week.

Corn futures closed mostly 3¢ to 5¢ lower. 

Soybean futures closed 7¢ to 14¢ lower.

May 23rd, 2021|

Cattle Current Podcast—May 21, 2021

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

Live trade continued at $120/cwt. in Nebraska, which is steady with the previous week. Dressed trade earlier in the week was at $190-$191, which was steady to $1 lower.

Although too few to trend, there were some live trades in the western Corn Belt at $120 and some in the beef at $191. Prices last week were at mostly $120 and $188-$191, respectively.

Trade was limited on light demand in Kansas with a few live trades at $119, steady with earlier in the week but steady to $1 lower than last week.

Elsewhere, trade was mostly inactive on very light demand. Earlier in the week live trades were at $119-$120 in the Texas Panhandle, which was steady to 50¢ higher than last week.

Feeder Cattle futures closed and average of $1.54 lower Thursday, pressured by the bounce higher in Corn futures and the dour fed cattle market.

Live Cattle futures closed mixed (average of 22¢ lower to average of 43¢ higher), helped along by stellar wholesale beef prices.

Choice boxed beef cutout value was 80¢ higher Thursday afternoon at $324.18/cwt. Select was $1.92 higher at $301.61.

Net U.S. beef export sales added optimism. For the week ending May 13, they were 56,900 metric tons (mt), according to the U.S. Export Sales report from USDA. That’s a market-year high, up noticeably from the prior week and from the previous four-week average. Increases were primarily for the Netherlands, China, Japan, South Korea and Taiwan.

The average dressed steer weight the week ending May 8 was 896 lbs., which was 5 lbs. heavier than the previous week and even with the same week last year, according to USDA’s Actual Slaughter Under Federal Inspection report. The average dressed heifer weight was 826 lbs., which was 2 lbs. heavier than the prior week but 3 lbs. lighter than the previous year.

Corn futures closed mostly 12¢ to 13¢ higher through Jly ‘22 and then mostly 3¢ to 4¢ higher.

Soybean futures closed mostly fractionally lower to 3¢ lower.

May 20th, 2021|

Cattle Current Podcast—May 20, 2021

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

For the week, live sales are steady to $1 lower in Kansas at $119/cwt.. steady in Nebraska at $120, and steady to 50¢ higher in the Texas Panhandle at $119-$120. Dressed trade in Nebraska is steady to $1 lower at $190-$191.

Slaughter steers sold steady to $1 higher at the Sioux Falls Regional fat auction Wednesday. Slaughter heifers traded $1-$2 higher. There were 246 Choice 3-4 steers weighing an average of 1,536 lbs., bringing an average of $120.57/cwt.

Feeder Cattle futures were mostly higher Wednesday, buoyed by pressure in grain markets. They closed an average of 85¢ higher (10¢ to $1.22 higher), except for 62¢ lower in spot May. 

Live Cattle futures closed narrowly mixed as traders balanced sluggish cash prices and cattle movement with expectations for lower boxed beef prices after Memorial Day buying ends. They closed an average of 34¢ lower, except for an average of 22¢ higher in the front three contracts.

Choice boxed beef cutout value was 4¢ higher Wednesday afternoon at $323.38/cwt. Select was 64¢ higher at $299.69

Corn futures closed mixed, from 4¢ lower to 1¢ higher with most of the pressure in nearby contracts.

Soybean futures closed mostly 21¢ to 36¢ lower through Jly ‘22 and then mostly 6¢ to 10¢ lower.

May 19th, 2021|

Cattle Current Podcast—May 19, 2021

Negotiated cash fed cattle trade was slow on light demand in the Southern Plains through Tuesday afternoon at $119-$120/cwt. That was steady in Kansas and steady to 50¢ higher in the Texas Panhandle. Although too few to trend, there were a few live trades at $120 in Nebraska and the western Corn Belt, mainly steady with the prior week.

Feeder Cattle futures weakened amid higher Corn futures prices Tuesday.

Feeder Cattle futures closed an average of 66¢ lower, except for 40¢ higher in the back contract.

Live Cattle futures closed mainly higher on Tuesday, with support from a bounce higher in Lean Hog futures and the relentless climb in wholesale beef values. There were also reports that Argentina banned exporting beef for the next 30 days.

Live Cattle futures closed an average of 90¢ higher (22¢ to $1.40 higher), except for an average of 21¢ lower in two contracts.

Choice boxed beef cutout value was $3.72 higher Tuesday afternoon at $323.34/cwt. Select was $2.16 higher at $299.05

Corn futures closed mostly 6¢ to 9¢ higher.

Soybean futures closed mostly 6¢ to 8¢ higher after 1¢ to 13¢ lower in the front three contracts.

May 18th, 2021|

Cattle Current Podcast—May 18, 2021

Negotiated cash fed cattle trade was mostly inactive on very light demand in Kansas and the western Corn Belt through Monday afternoon, according to the Agricultural Marketing Service. Elsewhere, trade was at a standstill. Depending on the region last week, live prices were generally $1-$2 higher at $119-$121/cwt. on a live basis and at $188-$191 in the beef.

Feeder Cattle futures gained to start the week as Corn futures maintained their lower pace, in relative terms.

Feeder Cattle futures closed an average of $1.14 higher (37¢ to $1.60 higher).

Live Cattle futures were mixed on Monday, though as the slower pace of slaughter cork potential.

Live Cattle futures closed mixed, from an average of 29¢ lower to an average of 20¢ higher.

Choice boxed beef cutout value was $2.68 higher Monday afternoon at $319.62/cwt. Select was $3.70 higher at $296.89.

Corn futures closed mostly 1¢ to 3¢ higher, except for 8.6¢ higher in new spot Jly and 3¢ to 5¢ lower in most new crop contracts.

Soybean futures closed mostly 1¢ to 4¢ lower.

May 17th, 2021|

Cattle Current Podcast—May 17, 2021

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

Live prices last week were 50¢ to $1.50 higher in the Texas Panhandle at $119.00-$119.50/cwt., steady to $1 higher in Kansas at $119-$120, $2 higher in Nebraska at $120, and $1 higher in the western Corn Belt at $118-$120. Live prices in Colorado two weeks ago were at $119-$120.

Dressed prices were $1-$4 higher in Nebraska last week at $191. Prices were at $187-$190 in the western Corn Belt the prior week.

Through Thursday, the five-area direct average steer price was $1.35 higher than the previous week at $119.70/cwt., on a live basis. The average five-area direct dressed steer price was $2.01 higher at $190.48.

Feeder Cattle futures mostly gained back on Friday what was lost in the previous session, helped by continued pressure on grain markets.

Feeder Cattle futures closed an average of 52¢ higher, except for an average of 30¢ lower in the back two contracts.

Live Cattle futures mostly extended losses, amid stagnant cash trade and softer Lean Hog futures.

Live Cattle futures closed an average of 44¢ lower, except for an average of 12¢ higher in the back three contracts.

Choice boxed beef cutout value was 16¢ higher Friday afternoon at $316.94/cwt. Select was $2.72 lower at $293.19.

Estimated total cattle slaughter for the week was 2,000 head more than the prior week at 640,000 head. Year-to-date estimated total cattle slaughter of 12.2 million head is 658,000 more than the pandemic-ravaged harvest the same week last year. Estimated beef production for the week of 527.6 million lbs. was 300,000 lbs. more than the previous week. Year-to-date estimated beef production of 10.2 billion lbs. is 660.8 million lbs. more than the same time last year.

Forecast rain in Brazil and the U.S. Corn Belt, reopening barge traffic on the Mississippi River and chatter about private analysts projecting significantly more corn acres all added pressure to Corn futures Friday.

Corn futures closed mostly 13¢ to 15¢ lower, after 20¢ to 34¢ lower in the front three contracts.

Soybean futures closed mostly 2¢ to 6¢ higher, except for 8¢ lower in spot May.

May 15th, 2021|

Cattle Current Podcast—May 14, 2021

Negotiated cash fed cattle trade was limited on light demand in Kansas, Nebraska and the western Corn Belt through Thursday afternoon, according to the Agricultural Marketing Service. Elsewhere, trade was mostly inactive on very light demand.

So far this week, live trade is $1 higher in Kansas at $119-$120/cwt., 50¢ to $1 higher in the Texas Panhandle at $119.00 to $119.50, steady to $1 higher in Nebraska at $120 and unevenly steady in the western Corn Belt at $118-$120. Dressed trade is steady to $1 higher in Nebraska at $191.

Live Cattle futures plunged Thursday. Besides the break in Lean Hog futures, likely explanations for the reversal include sluggish cattle slaughter due in part to pandemic safety measures, but also reports that labor availability is adding constraint. Achieving feedlot currentness becomes more challenged.

Live Cattle futures closed an average of $2.40 lower ($1.95 lower at the back to $3.00 lower in spot Jun).

That was too much for Feeder Cattle to withstand, despite the sharp selloff in Corn.

Feeder Cattle futures closed an average of 48¢ lower (2¢ to 87¢ lower), except for 70¢ higher in spot May.

Choice boxed beef cutout value was $1.70 higher Thursday afternoon at $316.78/cwt. Select was $1.25 lower at $295.91

The average dressed steer weighing for the week ending May 1 was 891 lbs., which was 5 lbs. lighter than the previous week and 2 lbs. lighter than last year, according to USDA’s Actual Slaughter Under Federal Inspection report. The average dressed heifer weight of 824 lbs. was 1 lb. lighter than the previous week and 2 lbs. lighter than the same week last year.

Improved weather conditions, including moisture in the Corn Belt forecast, and the previous day’s World Agricultural Supply and Demand Estimates applied heavy pressure to grain futures Thursday.

Corn futures closed 33¢ to 40¢ lower through Jly ‘22 and then mostly 22¢ lower.

Soybean futures closed 45¢ to 58¢ lower through Jan ‘22, then mostly 15¢ to 29¢ lower.

May 13th, 2021|

Cattle Current Podcast—May 13, 2021

Negotiated cash fed cattle trade was slow on light demand in the Southern Plains through Wednesday afternoon. Live prices were steady to $1.50 higher in the Texas Panhandle at mostly $119/cwt. There were a few live trades in Kansas at $120, but too few to trend; $119 last week.

Trade was limited on light demand in Nebraska. Dressed trade was at $191, steady with the previous day and $1 to $3 higher than last week. There were a few live trades at $120, but too few to trend; $118 last week.

Elsewhere, trade was mostly inactive on light demand.

Live prices in the western Corn Belt Tuesday were $118-$120, compared to $119 last week. Dressed prices last week were $187-$190.

Cattle feeders offered 2,469 head in Central Stockyards’ weekly Fed Cattle Exchange Auction. Of those, 1,588 head sold (1,114 heifers and 474 steers) for a weighted average price of $119.93/cwt., via live weight and bid-the-grid. The majority was from Texas.

Slaughter steers sold $1-$2 higher at Sioux Falls Regional in South Dakota and slaughter heifers traded steady to $1 higher. There were 168 Choice 3-4 steers weighing an average of 1,534 lbs., bringing an average of $119.56.

Choice steers and heifers sold $4.25 to $5.75 higher at the fat auction in Tama, IA. There were 152 Choice 2-4 steers weighing an average of 1,442 lbs., bringing an average of $125.65.

Feeder Cattle futures continued their nascent rally Wednesday, supported by more optimistic projections of the balance sheet for corn, in the monthly World Agricultural Supply and Demand Estimates. Live Cattle closed narrowly mixed with some likely profit taking and sharply lower outside markets.

Live Cattle futures closed an average of 38¢ higher, except unchanged in two contracts and down an average of 12¢ in two.

Feeder Cattle futures closed an average of $1.79 higher ($1.42 higher at the front of the board to $2.20 higher at the back).

Choice boxed beef cutout value was $2.71 higher Wednesday afternoon at $315.08/cwt. Select was 82¢ higher at $297.16.

The monthly World Agricultural Supply and Demand Estimates (see below) stoked Soybean futures Wednesday, but dampened new-crop Corn futures.

Corn futures closed mostly 13¢ to 18¢ lower through the new crop year and then mostly 2¢ to 9¢ lower.

Soybean futures closed 11¢ to 23¢ higher through Jan ‘22, then mostly 15¢ to 17¢ lower.

May 12th, 2021|

Cattle Current Podcast—May 12, 2021

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

Although too few transactions to trend, there were a few dressed trades in Nebraska at $191/cwt., which was $1-$3 higher than last week; a few lives trades in the western Corn Belt at $120, which was $1-$3 higher. Elsewhere, trade was mostly inactive on light demand or at a standstill.

Cattle futures maintained gains from the previous session, supported by the outlook for higher cash prices and continued wholesale strength.

Live Cattle futures closed an average of $1.14 higher (40¢ to $1.70 higher). 

Feeder Cattle futures closed an average of 25¢ higher, except for 12¢ lower in spot May. 

Choice boxed beef cutout value was $3.26 higher Tuesday afternoon at $312.37/cwt. Select was $2.58 higher at $296.34

Grain futures recovered from sharp losses the previous day to surge ahead again in the front months, with likely profit taking and positioning ahead of Wednesday’s monthly World Agricultural Supply and Demand Estimates.

Corn futures closed 10¢ to 11¢ higher in the front two contracts, and then mostly 2¢ to 5¢ higher.

Soybean futures closed 16¢ to 27¢ higher through Jan ‘22,  then mostly 4¢ to 11¢ higher.

May 11th, 2021|

Cattle Current Podcast—May 11, 2021

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

Live prices last week were at $117.50-$119.00/cwt. in the Texas Panhandle, $119 in Kansas, $118 in Nebraska and $117-$119 in the western Corn Belt. Dressed prices were $187-$190.

Rain in the Corn Belt pressured Corn futures Monday, opening the gate for Cattle futures to trade higher and begin taking a swipe at extremely oversold conditions.

Live Cattle futures closed an average of $1.03 higher, an average of $1.46 higher across the front half of the board and then an average of 61¢ higher, except unchanged in the back contract.

Feeder Cattle futures closed an average of $3.36 higher ($2.35 higher toward the back to $4.42 higher toward the front).

Choice boxed beef cutout value was $3.23 higher at $309.11/cwt. Select was $3.49 higher at $293.76.

Corn futures closed 20¢ to 27¢ lower through Jly ‘22, and then mostly 4¢ to 9¢ lower.

Soybean futures closed mostly 8¢ to 9¢ lower, but as much as 19¢ lower

May 10th, 2021|

Cattle Current Podcast—May 10, 2021

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

Live prices for the week were steady to 50¢ lower in the Texas Panhandle at $117.50-$119/cwt., steady in Kansas at $119, $1-$2 lower in Nebraska at $118 and steady to $1 lower in the western Corn Belt at$118-$119. Dressed trade was $1-$2 lower in Nebraska at $188-$190 and steady to $4 lower in the western Corn Belt at $187-$190.

Feeder Cattle futures closed mostly higher Friday, but off of session highs, in the face of increasing front-month Corn futures. Live Cattle futures tagged along.

Live Cattle futures closed an average of 32¢ higher in five contracts and then unchanged to 5¢ lower

Feeder Cattle futures closed an average of 65¢ higher through the front five contracts (27¢ to $1.25 higher) and then unchanged to 27¢ lower.

Choice boxed beef cutout value was 49¢ lower at $305.88/cwt. Select was 91¢ higher at $290.27

Total estimated cattle slaughter for the week ending May 7 was 638,000 head, which was 11,000 head fewer than the previous week. Total estimated beef production of 527.3 million lbs. was 10 million lbs. less week to week.

Corn futures closed mostly 11¢ to 13¢ higher through Jly ‘22, and then mostly 2¢ to 3¢ lower.

Soybean futures closed 15¢ to 25¢ higher through May ‘22, and then mostly 9¢ to 13¢ higher.

May 9th, 2021|

Cattle Current Podcast—May 7, 2021

Negotiated cash fed cattle trade was slow on light demand in Kansas through Thursday afternoon. Live prices were steady with the previous day at $119/cwt., according to the Agricultural Marketing Service.

Elsewhere, trade was limited on light demand with too few transactions to trend.

Earlier in the week, live prices were at $117.50 to $119.00 in the Texas Panhandle, at $118 in Nebraska and at $118 to $119 in the western Corn Belt. Dressed prices were at $187 to $190. Live prices in Colorado last week were at $119-$120.

Feeder Cattle futures gave back everything gained in the previous session as corn prices surged higher yet again on Thursday. Live Cattle futures extended modest gains, supported by blooming wholesale beef values and a sizable gain in open interest the previous day.

Live Cattle futures closed an average of 66¢ higher.

Feeder Cattle futures closed an average of $2.02 lower.

Choice boxed beef cutout value was $1.59 higher Thursday afternoon  at $306.37/cwt. Select was $3.18 higher at $289.36

The average dressed steer weighing for the week ending Apr. 24 was 896 lbs., according to USDA’s Actual Slaughter Under Federal Inspection report. That was 2 lbs. lighter than the previous week. The average dressed heifer weight of 825 lbs. was 12 lbs. lighter. Beef production was 16.9 million lbs. at 547.4 million lbs.

Corn futures closed 10¢ to 20¢ higher from Jly ‘21 to Jly ‘22, mostly 6¢ to 8¢ higher in other contracts.

Soybean futures closed 20¢ to 28¢ higher through Mar ‘22, and then mostly 11¢ to 13¢ higher.

May 6th, 2021|

Cattle Current Podcast—May 6, 2021

Negotiated cash fed cattle trade ranged from a standstill to mostly limited on light demand in all major cattle feeding regions through Wednesday afternoon, according to the Agricultural Marketing Service.

So far this week, live prices in Nebraska are $1-$2 lower than last week at $118/cwt. Dressed prices are $1-$2 lower at $188-$190.

Live prices in the western Corn Belt this week are steady to $2 lower at $118-$119. Dressed prices are steady to $4 lower at $187-$190.

Last week, live prices were at $118-$119 in the Southern Plains and at $119-$120 in Colorado.

Cattle feeders offered 1,906 head (12 lots) in Central Stockyards’ weekly Fed Cattle Exchange auction. Of those, 1,091 head (6 lots) sold for mostly $118.50 to $119/cwt., steady with the previous week’s country trade.

At Sioux Falls Regional in South Dakota, fat steers and heifers sold $3-$5 lower. There were 223 Choice 2-3 steers weighing an average of 1,433 lbs., bringing an average of $115.97/cwt., which was $2-$3 lower than established country trade.

Cattle futures found some footing on Wednesday, helped along by technical support and oversold conditions.

Live Cattle futures closed an average of $1.44 higher.

Feeder Cattle futures closed an average of $1.86 higher.

Choice boxed beef cutout value was $3.56 higher Wednesday afternoon at $304.78/cwt. Select was $2.27 higher at $286.18

Corn futures closed 20¢ to 24¢ higher from near Sep to Jly ‘22, mostly 5¢ to 7¢ higher in other contracts.

Soybean futures closed mostly 15¢ to 19¢ higher, except for 4¢ to 9¢ higher in the front three contracts.

May 5th, 2021|

Cattle Current Podcast—May 5, 2021

Negotiated cash fed cattle trade was light to moderate on moderate demand in Nebraska through Tuesday afternoon. Live prices were steady to 50¢ higher than the previous day at $118/cwt., which was $1-$2 lower than last week. Dressed prices were $1-$2 lower at $188-$190.

Trade in the western Corn Belt was light to moderate on moderate demand. Live prices were steady to $3 lower than last week at $117-$119. There were a few dressed trades at $187-$190, but too few to trend; $190-$191 last week.

Elsewhere, trade was limited on light demand. Live prices in the Southern Plains last week were at $118-$119. Prices in Colorado last week were $119-$120.

Choice boxed beef cutout value was $1.92 higher at $301.22/cwt. Select was 12¢ higher at $283.91

Feeder Cattle futures and front-month Live Cattle wilted Tuesday, pressured by higher feed costs and plentiful fed cattle supplies.

Live Cattle futures closed an average of 82¢ lower across a broad range, from an average of $1.52 lower in the front four contracts to an average of 26¢ lower across the rest of the board.

Feeder Cattle futures closed an average of $3.26 lower.

Grain futures popped higher Tuesday as the market continues trying to buy more acres. That was despite what appeared to be a production-friendly planting report.

Corn futures closed mostly 13¢ to 18¢ higher.

Soybean futures closed mostly 12¢ to 18¢ higher.

May 4th, 2021|

Cattle Current Podcast—May 4, 2021

Negotiated cash fed cattle trade was limited on light demand in Nebraska through Monday afternoon. There were a few live trades at $117.50 to $118.00/cwt. but too few to trend. Elsewhere, trade ranged from mostly inactive on light demand to a standstill, according to the Agricultural Marketing Service.

The average five-area direct fed steer price last week was $118.89/cwt. on a live basis, which was $2.47 less than the previous week. The average steer price in the beef was $1.67 less at $190.44.

Cattle futures managed to fade stronger pressure early to close mixed on Monday with most of the pressure in nearby contracts.

Live Cattle futures closed an average of 23¢ higher, except for $1.27 and 27¢ lower in the front two contracts.

Feeder Cattle futures closed an average of 69¢ higher (5¢ to $1.40 higher), except for an average of 27¢ lower in three contracts.

Choice boxed beef cutout value was $2.80 higher Monday afternoon at $299.30/cwt. Select was 74¢ higher at $283.

Corn futures closed mixed; mostly fractionally lower to 2¢ higher, except for 7¢ lower and 6¢ higher in the front two contracts.

Soybean futures closed 4¢ to 10¢ lower through the front three contracts, then mostly 2¢ to 5¢ higher through Aug ’22; mostly fractionally lower across the rest of the board.

May 3rd, 2021|

Cattle Current Podcast—May 3, 2021

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

For the week, live prices were steady to $2 lower in the Southern Plains at $118-$119/cwt., $1-$2 lower in Nebraska at $119-$120, $2 lower in Colorado at $119 and $2-$3 lower in the western Corn Belt at $119. Dressed trade was $1-$2 lower in Nebraska and the western Corn Belt at $190-$191.

Continued increase in wholesale beef values helped Live Cattle futures mostly advance Friday, despite the week’s anemic cash trade and another surge higher in Corn futures, which upended Feeder Cattle once again.

Live Cattle futures closed an average of 87¢ higher, except for $3.47 lower in expiring Apr.

Feeder Cattle futures closed an average of $1.43 lower, from 10¢ lower at the back to $3.12 lower toward the front.

Choice boxed beef cutout value was $2.74 higher Friday afternoon at $296.50/cwt. Select was $3.26 higher at $283.05

Total estimated cattle slaughter for the week ending May 1 was 649,000 head, which was 16,000 head fewer than the previous week, according to USDA.

Corn futures closed 13¢ to 38¢ higher through Jly ‘22, and then mostly 5¢ to 9¢ higher.

Soybean futures closed 20¢ to 28¢ higher through Jan ‘22, and then mostly 12¢ to 18¢ higher.

May 2nd, 2021|

Cattle Current Podcast—April 30, 2021

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

So far this week, live prices in the Texas Panhandle are $1-$2 lower than last week in the Southern Plains at $118-$119/cwt., $2-$4 lower in the Northern Plains at $119-$120 and $1-$4 lower in the western Corn Belt at $119. Dressed trade is $1-$4 lower in Nebraska at $188-$191 and $1-$2 lower in the western Corn Belt at $191-$192.

Another day of softer Corn futures prices, after the front of the board, helped Cattle futures mostly extend gains on Thursday.

Live Cattle futures closed an average of 45¢ higher, except for an average of 14¢ lower in three contracts.

Feeder Cattle futures closed an average of 72¢ higher.

Corn futures closed fractionally lower to 5¢ lower, except for 15¢ and 4¢ higher in the front two contracts.

Soybean futures closed 8¢ to 15¢ lower through Jan ‘22, and then mostly 2¢ lower.

April 29th, 2021|

Cattle Current Podcast—April 29, 2021

Negotiated cash fed cattle trade was moderate on moderate demand in the Texas Panhandle and Nebraska through Wednesday afternoon, according to the Agricultural Marketing Service.

Live prices in the Texas Panhandle were $1-$2 lower than last week at $118-$119/cwt.

Live sales in Nebraska were $2-$3 lower at $119-$120. Dressed trade was $1-$4 lower at $188-$191.

Elsewhere, trade was slow on light demand, with too few transactions to trend.

So far this week, live sales in Kansas are $2 lower at $118-$119 and $3-$4 lower in Colorado at $119.

In the western Corn Belt last week, live prices were at $120-$123 and dressed prices were at $192.

Cattle feeders offered 3,231 head (19 lots) in Central Stockyards’ weekly Fed Cattle Exchange auction. Of those, just 287 head (three lots) sold, all from Texas and all on a live-weight basis. The price was $119/cwt. for two lots of steers and $117.75 for a lot of heifers.

Lower cash prices and less packer processing than expected recently helped pressure Cattle futures Wednesday, despite softer Corn futures and oversold conditions.

Live Cattle futures closed an average of $1.04 lower, except for 57¢ higher in spot Apr.

Feeder Cattle futures closed an average of $1.25 lower, from 32¢ lower at the front to $1.72 lower at the back.

Choice boxed beef cutout value was $1.51 higher Wednesday afternoon at $292.50/cwt. Select was 53¢ lower at $279.00

Corn futures closed 9¢ to 15¢ lower through Sep ‘22 and then 4¢ to 6¢ lower.

Soybean futures closed mostly 13¢ to 14¢ lower through Aug ‘22, except for 15¢  higher in spot May, and then mostly 7¢ lower.

April 28th, 2021|

Cattle Current Podcast—April 28, 2021

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

Feeder Cattle futures closed mixed across a broad range Tuesday, helped along by a day of respite from rising new-crop Corn futures. Live Cattle softened as traders await cash direction.

Live Cattle futures closed an average of 39¢ lower, except for 15¢ higher in the back contract.

Feeder Cattle futures closed mixed, from an average of 51¢ higher in five contracts (10¢ to $1.45 higher) to an average of 57¢ lower (7¢ to $1.40 lower).

Choice boxed beef cutout value was $5.79 higher at $290.99/cwt. Select was $5.18 higher at $279.53

Corn futures closed mostly 3¢ to 7¢ lower, expect for 15¢ higher in spot May and 2¢ higher in back contracts.

Soybean futures closed 18¢ to 19¢ lower through the front six contracts and then 6¢ to 16¢ lower.

April 27th, 2021|

Cattle Current Podcast—April 27, 2021

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

Live prices last week ranged from $118-$120 in the Southern Plains to $121 in the Northern Plains  to $120-$122 in the western Corn Belt. Dressed trade was $2-$4 lower at $192.

The five-area direct fed steer price was 67¢ lower on a live basis last week at $121.36/cwt. The average steer price in the beef was $3.43 lower at $192.11.

Cattle futures closed mixed Monday as another surge in Corn futures weighed on Feeder Cattle.

Live Cattle futures closed an average of 69¢ higher (35¢ to $1.10 higher).

Feeder Cattle futures closed an average of 39¢ lower (15¢ to $1.10 lower), except for an average of 31¢ higher in two contracts.

Choice boxed beef cutout value was $1.43 higher Monday afternoon at $285.20/cwt. Select was $2.22 higher at $274.35

Total estimated cattle slaughter last week of 665,000 head was 20,000 head more than the previous week, according to USDA. Total estimated beef production was 20 million lbs. more at 550.2 million lbs.

Corn futures closed 15¢ to limit up 25¢ higher through Jly ‘22, and then mostly 8¢ to 9¢ higher.

Soybean futures closed mostly 21¢ to 26¢ higher.

April 26th, 2021|

Cattle Current Podcast—April 26, 2021

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

Live prices last week ranged from steady to $2 lower in the Southern Plains at $118-$120/cwt. to $1-$5 lower in the Northern Plains at $121; steady to $4 lower in the western Corn Belt at $120-$122. Dressed trade was $2-$4 lower at $192.

Cattle futures closed higher Friday, supported by oversold conditions and a reprieve from another day of higher corn prices.

Live Cattle futures closed an average of 67¢ higher (12¢ to 92¢ higher), except for 47¢ and 12¢ lower in the front two contracts.

Feeder Cattle futures closed an average of $1.42 higher (65¢ to $1.67 higher).

Choice boxed beef cutout value was $1.46 higher at $283.77/cwt. Select was $1.56 lower at $272.13

Corn futures closed 1¢ to 4¢ lower, except for 5¢ and 1¢ higher in the front two contracts.

Soybean futures closed 1¢ to 6¢ higher through Nov ‘22, and then fractionally lower to 2¢ lower.

April 25th, 2021|

Cattle Current Podcast—April 23, 2021

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

Live trade in Nebraska was at $121/cwt., which was $1-$5 lower than last week. Dressed trade was $4 lower at $192.

In the western Corn Belt, at $121-$122, which was steady to $2 lower than last week. Dressed trade was $2-$4 lower at $192.

Trade was limited on light demand in in Colorado. Live prices were $1-$2 lower at $121.

Trade was mostly inactive on light demand in the Southern Plains. For the week, prices are steady in the Texas Panhandle at $120 and steady to $2 lower in Kansas at $118-$120.

Cattle futures—especially Feeder Cattle—crumbled beneath the weight of surging Corn futures.

Corn futures closed 20¢ to limit up 25¢ in the front three contracts, 15¢ to 16¢ higher through the next four and then mostly 5¢ to 7¢ higher.

Soybean futures closed 28¢ to 36¢ higher in the front six contracts, and then mostly 22¢ to 27¢ higher.

Live Cattle futures closed an average of $1.12 lower (85¢ lower at the back to $1.45 in spot Apr).

Feeder Cattle futures closed an average of $2.70 lower ($1.45 higher at the back to $3.55 lower).

Live Cattle futures closed an average of $1.12 lower (85¢ lower at the back to $1.45 in spot Apr).

Net U.S. beef export sales of 24,600 metric tons (mt) for 2021 were 57% more than the previous week and 38% more than the prior four-week average, according to USDA’s weekly U.S. Export Sales report for the week ending Apr. 15. Increases were primarily for South Korea, Japan, China, Mexico and Taiwan.

Choice boxed beef cutout value was $1.85 higher Thursday afternoon at $282.31/cwt. Select was $1.81 higher at $273.69

The average dressed steer weight the week ending Apr. 10 was 900 lbs., according to USDA’s Actual Slaughter Under Federal Inspection report. That was 6 lbs. heavier than the prior week and 4 lbs. heavier than the same week last year. The average dressed heifer weight of 829 lbs. was 3 lbs. lighter than the prior week but 3 lbs. heavier than the prior year.

April 22nd, 2021|

Cattle Current Podcast—April 22, 2021

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

Live prices were mainly steady in the Texas Panhandle at $120/cwt. and steady to $1 lower in Kansas at $119-$120. Although too few to trend, there were some trades in Nebraska and the western Corn Belt at $123.

In Nebraska last week, prices were $122-$126 on a live basis and at $196 in the beef.

In the western Corn Belt last week, prices were $122-$124 on a live basis and at $194-$196 in the beef.

Live prices in Colorado last week were at $122-$123.

Cattle feeders offered 3,470 head (29 lots) in Central Stockyards’ weekly Fed Cattle Exchange auction. Of those, 1,517 head (7 lots) sold. Six lots from the Southern Plains brought $120/cwt., which was steady to $1 lower than negotiated trade in the region last week. One lot of 457 steers from Nebraska brought $124, which was at the mid point of last week’s negotiated price range.

Cattle futures gave back what they gained in the previous session, and then some, pressured by yet another surge in grain futures prices and disappointing early cash prices. Perhaps there was also some positioning ahead of Friday’s monthly Cattle on Feed report.

As mentioned in Cattle Current Tuesday, the report will likely show March placements significantly higher than last year. Part of that has to do with anemic placements the previous year as the pandemic took hold. However, disrupted placements in February, due to the widespread winter storm and power outages will probably add to the tally.

Live Cattle futures closed an average of 92¢ lower (20¢ lower at the back to $1.95 lower toward the front).

Feeder Cattle futures closed an average of $2.29 lower ($1.97 to $3.17 lower), except for 15¢ lower in spot Apr.

Choice boxed beef cutout value was $2.20 higher Wednesday afternoon at $280.46/cwt. Select was $1.41 higher at $271.88.

Corn futures closed 14¢ to 19¢ higher in the front two contracts, 6¢ to 9¢ higher through the next five and then mostly 1¢ to 2¢ higher.

Soybean futures closed 14¢ to 25¢ higher in the front four contracts, and then mostly 8¢ to 10¢ higher.

April 21st, 2021|

Cattle Current Podcast—April 21, 2021

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

Last week, live prices were at $120/cwt. in the Texas Panhandle, $120-$121 in Kansas, $122-$126 in Nebraska, $122-$123 in Colorado and at $122-$124 in the western Corn Belt. Dressed prices were at $196 in Nebraska and at $194-$196 in the western Corn Belt.

Cattle futures finally found some traction Tuesday, even in the face of surging Corn futures. Besides being oversold, the need for fed cattle prices to rise with long-term higher feed costs could have something to do with the transition.

Live Cattle futures closed an average of $1.04 higher (22¢ to $1.60 higher).

Feeder Cattle futures closed an average of $1.30 higher (30¢ to $1.75 higher), except for 15¢ lower in spot Apr.

Choice boxed beef cutout value was $2.09 higher Tuesday afternoon at $278.26/cwt. Select was $1.34 higher at $270.47.

Grain futures surged higher again Tuesday, helped along by a building weather premium based on dryness in Brazil and in the U.S. Northern Plains.

Although this week’s cold snap likely will stall planting in some parts of the U.S., corn planting was on par with the five-year average of 8%, as of Apr. 18, according to the most recent USDA Crop Progress report. Soybean planting was 1% ahead of average at 3%.

Corn futures closed 8¢ to 14¢ higher through Jly ‘22, and then mostly 5¢ higher.

Soybean futures closed 19¢ to 22¢ higher through the front three contracts, 15¢ higher through the next five and then mostly 10¢ to 13¢ higher. 

April 20th, 2021|

Cattle Current Podcast—April 20, 2021

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

Last week, live prices were at $120/cwt. in the Texas Panhandle, $120-$121 in Kansas, $122-$126 in Nebraska, $122-$123 in Colorado and at $122-$124 in the western Corn Belt. Dressed prices were at $196 in Nebraska and at $194-$196 in the western Corn Belt.

Cattle futures closed lower again Monday, especially Feeder Cattle as Corn futures continued to climb higher.

Live Cattle futures closed an average of 45¢ lower.

Feeder Cattle futures closed an average $1.51 lower.

Choice boxed beef cutout value was 12¢ higher Monday afternoon at $276.17/cwt. Select was 3¢ higher at $269.13.

Corn futures closed 6¢ to 8¢ higher through Sep ‘22, and then mostly 3¢ to 4¢ higher.

Soybean futures closed 10¢ to 16¢ higher through the front five contracts, 6¢ to 9¢ higher through the next four contracts and then mostly 1¢ to 3¢ higher. 

April 19th, 2021|

Cattle Current Podcast—April 19, 2021

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

For the week, live prices were steady in the Texas Panhandle at $120/cwt., steady to $1 higher in Nebraska at $123-$124, unevenly steady in Colorado at $122 and $1 lower in the western Corn Belt at $122-$124. Dressed prices were $1 higher in Nebraska at $196; steady to $1 lower at $194-$196 in the western Corn Belt.

Cattle futures closed lower again Friday, although the pace of decline was less than in recent sessions. Besides feed costs and sluggish cash price progress, there’s also concern about the recently slower slaughter pace and the potential to back up some cattle.

Estimated total cattle slaughter the week ending April 16 was 640,000 head, according to USDA. That was 1,000 head fewer than the previous week. Estimated year-to-date total cattle slaughter of 9.64 million head, is 35,000 head fewer (-0.36%). Estimated year-to-date beef production of 8.06 billion lbs. is 74.9 million lbs. more (+0.94%) than the same time last year.

Live Cattle futures closed an average of 61¢ lower, except for 10¢ higher in the back contract.

Feeder Cattle futures closed an average 73¢ lower (30¢ to $1.00 lower).

Choice boxed beef cutout value was 57¢ lower on Friday at $276.05/cwt. Select was 67¢ higher at $269.10.

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

Soybean futures closed 8¢ to 15¢ higher through the front four contracts, and then mostly 3¢ to 6¢ higher.

April 17th, 2021|

Cattle Current Podcast—April 16, 2021

Negotiated cash fed cattle trade was slow on light demand in the Texas Panhandle through Thursday afternoon, according to the Agricultural Marketing Service. Live prices were steady with last week at $120/cwt.

Elsewhere, trade was slow with moderate demand.

Live prices were steady to $1 higher in Kansas at $120-$121 and steady to $3 higher in Nebraska at $123-$126. Dressed trade was steady to $1 higher at $196.

Live trade was at $120-$123 in Colorado last week; $123-$125 in the western Corn Belt.

Cattle futures closed lower again Thursday, pressured by feed costs, disappointing early cash fed cattle prices and limit down moves in Lean Hog futures.

Live Cattle futures closed an average of 57¢ lower. 

Feeder Cattle futures closed an average $1.04 lower.

Choice boxed beef cutout value was $3.71 higher Thursday afternoon at $276.62/cwt. Select was $1.12 higher at $268.43.

The average dressed steer weight was 894 lbs., the week ending April 3, according to USDA’s Actual Slaughter Under Federal Inspection report. That was 5 lbs. lighter than the previous week but 5 lbs. heavier than the prior year. The average dressed heifer weight of 832 lbs. was 2 lbs. heavier than the prior week and 7 lbs. heavier than the previous year.

Net U.S. beef export sales of 15,700 metric tons (MT) were 14% less than the prior week and 23% less than the previous four-week average, according to the U.S. Export Sales report for the week ending April 8. Increases were primarily for Japan , China, South Korea and Mexico.

Corn futures closed mixed, mostly 1¢ higher to 2¢ lower.

Net U.S. corn export sales (2020-21) of 327,700 mt were down 57% from the previous week and 81% from the prior four-week average.

Soybean futures closed 3¢ to 9¢ higher through Aug ‘22, and then mostly fractionally lower to 1¢ lower, except for 8¢ higher in the back three contracts.

Net U.S. soybean export sales (2020-21) of 1,500 mt were a market-year low, down noticeably from the previous week and from the prior four-week average.

April 15th, 2021|

Cattle Current Podcast—April 15, 2021

Negotiated cash fed cattle trade in all major cattle feeding regions ranged from a standstill to mostly inactive on very light demand through Wednesday afternoon, according to the Agricultural Marketing Service.

Cattle futures closed lower again Wednesday, but off of session lows. Pressure included the jump in grain prices, lack of cash direction and recently declining open interest. Live Cattle open interest declined 7,303 contracts week to week on Tuesday.

Live Cattle futures closed an average of 48¢ lower (15¢ to 87¢ lower). 

Feeder Cattle futures closed an average $1.32 lower.

Choice boxed beef cutout value was $2.80 higher Wednesday afternoon at $272.91/cwt. Select was 77¢ higher at $267.31.

Grain futures rallied higher Wednesday, fueled by forecast cold weather in the U.S. Corn Belt for the next couple of weeks and continued dryness in South America.

Corn futures closed 10¢ to 14¢ higher through the front three contracts and then mostly 5¢ to 6¢ higher.

Soybean futures closed 10¢ to 20¢ higher through Jly ‘22, and then mostly 8¢ higher.

April 14th, 2021|

Cattle Current Podcast—April 14, 2021

Negotiated cash fed cattle trade in all major cattle feeding regions ranged from a standstill to mostly inactive on very light demand through Tuesday afternoon, according to the Agricultural Marketing Service.

Live prices last week were at $120/cwt. in the Southern Plains, $120-$123 in Colorado, $123 in Nebraska and $123-$125 in the western Corn Belt. Dressed trade was at $195-$196.

Cattle futures closed Lower Tuesday, especially Feeder Cattle, challenged by technical correction and the relentless march higher of corn prices. As well, wholesale beef values stalled the last couple of days.

Live Cattle futures closed an average of 66¢ lower (15¢ to $1.17 lower). 

Feeder Cattle futures closed an average $2.09 lower.

Choice boxed beef cutout value was $1.30 lower Tuesday afternoon at $270.11/cwt. Select was 38¢ higher at $266.54.

Corn futures closed 10¢ to 11¢ higher through the front three contracts and then mostly 4¢ to 7¢ higher.

Soybean futures closed 1¢ to 7¢ higher across the front half of the board, and then fractionally lower.

April 13th, 2021|

Cattle Current Podcast—April 13, 2021

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

Live prices last week were $3 higher in the Southern Plains at $120, mostly $5 higher in Nebraska at mostly $123, $5 higher in the western Corn Belt at $123-$125 and at $120-$123 in Colorado, where there was no established market the previous week. Dressed prices were $5 higher in Nebraska at $195 and $6-$7 higher in the western Corn Belt at $195-$196.

Cattle futures closed narrowly mixed on Monday, firming after the profit-taking selloff that ended last week. Lower front-month Corn futures prices added support.

Live Cattle futures closed an average of 31¢ lower, except for an average of 9¢ higher in three contracts.

Feeder Cattle futures closed an average of 32¢ higher, except for 25¢ lower in spot Apr.

Choice boxed beef cutout value was 76¢ lower Monday afternoon at $271.41/cwt. Select was $2.09 higher at $266.16.

Corn futures closed 3¢ to 8¢ lower through the front three contracts and then mostly fractionally higher to 1¢ higher.

Soybean futures closed 12¢ to 21¢ lower through the front six contracts, and then mostly 5¢ to 9¢ lower.

April 12th, 2021|

Cattle Current Podcast—April 12, 2021

Negotiated cash fed cattle trade ranged from a standstill to limited on light demand through Friday afternoon, according to the Agricultural Marketing Service. Although too few to trend there were some trades in the western Corn Belt at $125/cwt. on a live basis and at $196 in the beef.

In established trade for the week, live prices were $3 higher in the Southern Plains at $120, $5-$7 higher in Nebraska at $125, $5 higher in the western Corn Belt at $123-$125 and $4-$7 higher in Colorado (compared to two weeks earlier) at $120-$123. Dressed prices were $5-$7 higher at $195.

Week to week on Thursday, the five-area direct average steer prices was $4.42 higher at $121.87. The average dressed steer price was $195.21, which was $6.53 higher.

Cattle futures closed lower Friday, amid active trade and likely profit taking from the strong week-to-week gains.

Live Cattle futures closed an average of $1.10 lower (22¢ to $2.45 lower), except for 62¢ higher in the back contract.

Feeder Cattle futures closed an average of $1.55 lower (80¢ lower toward the back to $2.37 lower in spot Apr), except for 45¢ higher in the back contract.

Choice boxed beef cutout value was $1.67 higher Friday afternoon at $272.17/cwt. Select was 24¢ higher at $264.07.

Estimated total cattle slaughter the week ending Apr. 10 was 641,000 head, according to USDA, which was 32,000 head more than the previous week. Year-to-date estimated total cattle slaughter of 9.0 million head is 184,000 head fewer (-2.0%) than the same time last year. Estimated year-to-date beef production of 7.54 billion lbs. is 54.2 million lbs. less (-0.7%) than a year earlier.

Grain futures were mixed Friday, reacting to USDA’s monthly World Agricultural Supply and Demand Estimates.

Corn futures closed mostly 1¢ to 3¢ higher, except for 2¢ lower in spot May.

Soybean futures closed 9¢ to 12¢ lower through the front six contracts, and then mostly 2¢ to 7¢ lower.

April 10th, 2021|

Cattle Current Podcast—April 9, 2021

Negotiated cash fed cattle trade ranged from a standstill to limited on light demand through Thursday afternoon, according to the Agricultural Marketing Service.

For the week so far, live prices are $3 higher in the Southern Plains at $120/cwt., $5 higher in Nebraska at $123, $3-$5 higher in the western Corn Belt at $121-$125 and $4-$7 higher in Colorado (compared to two weeks earlier) at $120-$123. Dressed trade is $5-$7 higher at $195.

Feeder Cattle futures closed mostly slightly lower Thursday, pressured by the surge in Corn futures prices.

Feeder Cattle futures closed an average of 52¢ lower (37¢ to $1.07 lower), except for an average of 42¢ higher in the back two contracts.

Live Cattle futures mostly extended gains, with continued support from cash prices and wholesale beef values, as well as expanding open interest. 

Live Cattle futures closed an average of 56¢ higher (35¢ to $1.00 higher), except for an average of 17¢ lower in two nearby contracts.

Choice boxed beef cutout value was $4.19 higher Thursday afternoon at $270.50/cwt. Select was $8.64 higher at $263.83.

The average dressed steer weight the week ending March 27 was 899 lbs., according to USDA’s Actual Slaughter Under Federal Inspection report. That was 2 lbs. lighter than the previous week, but 8 lbs. heavier than the same week last year. The average dressed heifer weight of 830 lbs. was 6 lbs. lighter week to week but 5 lbs. heavier than a year earlier.

Front-month grain futures closed sharply higher Thursday amid likely positioning ahead of USDA’s World Agricultural Supply and Demand Estimates due out Wednesday.

Corn futures closed 10¢ to 19¢ higher in the front three contracts, 8¢ to 9¢ higher in the next four and then mostly 3¢ to 4¢ higher.

Soybean futures closed mostly 1¢ to 2¢ higher, except for 6¢ higher in the front two contracts.

April 8th, 2021|

Cattle Current Podcast—April 8, 2021

Negotiated cash fed cattle trade and demand were moderate in the Southern Plains through Wednesday afternoon, according to the Agricultural Marketing Service. Live prices were $3 higher than last week at $120/cwt.

In Nebraska, trade was light on light to moderate demand. Although too few to trend, there were some live sales at $120-$123. Prices there last week were at $118 on a live basis and at $190 in the beef.

Also too few to trend, early live prices in Colorado were at $120-$123. The last established market was two weeks ago at $116.

Last week, in the western Corn Belt, prices were at $118-$120 on a live basis and at $188-$190 dressed.

Cattle feeders offered 4,422 head in Central Stockyards’ weekly Fed Cattle Exchange auction. Of those, 3,277 head sold, all from Texas and Nebraska and all on a live weight basis. Steer prices ranged from $122.00 to $122.75/cwt. in Nebraska and from $120.00 to $120.75 in Texas. Heifer prices ranged from $122.00 to $122.75 in Nebraska and from $120.50 to $121.00 in Texas.

Cattle futures extended gains Wednesday, supported by higher cash fed cattle prices and the continued increase in wholesale beef values. 

Live Cattle futures closed an average of 49¢ higher.

Feeder Cattle futures closed an average of $1.11 higher (90¢ to $1.60 higher).

Choice boxed beef cutout value was $3.54 higher Wednesday afternoon at $266.31/cwt. Select was $3.89 higher at $255.19.

Corn futures closed mostly 1¢ to 3¢ higher.

Soybean futures closed 3¢ to 10¢ lower through the front four contracts, and then mostly fractionally mixed.

April 7th, 2021|

Cattle Current Podcast—April 7, 2021

Negotiated cash fed cattle trade was at a standstill in Nebraska and the Texas Panhandle through Tuesday afternoon. Elsewhere, trade ranged from limited to mostly inactive on light demand, according to the Agricultural Marketing Service (AMS).

Last week, live prices were at $117/cwt. in the Southern Plains, $118 in Nebraska and $118-$120 in the western Corn Belt. Dressed prices were at $190 in Nebraska and at $188-$190 in the western Corn Belt.

Cattle futures closed mainly higher Tuesday, buoyed by the bullish rise in wholesale beef values. 

Live Cattle futures closed an average of 30¢ higher (5¢ to $1.35 higher), except for 15¢ lower in the back contract

Feeder Cattle futures closed an average of 99¢ higher (2¢ to $1.55 higher), except for unchanged in May.

Choice boxed beef cutout value was $4.10 higher Tuesday afternoon at $262.77/cwt. Select was $1.44 higher at $251.30.

Corn futures closed mostly 4¢ to 5¢ lower, except for 1¢ higher at either end of the board.

Soybean futures closed 1¢ to 6¢ higher.

April 6th, 2021|

Cattle Current Podcast—April, 6, 2021

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

Last week, live prices were at $117/cwt. in the Southern Plains, $118 in Nebraska and $118-$120 in the western Corn Belt. Dressed prices were at $190 in Nebraska and at $188-$190 in the western Corn Belt.

The five-area direct average steer price was $118.08/cwt. last week on a live basis. That was $2.49 more than the prior week. The average five-area direct steer price in the beef was $189.36, which was $4.89 more.

Cattle futures closed sharply higher Monday, supported by stronger cash prices, increasing wholesale beef values and higher outside markets.

Live Cattle futures closed an average of $1.32 higher.

Feeder Cattle futures closed an average of $2.07 higher, from $1.35 to $2.57 higher.

Choice boxed beef cutout value was $5.82 higher Monday afternoon at $258.67/cwt. Select was $2.89 higher at $249.86.

Corn futures closed mostly 4¢ to 9¢ higher, except for 6¢ lower in the front two contracts.

Soybean futures closed mostly 5¢ to 9¢ higher.

April 5th, 2021|

Cattle Current Podcast—April 5, 2021

Negotiated cash fed cattle trade and demand were moderate in Nebraska and the western Corn Belt through Friday afternoon. Elsewhere, trade was mostly inactive on light demand, according to the Agricultural Marketing Service (AMS).

By the end of the week, live prices were $2 higher in the Southern Plains at $117/cwt., $2 higher in Nebraska at mostly $118 (some up to $121) and $3-$4 higher in the western Corn Belt at $119-$120. Dressed trade was $5 higher at $190.

Futures markets were closed Friday, in observance of Good Friday. Feeder Cattle futures closed narrowly mixed, week to week on Thursday. Live Cattle futures closed $1.04 higher, buoyed by escalating wholesale beef values, stronger cash prices and continued strength in Lean Hogs.

Choice was boxed beef cutout value $2.88 higher Friday afternoon at $252.85/cwt. Select was $2.27 higher at $246.97.

Estimated total cattle slaughter the week ending April 3 was 609,000 head, which was 40,000 head fewer than the previous week, according to USDA. Year-to-date estimated total cattle slaughter of 8.36 million head is 295,000 head fewer (-3.4%) than the same period last year. Estimated year-to-date beef production of 7.00 billion lbs. is 152.7 million lbs. less (-2.1%) than last year.

April 3rd, 2021|

Cattle Current Podcast—April 2, 2021

Negotiated cash fed cattle prices were $2 higher in Kansas Thursday at $117/cwt., with moderate trade and demand, according to the Agricultural Marketing Service (AMS). For the week, some early live sales traded at $118 in Nebraska and the Texas Panhandle, but too few to trend.

Live prices last week were at $115 in the Texas Panhandle, $116 in Nebraska and $115-$117 in the western Corn Belt. Dressed trade was at $185.

Cattle futures were mixed Thursday amid likely profit taking and repositioning.

Live Cattle futures closed an average of 50¢ lower, except for 35¢ higher in the back contract.

Feeder Cattle futures closed an average of 66¢ higher, except for unchanged and 17¢ lower in the front two contracts. 

Wholesale beef prices continue to climb. Choice boxed beef cutout value was $2.85 higher Thursday afternoon at $249.97/cwt. Select was $6.57 higher at $244.70.

The average dressed steer weight for the week ending Mar. 21 was 901 lbs. according to USDA’s Actual Slaughter Under Federal Inspection repot. That was 3 lbs. lighter than the previous week but 3 lbs. heavier than the same week last year. The average dressed heifer weight of 836 lbs. was 4 lbs. heavier than the previous week but even with the prior year.

Corn futures closed 4¢ to 7¢ higher in the front five new-crop contracts and then fractionally mixed. The two remaining old-crop contracts close 2¢ to 4¢ lower.

Soybean futures closed mixed but mostly 19¢ to 34¢ lower, following the previous session’s limit-up move.

April 1st, 2021|

Cattle Current Podcast—April 1, 2021

Negotiated cash fed cattle trade was limited on light demand in Nebraska through Wednesday afternoon. Although too few to trend, there were some early live sales at $118/cwt., which was $2 higher than last week. Trade was mostly inactive on light demand in the Southern Plains, according to the Agricultural Marketing Service (AMS). Elsewhere, it was at a standstill.

Buyers of Nebraska cattle in Central Stockyards’ weekly Fed Cattle Exchange auction also paid $118 for 1,725 head. Overall, cattle feeders offered 4,593 head; 2,038 head sold—all via live weight—for a weighted average price of $117.77.

Live Cattle futures gained on the outlook for higher cash prices, as well as ongoing strength in wholesale beef values.

Live Cattle futures closed an average of 82¢ higher, except for unchanged in spot Apr.

Feeder Cattle futures wilted beneath the weight of resurgent grain futures prices, tied to USDA’s Prospective Plantings report (see below).

Feeder Cattle futures closed an average of $2.41 lower. 

Choice boxed beef cutout value was $2.29 higher Wednesday afternoon at $247.12/cwt. Select was $2.21 higher at $238.13.

Grain futures spiked higher Wednesday—especially Corn and Soybeans—based on USDA’s Prospective Plantings report. Producers intend to plant more acres to both crops this year than last, but far fewer than expectations ahead of the report.

Corn futures closed mostly 18¢ higher to limit up 25¢.

Soybean futures closed 44¢ higher to limit up 70¢.

March 31st, 2021|

Cattle Current Podcast—March 31, 2021

Negotiated cash fed cattle trade was limited on light demand in the Texas Panhandle through Tuesday afternoon. Although too few to trend, there were some early live sales at $116/cwt. Elsewhere, trade was at a standstill, according to the Agricultural Marketing Service (AMS).

Last week, live prices were at $115/cwt. in the Sothern Plains, mostly $116 in the Northern Plains and at $115-$117 in the western Corn Belt. Dressed trade was at mostly $185.

Feeder Cattle futures edged higher Tuesday, helped along by softer Corn futures. Live Cattle were mixed, taking a breather ahead of cash direction.

Live Cattle futures closed narrowly mixed, from 42¢ lower to 15¢ higher.

Feeder Cattle futures closed an average of 48¢ higher, except for 25¢ lower and unchanged in the front two contracts. 

Choice boxed beef cutout value was $5.30 higher Tuesday afternoon at $244.83/cwt. Select was $3.42 higher at $235.90.

Corn futures, and especially Soybean futures, closed lower Tuesday with likely profit taking and positioning ahead of USDA’s Prospective Plantings report due out Wednesday.

Corn futures closed mostly 4¢ to 8¢ lower.

Soybean futures closed 22¢ to 27¢ lower through the front four contracts, and then mostly 11¢ to 18¢ lower.

March 30th, 2021|

Cattle Current Podcast—March 30, 2021

Negotiated cash fed cattle trade was at a standstill in the Southern Plains and Northern Plains through Monday afternoon. Elsewhere, it was mostly inactive on very light demand with too few transactions to trend, according to the Agricultural Marketing Service (AMS).

Last week, live prices were $1 higher in the Southern Plains at $115/cwt., $2 higher in the Northern Plains at mostly $116 and $1-$2 higher in the western Corn Belt at $115-$117. Dressed trade was $3-$5 higher at $185.

The five-area direct average steer price last week was $115.38/cwt. on a live basis, which was $1.14 higher than the previous week. The five-area direct average steer price in the beef was $184.66,which was $2.98 higher.

Cattle futures bounced higher Monday, amid active trade, extending last week’s gains, with ongoing support from higher wholesale beef values, last week’s  stronger cash prices and softer Corn futures.

Live Cattle futures closed an average of 61¢ higher, except for unchanged and 5¢ lower in the back two contracts.

Feeder Cattle futures closed an average of $1.28 higher, from 15¢ higher toward the back to $2.32 higher toward the front. 

The CME Feeder Cattle Index was $2.10 higher at $138.85.

Choice boxed beef cutout value was $1.87 higher Monday afternoon at $239.53/cwt. Select was $4.73 higher at $232.50.

Corn futures closed 2¢ to 5¢ lower.

Soybean futures closed 1¢ to 2¢ lower, except for 5¢ to 7¢ lower in the front three contracts.

March 29th, 2021|

Cattle Current Podcast—March 29, 2021

Negotiated cash fed cattle trade was at a standstill in the Southern Plains through Friday afternoon. Elsewhere, it was limited on light demand with too few transactions to trend, according to the Agricultural Marketing Service (AMS).

For the week, live prices were $1-$2 higher at $115/cwt. in the Southern Plains and $116 in the Northern Plains. Dressed trade was $2-$3 higher in Nebraska at $185. Trade was yet to be established in the western Corn Belt, according to AMS, but various reports suggested trade in the region at as much as $3 higher than the previous week.

Cattle futures continued to edge higher Friday, buoyed by the week’s stronger cash prices and wholesale beef values.

Live Cattle futures closed an average of 36¢ higher, except for 20¢ lower in the back contract.

Feeder Cattle futures closed an average of 39¢ higher, from 15¢ higher toward the back to 90¢ higher in spot Apr. 

Choice boxed beef value was $1.21 higher Friday afternoon at $237.66/cwt. Select was $1.52 higher at $227.77.

Estimated total cattle slaughter the week ending Mar. 26 was 646,000 head, according to USDA. That was 19,000 head more than the previous week, but 39,000 head fewer (-5.69%) than the same week a year earlier. Estimated total year-to-date cattle slaughter of 7.75 million head was 278,000 head fewer (-3.46%) than the same time last year. Estimated year-to-date beef production of 6.50 billion lbs. was 143.1 million lbs. less (-2.15%).

Corn futures closed mostly 1¢ higher, except for 3¢ and 6¢ higher at either end of the board.

Soybean futures closed 6¢ to 13¢ lower through the front six contracts, and then mostly 2¢ higher.

March 28th, 2021|

Cattle Current Podcast—March 26, 2021

Negotiated cash fed cattle trade continued through Thursday afternoon, with limited to slow trade on light to moderate demand. For the week, live prices are $1-$2 higher on a live basis at $115/cwt. in the Southern Plains, $115-$116 in Nebraska and $116 in Colorado. Dressed trade in Nebraska is $3-$5 higher at $185. Trade was yet to be established in the western Corn Belt.

Cattle futures continued mostly higher Thursday, supported by stronger cash prices and wholesale beef values.

Net U.S. beef export sales of 18,900 metric tons for the week ending Mar. 18 were 27% less than the previous week but 3% more than the prior four-week average, according to the weekly U.S. Export Sales report. Increases were primarily for Japan, South Korea, China, Taiwan and Chile.

Live Cattle futures closed an average of 45¢ higher through the front five contracts, and then unchanged to an average of 18¢ lower.

Feeder Cattle futures closed an average of 98¢ higher, from 37¢ to $1.80 higher. 

Choice boxed beef cutout value was $1.61 higher Thursday afternoon at $236.45/cwt. Select was $2.18 higher at $226.25.

The average dressed steer weight of 904 lbs. was 4 lbs. heavier than the prior week and 3 lbs. heavier than the previous year, according to USDA’s Actual Slaughter Under Federal Inspection report for the week ending Mar. 13. The average dressed heifer weight of 832 lbs. was 1 lb. lighter than the previous week and 3 lbs. lighter than the previous year.

Corn futures closed mostly 2¢ to 4¢ lower.

Soybean futures closed 10¢ to 18¢ lower.

March 25th, 2021|

Cattle Current Podcast—March 25, 2021

Negotiated cash fed cattle trade was light on light to moderate demand in the Southern Plains through Wednesday afternoon, with live price $1 higher than last week at $115/cwt.

Elsewhere, trade was limited on light demand, according the Agricultural Marketing Service. There were a few live trades in Nebraska at $115-$116, but too few to trend. Prices last week were at $114 in the Northern Plains and at $114-$115 in the western Corn Belt. Dressed prices were at $180-$182.

Cattle feeders offered 2,633 head in Central Stockyards’ weekly Fed Cattle Exchange auction. Of those, 1,550 head sold for an average price of $115.89/cwt., all via live weight. Texas prices were at $115/cwt. and Nebraska prices were at $116, which was $2 higher than last week’s country trade.

Choice steers and heifers sold $1.50-$2.50 higher at the fat auction in Tama Iowa. There were 67 Choice 2-4 steers weighing an average of 1,487 lbs., brining an average price of $117.15/cwt. That was $2-$3 higher than country trade in the region last week.

At Sioux Falls Regional in South Dakota, though, slaughter steers sold steady to $2 lower and slaughter heifers traded steady to $1 lower. There were 152 Choice 2-3 steers weighing an average of 1,468 lbs., bringing an average of $112.72.

Cattle futures closed higher Wednesday, supported by stronger cash prices and softer Corn futures prices.

Live Cattle futures closed an average of 59¢ higher, except for unchanged in spot Apr.

Feeder Cattle futures closed an average of $1.32 higher, from 32¢ higher in waning spot Mar to $2.70 higher.

Choice boxed beef cutout value was 85¢ higher Wednesday afternoon at $234.84/cwt. Select was $1.16 lower at $224.07.

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

Soybean futures closed mostly 6¢ to 9¢ higher.

March 24th, 2021|

Cattle Current Podcast—March 24, 2021

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

Last week, prices were at $114/cwt. on a live basis in the Southern Plains and Northern Plains, and at $114-$115 in the western Corn Belt. Dressed trade was at $180-$182.

Cattle futures continued higher Tuesday, supported by rising wholesale beef prices and strength in Lean Hog futures, amid light trade.

Live Cattle futures closed an average of 66¢ higher, from 10¢ higher at the back to $1.12 higher toward the front.

Feeder Cattle futures closed an average of 39¢ higher.

Choice boxed beef cutout value was $3.04 higher Tuesday afternoon at $233.99/cwt. Select was $2.18 higher at $225.23.

Corn futures closed mostly fractionally higher to 2¢ higher.

Soybean futures closed 5¢ to 8¢ higher.

March 23rd, 2021|

Cattle Current Podcast—March 23, 2021

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

Last week, prices were at $114/cwt. on a live basis in the Southern Plains and Northern Plains, and at $114-$115 in the western Corn Belt. Dressed trade was at $180-$182.

The average five-area direct fed steer price last week was $114.23/cwt. on a live basis, which was 61¢ more than the prior week. The average steer price in the beef was $181.33, which was $2.01 higher.

Cattle futures found some traction Monday amid relatively light trade, following the late-week decline. Support included lower Corn futures, higher outside markets, stronger wholesale beef prices and the neutral Cattle on Feed report.

Live Cattle futures closed an average of 40¢ higher.

Feeder Cattle futures closed an average of 28¢ higher, expect for unchanged in Apr.

Choice boxed beef cutout value was 96¢ higher Monday afternoon at $230.95/cwt. Select was $3.10 higher at $223.05.

Corn futures closed 5¢ to 8¢ lower in the front three contracts, and then mostly 2¢ to 3¢ lower.

Soybean futures closed mostly 5¢ lower, after 1¢ higher in the front two contracts.

March 22nd, 2021|

Cattle Current Podcast—March 22, 2021

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

Prices last week were steady on a live basis at $114/cwt. in Kansas, steady to $1 higher in Nebraska at $114, $1-$2 higher in the western Corn Belt at $114-$115. Prices were a touch higher than steady in the Texas Panhandle, with the Texas Cattle Feeders Association reporting $114.24 for steers and $114.30 for heifers. Dressed trade was $2 higher in Nebraska and $2-$4 higher in the western Corn Belt at $182.

Cattle futures closed mostly lower Friday with follow-through selling and higher Corn futures prices. That was despite what appears to be fundamental market improvement stemming from higher wholesale beef values and the likelihood for cash fed cattle prices to begin moving higher.

Choice boxed beef cutout value was $1.38 higher Friday afternoon at $229.99/cwt. Select was $1.84 higher at $219.95.

Estimated total cattle slaughter of 624,000 head for the week ending March 20 were 23,000 head fewer (-0.35%) than the previous week and 36,000 head fewer (-5.45%) than the same week a year earlier. Year-to-date estimated total cattle slaughter of 7.1 million head is 244,000 fewer (-3.3%) than the same period a year earlier. Year-to-date estimated total beef production of 5.97 billion lbs. is 110.2 million lbs. less (-1.81%).

Live Cattle futures closed an average of 75¢ lower (17¢ to $1.25 lower), except for 12¢ higher in the back contract.

Feeder Cattle futures closed an average of $1.06 lower (62¢ to $2.00 lower).

Corn futures closed 2¢ to 3¢ higher, except for 11¢ and 8¢ higher in the front two contracts. 

Soybean futures closed 12¢ to 24¢ higher through Jan ‘22, and then mostly 5¢ to 6¢ higher.

March 20th, 2021|

Cattle Current Podcast—March 19, 2021

Negotiated cash fed cattle trade was $2 higher on a dressed basis in Nebraska Thursday at $182.00/cwt., according to the Agricultural Marketing Service. That was on slow trade and light demand, but might suggest front-end inventory is current enough for prices to finally move beyond the rut of the last seven weeks. Live trade in Nebraska was at $114 on Wednesday.

Trade was limited on light demand in most other regions with too few transactions to trend.

On Wednesday, live prices were $2 higher in the western Corn Belt at $114-$115. Dressed trade in the region last week was at $178-$180.

Cattle futures closed sharply lower amid likely technical correction and positioning ahead of Friday’s Cattle on Feed report, despite wholesale beef values gathering some seasonal steam, sharply lower Corn futures and the likelihood that cash fed cattle prices are on the cusp of moving higher.

Pressure also included sharply lower Lean Hog futures, tied to chatter out of China that it’s close to rebuilding its hog herd to pre-ASF levels. That diverges widely from private sector reports citing further ASF challenges.

Live Cattle futures closed an average of $1.92 lower.

Feeder Cattle futures closed an average of $1.78 lower (20¢ lower at the back to $3.55 lower).

Choice boxed beef cutout value was 14¢ higher Thursday afternoon at $228.61/cwt. Select was 52¢ higher at $218.11.

The average dressed steer weight the week ending Mar. 6 was 900 lbs. according to USDA’s weekly Actual Slaughter Under Federal Inspection report. That was 1 lb. heavier than the previous week but 3 lbs. lighter than the previous year. The average dressed heifer weight of 833 lbs. was 1 lb. lighter than the previous week but 3 lbs. heavier than the prior year.

Corn and soybean futures closed sharply lower Thursday. The most plausible explanations include rainier forecasts for South America and worries about how many acres might show up in USDA’s Prospective Plantings report due out at the end of the month. There’s also likely some queasiness about U.S. and Chinese officials meeting in Alaska this week.

Corn futures closed 10¢ to 12¢ lower through the front three contracts, and then mostly 3¢ to 7¢ lower.

Soybean futures closed 20¢ to 29¢ lower.

March 18th, 2021|

Cattle Current Podcast—March 20, 2021

Negotiated cash fed cattle trade was slow on light demand in Kansas and Nebraska through Wednesday afternoon. Live trade was steady in Kansas at $114/cwt. and steady to $1 higher in Nebraska at $114.

Elsewhere, trade ranged from limited on light demand, to mostly inactive on very light demand, with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, live prices were at $114/cwt. in the Southern Plains and Colorado and $112-$113 in the western Corn Belt. Dressed prices were at $180 in Nebraska and at $178-$180 in the western Corn Belt.

Cattle feeders sold near 1,000 head in Central Stockyards’ weekly Fed Cattle Exchange auction. Those selling—all from Texas except one lot from Nebraska—traded on a live weight basis at $114.50/cwt.

Cattle futures mostly edged higher Wednesday, supported by softer Corn futures after the front two contracts, as well as resurgent Choice wholesale beef values. Perhaps there was also some early positioning against the monthly Cattle on Feed report (see below).

Live Cattle futures closed an average of 52¢ higher, from 5¢ higher at the back to $1.22 higher in spot Apr. 

Feeder Cattle futures closed an average of 39¢ higher (7¢ to $1.32 higher), except for 10¢ and 47¢ lower in the back two contracts.

Choice boxed beef cutout value was $1.54 higher Wednesday afternoon at $228.47/cwt. Select was $1.18 lower at $217.59.

Corn futures closed fractionally lower to 2¢ lower, except for 3¢ higher and fractionally higher in the front two contracts.

Soybean futures closed mostly 5¢ to 10¢ lower.

March 17th, 2021|

Cattle Current Podcast—March 17, 2021

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

Last week, live prices were at $114/cwt. in the Southern Plains and Colorado, $113-$114 in Nebraska and $112-$113 in the western Corn Belt. Dressed prices were at $178-$180.

Cattle futures closed mixed Tuesday. There was no cash direction, but Lean Hog futures continue to offer support, as does expanding open interest.

Live Cattle futures closed an average of 22¢ higher, except for an average of 62¢ lower in the front two contracts.

Feeder Cattle futures closed narrowly mixed, from an average of 39¢ lower to an average of 9¢ higher.

Choice boxed beef cutout value was $2.16 higher Tuesday afternoon at $226.93/cwt. Select was 72¢ higher at $218.77.

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

Soybean futures closed 3¢ higher through the front three contracts and then fractionally higher to 1¢ higher.

March 16th, 2021|

Cattle Current Podcast—March 16, 2021

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

Last week, live prices were at $114/cwt. in the Southern Plains and Colorado, $113-$114 in Nebraska and $112-$113 in the western Corn Belt. Dressed prices were at $180 in Nebraska and at $178-$180 in the western Corn Belt.

Cattle futures closed higher Monday with Live Cattle supported by growing open interest in the previous session, as well as decent cash trade volume last week.

Live Cattle futures closed an average of 76¢ higher (12¢ to $1.35 higher).

Feeder Cattle futures closed an average of 83¢ higher (32¢ to $1.35 higher).

Choice boxed beef cutout value was $1.10 lower Monday afternoon at $224.77/cwt. Select was $2.22 lower at $218.05.

Corn futures closed 2¢ to 10¢ higher through the front three contracts and then mostly 1¢ lower.

Soybean futures closed 3¢ to 7¢ higher through the front four contracts, then mostly unchanged to fractionally lower.  

March 15th, 2021|

Cattle Current Podcast—March 15, 2021

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

For the week, live prices were steady at $114/cwt. in the Southern Plains, steady to $1 higher at $114 in Colorado, steady in Nebraska at $113-$114 and steady to $1 lower in the western Corn Belt at $112-$113. Dressed trade was steady in Nebraska at $180 and steady to $2 lower in the western Corn Belt at $178-$180.

Lower grain futures helped lift Cattle futures on Friday. Perhaps some traders also are returning to the Live Cattle Market, positioning ahead of what appears to be a solid trend higher after first-quarter supplies are whittled and as the U.S. economy expands.

Live Cattle futures closed an average of 83¢ higher.

Feeder Cattle futures closed an average of $1.52 higher.

Choice boxed beef cutout value was 80¢ lower Friday afternoon at $225.87/cwt. Select was 20¢ higher at $220.27.

Total estimated cattle slaughter for the week ending Mar. 13 was 647,000 head, which was 18,000 head fewer than the prior week. Year-to-date estimated total cattle slaughter of 6.47 million head is 209,000 head fewer (-3.12%). Estimated beef production so far this year is 5.46 billion lbs., which is 74.8 million lbs. less (-1.35%) than the same time last year.

Corn futures closed mostly 4¢ lower.

Soybean futures closed 1¢ to 5¢ higher, after mostly fractionally mixed through Jan ’22.

March 14th, 2021|

Cattle Current Podcast—March 12, 2021

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

For the week, live prices are steady at $114/cwt. in the Southern Plains, steady to $1 higher at $114 in Colorado, steady in Nebraska at $113-$114 and steady to $1 lower in the western Corn Belt at $112-$113. Dressed trade is steady in Nebraska at $180 and steady to $2 lower in the western Corn Belt at $178-$180.

Net U.S. beef export sales for the week ending Mar. 4 were 20,900 metric tons, according to USDA’s weekly U.S. Export Sales report. That was 8% less than the previous week but 17% more than the previous four-week average. Increases were primarily for South Korea, Japan, Mexico, China and Taiwan.

Cattle futures closed mixed Thursday. Live Cattle closed mostly higher, supported by a strong rally in front-month Lean Hog futures. Feeder Cattle futures edged mostly lower with higher Corn futures and the sluggish recovery in cash prices.

Live Cattle futures closed an average of 48¢ higher, except for 5¢ to 30¢ lower in three contracts.

Feeder Cattle futures closed an average of 43¢ lower, except for unchanged to 7¢ higher in three contracts.

Choice boxed beef cutout value was 62¢ lower at $226.67/cwt. Thursday afternoon. Select was 25¢ higher at $220.07.

The average dressed steer weight the week ending Feb. 27 was 899 lbs., which was 10 lbs. lighter than the previous week and 2 lbs. heavier year over year, according to USDA’s Actual Slaughter Under Federal Inspection report. The average dressed heifer weight of 834 lbs. was 7 lbs. lighter than the previous week and 1 lb. heavier year over year.

Corn futures closed mostly 2¢ to 4¢ higher.

Soybean futures closed mostly 5¢ to 9¢ higher though May ‘22, and then mostly 11¢ to 16¢ higher.

March 11th, 2021|

Cattle Current Podcast—March 11, 2021

Negotiated cash fed cattle trade continued steady with last week in the Southern Plains on Wednesday at $114/cwt., with limited trade and light demand in the Texas Panhandle; limited trade on light to moderate demand in Kansas.

Live trade in Nebraska was light on light to moderate demand at $113 to $114, which was steady with last week, but steady to $1 lower than the previous day. Dressed trade on Tuesday was mainly steady at $180.

In Colorado, live trade was steady with the prior day and week at $114, with slow trade and light demand.

Trade was limited on light demand in the western Corn Belt with too few transactions to trend. Live prices there last week were at $112 to $114; dressed trade at $180.

Cattle feeders offered 1,296 head (9 lots) in Central Stockyards’ weekly Fed Cattle Exchange auction. All were from the Southern Plains, except for one lot in Nebraska. The reserve price was $114/cwt. on all but one lot. None sold. The highest bids were at $113.75.

Cattle futures softened Wednesday, challenged by steady rather than higher cash prices and dwindling wholesale beef values.

Live Cattle futures closed an average of 49¢ lower, except for 30¢ higher in the back contract.

Feeder Cattle futures closed an average of 27¢ lower, except for unchanged in Nov.

Choice boxed beef cutout value was $1.74 lower Wednesday afternoon at $227.29/cwt. Select was $3.98 lower at $219.82.

Grain futures closed lower on Wednesday, amid likely profit taking and with the static to slightly bearish World Agricultural Supply and Demand Estimates.

Corn futures closed mostly 10¢ to 14¢ lower through the front three contracts, and then mostly 2¢ to 4¢ lower. 

Soybean futures closed 22¢ to 30¢ lower through Jan ‘22, and then mostly 10¢ to 15¢ lower.

March 10th, 2021|

Cattle Current Podcast—March 10, 2021

Negotiated cash fed cattle trade was slow on light demand in the Northern Plains through Tuesday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were a few early live sales at $114/cwt., which was steady to $1 higher.

Last week, live prices were at $114 in the Southern Plains, $113-$114/cwt. in the Northern Plains and at $112-$114 in the western Corn Belt. Dressed trade was at $180.

Cattle futures closed mostly higher Tuesday, buoyed in part by softer Corn futures and increasing chatter that the bottom may finally be in or at least near for cattle prices.

Live Cattle futures closed an average of 33¢ higher, except for an average of 16¢ lower in the back two contracts.

Feeder Cattle futures closed an average of $2.03 higher through the front three contracts, and then from 30¢ lower to 60¢ higher.

Choice boxed beef cutout value was $2.05 lower Tuesday afternoon at $229.03/cwt. Select was 67¢ higher at $223.80.

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

Soybean futures closed mostly 4¢ to 7¢ higher.

March 9th, 2021|

Cattle Current Podcast—March 9, 2021

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

Prices last week ended up steady on a live basis in the Southern Plains at $114/cwt., steady to $1 lower in the Northern Plains at $113-$114 and steady to $2 lower in the western Corn Belt at $112-$114. Dressed trade was $2 lower at $180.

The five-area average direct steer price last week was 43¢ lower on a live basis at $113.64/cwt. and $1.84 lower in the beef at $179.79.

Cattle futures closed higher Monday, supported by increasing optimism about further reopening the domestic economy and more positive fundamentals on the horizon.

Live Cattle futures closed an average of 59¢ higher.

Feeder Cattle futures closed an average of 61¢ higher, except for 7¢ lower in May.

Choice boxed beef cutout value was 25¢ lower Monday afternoon at $231.08/cwt. Select was $2.28 higher at $223.13.

Corn futures closed mostly fractionally higher to 1¢ higher.

Soybean futures closed mostly 3¢ to 8¢ higher.

March 8th, 2021|

Cattle Current Podcast—March 8, 2021

Negotiated cash fed cattle trade was limited on light to moderate demand in Colorado and the western Corn Belt through Friday afternoon. Elsewhere, trade ranged from a standstill to mostly inactive on very light demand, according to the Agricultural Marketing Service.

For the week, established trade was steady on a live basis at $114/cwt. in the Southern Plains and Northern Plains. Dressed trade in Nebraska was $2 lower at $180. The previous week, live sales in the western Corn Belt were at $114, with dressed trade at $182.

Total estimated cattle slaughter the week ending March 6 was 665,000 head, which was 1,000 head fewer than the previous week. Year-to-date estimated total cattle slaughter of 5.83 million head is 213,000 head fewer (-3.52%) than the same period last year. Estimated beef production so far this year is 4.93 billion lbs., which is 73.8 million lbs. less (-1.48%) year over year.

Cattle futures closed higher Friday, supported by higher outside markets and despite the increase in grain futures. Perhaps support also included expectations that cash fed cattle prices next week will likely edge higher, given the dearth of cash purchases by packers the past two weeks.

Live Cattle futures closed an average of 59¢ higher.

Feeder Cattle futures closed an average of $1.48 higher (5¢ to $2.50 higher), except for 50¢ lower in spot Mar.

Choice boxed beef cutout value was $2.55 lower Friday afternoon at $231.33/cwt. Select was 83¢ lower at $220.85.

Grain futures closed higher Friday, likely supported by positioning ahead of the next World Agricultural Supply and Demand Estimates due out Tuesday.

Corn futures closed 11¢ to 15¢ higher in the front three contracts, and then mostly 3¢ to 5¢ higher.

Soybean futures closed mostly 10¢ to 19¢ higher.

March 7th, 2021|

Cattle Current Podcast—March 5, 2021

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

For the week so far, trade is steady with last week on a live basis in the Southern Plains and Northern Plains at $114/cwt. Dressed trade in Nebraska is $2 lower at $180. Live sales in the western Corn Belt last week were at $114, with dressed trade at $182.

Cattle futures closed lower Thursday, pressured by the slog for higher cash prices and faltering outside markets. That was despite net U.S. export beef sales for the week ending Feb. 25 up noticeably from the previous week and up 15% from the prior four-week average at 22,600 metric tons (mt), according to the weekly U.S. Export Sales report from USDA’s Foreign Agricultural Service.

Live Cattle futures closed an average of 41¢ lower, from 2¢ lower at the back to 85¢ lower in spot Apr.

Feeder Cattle futures closed an average of $1.34 lower, from 75¢ lower at the back to $2.32 lower toward the front.

Choice boxed beef cutout value was 85¢ higher Thursday afternoon at $233.88/cwt. Select was $2.56 lower at $221.68.

The average dressed slaughter weight of 909 lbs. the week ending Feb. 20 was 10 lbs. less than the previous week, helped along by the recent winter storm. That was still 9 lbs. heavier year over year, according to the USDA Actual Slaughter Under Federal Inspection report. The average dressed heifer weight of 841 lbs. was 9 lbs. lighter than the previous week, but 10 lbs. heavier year over year. Fed cattle slaughter of 439,124 head was 49,097 head fewer (-10.05%) than the same week a year earlier.

Corn futures encountered some pressure in the front months, perhaps tied in part to the previously mentioned weekly U.S. Export Sales report.

Weekly net U.S. corn export sales of 115,900 mt for 2020-21 were a market-year low, down 74% from the previous week and down 96% from the previous four-week average. U.S. net soybean export sales of 334,000 mt were up noticeably from the previous week but 33% less than the previous four-week average.

Corn futures closed mostly 1¢ to 2¢ higher, except for 1¢ to 4¢ lower in the front three contracts.

Soybean futures closed 6¢ to 15¢ higher, except for 3¢ to 4¢ higher in the front five contracts.

March 4th, 2021|

Cattle Current Podcast—March 4, 2021

Negotiated cash fed cattle trade and demand were light to moderate in the Southern Plains through Wednesday afternoon at $114/cwt., according to the Agricultural Marketing Service; steady with the previous week. Trade was light on moderate demand in Nebraska with dressed prices $2 lower at $180. Elsewhere, trade was limited on light demand, with too few transactions to trend.

Cattle feeders offered 1,592 head (10 lots) in Central Stockyards’ weekly Fed Cattle Exchange auction. All were from Texas, except for one lot from Nebraska. Of those offered, 757 head sold (four lots), with 167 heifers bringing an average price of $114.08/cwt. and 590 steers bringing an average of $114.00. All sales were by live weight.

Similarly, Choice steers and heifers sold steady to $1 lower at the fat auction in Tama, IA. There were 150 Choice 2-4 steers weighing an average of 1,473 lbs., bringing an average of $114.19/cwt., which was steady with the prior week’s negotiated trade.

Cattle futures closed mainly higher Wednesday, supported by lower Corn futures and oversold conditions.

Live Cattle futures closed an average of 59¢ higher, except for an average of 5¢ lower in the front two contracts.

Feeder Cattle futures closed an average of $1.28 higher, from 47¢ higher in spot Mar to $1.97 higher toward the back.

Choice boxed beef cutout value was $1.65 lower Wednesday afternoon at $233.03/cwt. Select was $1.93 lower at $224.24.

Corn futures closed 2¢ to 10¢ lower through May ‘22 and then mostly fractionally mixed.

Soybean futures closed 3¢ to 7¢ lower through Mar ‘22, and then mostly fractionally higher to 1¢ lower.

March 3rd, 2021|

Cattle Current Podcast—March 3, 2021

Negotiated cash fed cattle trade was at a standstill in all major cattle feeding regions through Tuesday afternoon, according to the Agricultural Marketing Service. Live prices last week were at $114/cwt. and dressed trade was at $182.

Cattle futures closed mixed Tuesday, with continued pressure from Corn futures and uncertainty about the week’s cash direction.

Live Cattle futures closed an average of 33¢ higher, except for 25¢ lower in the back contract.

Feeder Cattle futures closed mixed, from an average of 42¢ lower to an average of 18¢ higher.

Choice boxed beef cutout value was $4.35 lower Tuesday afternoon at $234.68/cwt. Select was $1.47 lower at $226.17.

Corn futures closed mostly 4¢ to 7¢ higher; 13¢ higher in spot Mar.

Soybean futures closed 10¢ to 11¢ higher through Jan ‘22, and then mostly 3¢ higher.

March 2nd, 2021|

Cattle Current Podcast—March 2, 2021

Negotiated cash fed cattle trade was at a standstill in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service. Live prices last week were at $114/cwt. and dressed trade was at $182.

The weekly five-area direct average fed steer price last week was $114.07/cwt., which was even with the previous week but 78¢ less than the previous year. The average five-area dressed steer price was $181.63, which was $1.06 more than the previous week but $3.15 less than the previous year.

Cattle futures extended losses Monday, with pressure including last week’s steady cash prices, the outlook for steady money this week and expectations for declining wholesale beef values.

Live Cattle futures closed an average of 47¢ lower, except for unchanged to an average of 8¢ higher in three contracts.

Feeder Cattle futures closed an average of 70¢ lower (10¢ lower toward the back to $1.47 lower in spot Mar), except for 50¢ higher in the back contract.

Boxed beef cutout value: Choice boxed beef cutout value was $1.50 lower Monday afternoon at $239.03/cwt. Select was $2.09 lower at $227.64.

Grain Futures softened Monday, pressured by the stronger U.S. Dollar and recently weaker export sales.

Corn futures closed 8¢ to 9¢ lower through the front three contracts, 1¢ to 5¢ lower through the next five and then 1¢ higher.

Soybean futures closed 9¢ to 13¢ lower through Aug’21, and then mostly 1¢ to 4¢ higher.

March 1st, 2021|

Cattle Current Podcast—March 1, 2021

Negotiated cash fed cattle trade continued sluggish on Friday. Live trade last week was steady in Nebraska and the Southern Plains at $114/cwt.; steady to $1 lower at $114 in the western Corn Belt. Dressed trade was steady to $2 higher at $182.

Sluggish cattle trade, near-term heavy fed cattle supplies and month-end position squaring all helped pressure Cattle futures Friday.

Live Cattle futures closed an average of $1.50 lower, from 95¢ lower toward the back to $3.90 lower in expiring Feb.

Feeder Cattle futures closed an average of $2.27 lower.

Choice boxed beef cutout value was 14¢ higher Friday afternoon at $240.53/cwt. Select was 94¢ higher at $229.73.

Estimated total cattle slaughter last week of 666,000 head was 114,000 head more than the previous week and 38,000 more than the prior year. Year-to-date estimated cattle slaughter of 5.17 million head is 227,000 head fewer than the same time last year. Beef production of 4.37 billion lbs. is 87.9 million lbs. less (-1.97%) year over year.

Corn futures closed mostly 3¢ to 4¢ lower.

Soybean futures closed mostly 7¢ to 9¢ lower.

February 27th, 2021|

Cattle Current Podcast—Feb. 26, 2021

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

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

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

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

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

Feeder Cattle futures closed an average of 35¢ higher.

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

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

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

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

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

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

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

February 25th, 2021|

Cattle Current Podcast—Feb. 25, 2021

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

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

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

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

 Live Cattle futures closed an average of 91¢ higher.

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

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

Corn futures closed mostly 3¢ to 7¢ higher.

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

February 24th, 2021|