Daily Cattle Current Podcast

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

Daily Cattle Current Podcast

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Cattle Current Podcast-Feb. 15, 2019

Negotiated cash fed cattle trade remained undeveloped through Thursday afternoon. A few live trades were reported in the western Corn Belt at $124/cwt., but too few to trend.

Cattle futures leaked mostly slightly higher, apparently tied to expectations of further cash support for fed cattle. Lower grain prices also provided support to Feeder Cattle.

Except for 5¢ and 17¢ lower in Dec and away Feb, respectively, Live Cattle futures closed an average of 29¢ higher. 

Feeder Cattle futures closed an average of 39¢ higher (5¢ to 60¢ higher).

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

Soybean futures closed 10¢ to 13¢ lower through Jul ‘20, and then 8¢ to 9¢ lower, amid chatter about fewer year-over-year exports to China and early expectations for the next domestic crop weighing on stocks. 

Wholesale beef values were weak to lower on light demand and offerings, according to the Agricultural Marketing Service.Choice boxed beef cutout value was 37¢ lower Thursday afternoon at $216.07/cwt. Select was $1.60 lower at $210.41. 

February 14th, 2019|

Cattle Current Podcast—Feb. 14, 2019

Negotiated cash fed cattle trade remained undeveloped through Wednesday afternoon, but packer interest seemed to pick up, at least on a token basis. Although too few transactions to trend, a few western Corn Belt trades were reported at $123-$124/cwt. on a live basis and at $199-$200 in the beef.

There were 785 head offered in the weekly Fed Cattle Exchange auction. There were no sales, but three lots passed out at $125/cwt.

Cattle futures closed lower, amid likely overall position squaring and beneath the umbrella of uncertainty regarding if and when a trade deal will be completed with China. Aside from light trade, recently firmer grain prices added drag to Feeder Cattle.

Live Cattle futures closed an average of 47¢ lower. 

Feeder Cattle futures closed an average of 74¢ lower. 

Corn futures closed mostly fractionally mixed. 

Soybean futures closed mostly 1¢ lower, following the previous session’s strong gains. 

Wholesale beef values were weak to lower on light to moderate demand and offerings, according to the Agricultural Marketing Service.Choice boxed beef cutout value was 72¢ lower Wednesday afternoon at $216.44/cwt. Select was 99¢ lower at $212.01. 

February 13th, 2019|

Cattle Current Podcast—Feb. 13, 2019

There was no cash fed cattle trade to speak of through Tuesday afternoon, as expected.

Cattle futures closed mainly narrowly mixed, amid likely profit taking and position squaring, buoyed by sharply higher outside markets.

After $1.00 lower in spot Feb, Live Cattle futures an average of 19¢ lower to an average of 11¢ higher. 

Feeder Cattle futures closed from 27¢ lower to 30¢ higher. 

Grain futures closed mainly higher on speculation that the U.S. and China will reach a resolution on trade sooner rather than later.

Corn futures closed 4¢ to 5¢ higher through Jul ’20 and then mostly 1¢ to 2¢ higher. 

Soybean futures closed mostly 10¢ to 12¢ higher. 

Wholesale beef values were firm on Choice and lower on Select with light to moderate demand and moderate offerings, according to the Agricultural Marketing Service.Choice boxed beef cutout value was 28¢ higher Tuesday afternoon at $217.16/cwt. Select was 86¢ lower at $213.00. 

February 12th, 2019|

Cattle Current Podcast—Feb. 12, 2019

Negotiated cash fed cattle trade ended up last week $1 higher on a live basis at $125/cwt. in the Southern Plains and $1.00-$1.50 higher in the north at $124.50-$126.00. Dressed sales were up to $3 higher at $200. 

Cattle futures trickled higher Monday, after narrow mixed trade early, supported by last week’s cash trade and stronger wholesale beef values.

Live Cattle futures closed 42¢ higher. 

Except for 50¢ lower in the back contract, Feeder Cattle futures closed an average of 64¢ higher. 

Corn futures closed mostly fractionally lower to 1¢ lower.

Soybean futures closed 6¢ to 9¢ lower. 

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

Choice boxed beef cutout value was $1.53 higher Monday afternoon at $216.88/cwt. Select was $2.69 higher at $213.86. 

February 12th, 2019|

Cattle CurrentPodcast—Feb. 11, 2019

Negotiated cash fed cattle trade remained undeveloped through late Friday afternoon, based on USDA reports, which cited a few trades in Nebraska and the western Corn Belt at $124-$125/cwt. on a live basis. The Agricultural Marketing Service reported dressed sales $2 higher in Nebraska at $200. Chatter increased that trade was headed higher by the end of the day.

Expectations of steady to higher cash and firm fundamentals helped lift Cattle futures Friday. Those fundamentals include winter-depressed cattle weights.

Dressed steers weights for the week ending Jan. 5 were 6 lbs. lighter year over year at 896 lbs., according to the Actual Slaughter Under Federal Inspection report from USDA. Dressed heifer weights were 8 lbs. lighter at 892 lbs. A week earlier, year over year, dressed steer weights were 9 lbs. lighter and dressed heifer weights were 13 lbs. lighter.

As well, the slug of USDA reports released Friday—offering the year’s first grain supply and usage estimates—proved to be market neutral.

Live Cattle futures closed 61¢ higher (10¢ to $1.10 higher).

Feeder Cattle futures closed an average of 74¢ higher (50¢ to $1.02 higher).  

Corn futures closed mostly fractionally lower to 2¢ lower.

Soybean futures closed mostly 1¢ higher. 

Wholesale beef values were weak to lower on light demand and light to moderate offerings, according to the Agricultural Marketing Service.Choice boxed beef cutout value was $1.36 lower Friday afternoon at $215.35/cwt. Select was 36¢ lower at $211.17. 

February 9th, 2019|

Cattle Current Podcast-Feb. 8, 2019

Negotiated cash fed cattle trade remained undeveloped through Thursday afternoon. 

Cattle futures mostly tread water, pressured early by sharply lower Lean Hog futures, but recovering as trade picked up.

Live Cattle futures closed narrowly mixed (17¢ lower to 11¢ higher). 

Except for unchanged in the back contract, Feeder Cattle futures closed an average of 26¢ higher. 

Corn and soybean futures came under pressure Thursday, perhaps in part to negative rhetoric regarding a trade resolution with China, as well as defensive positioning ahead of USDA reports Friday that will provide the first glimpse at grain stocks and usage estimates in more than a month.

Corn futures closed 2¢ to 3¢ lower through Sep ’20 and then fractionally lower to 1¢ lower.

Soybean futures closed 3¢ to 8¢ lower. 

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

Choice boxed beef cutout value was 86¢ lower Thursday afternoon at $216.71/cwt. Select was 84¢ lower at $211.53. 

February 7th, 2019|

Cattle Current Podcast-Feb. 7, 2019

Negotiated cash fed cattle trade was undeveloped through Wednesday afternoon, but early sings pointed to at least steady trade.

For instance, although too few to trend, there was some live trade in Nebraska at $124/cwt., steady with last week. 

Likewise, two lots of steers from Kansas brought a weighted average price of $124.11 in the weekly Fed Cattle Exchange auction. That was steady with the region’s country price a week earlier. There were only 294 head offered, but 161 head sold. Another lot was passed out at $124.

Cattle futures edged lower Wednesday with the lack of cash direction and light trade, especially light in Feeder Cattle.

Other than unchanged to an average of 3¢ higher in the back three contracts, Live Cattle futures closed an average of 19¢ lower.

Feeder Cattle futures closed an average of 48¢ lower.  

Corn futures closed mostly unchanged to fractionally lower.

Soybean futures closed mostly 2¢ to 4¢ higher. 

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

Choice boxed beef cutout value was 55¢ higher Wednesday afternoon at $217.57/cwt. Select was 73¢ lower at $212.37. 

February 6th, 2019|

Cattle Current Podcast-Feb. 6, 2019

Negotiated cash fed cattle trade was undeveloped through Tuesday afternoon.

Live Cattle futures edged higher with the firm fundamental outlook—at least static demand levels and weather-dampened beef production—for the near term. Feeder Cattle softened, likely due most to positioning after the previous session’s strong gain.

Live Cattle futures closed an average of 30¢ higher (5¢ higher to 97¢ higher in spot Feb).

Other than an average of 12¢ higher in Sep and Oct, Feeder Cattle futures closed an average of 32¢ lower. 

Corn futures closed fractionally higher to 1¢ higher.

Soybean futures closed 1¢ to 2¢ higher. 

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

Choice boxed beef cutout value was 63¢ lower Tuesday afternoon at $217.02/cwt. Select was 31¢ lower at $213.10. 

February 5th, 2019|

Cattle Current Podcast-Feb. 5, 2019

Cattle futures closed higher Monday, led by Feeder Cattle and supported by higher cash prices and resurgent wholesale beef values.

Live Cattle futures closed an average of 67¢ higher.

Feeder Cattle futures closed an average of $1.46 higher ($1.12 to $1.82 higher).

Corn futures closed mostly unchanged to fractionally mixed.

Soybean futures closed mostly fractionally higher to 1¢ higher.

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

Choice boxed beef cutout value was $3.39 higher Monday afternoon at $217.65/cwt. Select was 26¢ higher at $213.41.

February 4th, 2019|

Cattle Current Podcast-Feb. 4, 2019

Negotiated cash fed cattle trade was undeveloped through Friday afternoon, based on USDA reports, though expectations were for steady to higher prices.

Cattle futures closed narrowly mixed, following the previous session’s correction.

Except for 2¢ lower in near Apr, Live Cattle futures closed an average of 32¢ higher.

Except for $1.35 lower in the back contract and 15¢ higher in Nov, Feeder Cattle futures closed an average of 19¢ lower.

Corn futures closed mostly 1¢ to 2¢ higher.

Soybean futures closed mostly 1¢ to 2¢ higher.

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

Choice boxed beef cutout value was $1.13 lower Friday afternoon at $214.26/cwt. Select was 27¢ higher at $213.15.

February 3rd, 2019|

Cattle Current Podcast-Feb. 01, 2019

Negotiated cash fed cattle trade was undeveloped through Thursday afternoon.

Month-end positioning appeared to be the primary pressure on cattle futures Thursday. For the short term, there was also chatter about this week’s extreme cold dampening consumer demand across impacted areas.

Live Cattle futures closed an average of $1.36 lower.

After 27¢ lower in expiring Jan, Feeder Cattle futures closed an average of $1.38 lower.

Corn futures closed mostly 2¢ to 4¢ lower.

Soybean futures closed 3¢ to 5¢ lower through Jul ’20 and then 1¢ to 2¢ lower. 

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

Choice boxed beef cutout value was $2.66 lower Thursday afternoon at $215.39/cwt. Select was 12¢ lower at $212.88.

January 31st, 2019|

Cattle Current Podcast-Jan. 31, 2019

Negotiated cash fed cattle trade was undeveloped through Wednesday afternoon. There were 1,684 head offered in the weekly Fed Cattle exchange auction and no takers.

Limited trading interest held Cattle futures to a narrow, though mostly slightly higher trading range.

Except for 32¢ lower in spot Feb, Live Cattle futures closed an average of 17¢ higher.

Other than 27¢ and 2¢ lower at either end of the board, Feeder Cattle futures closed an average of 15¢ higher, except for unchanged in Oct.

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

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

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

Choice boxed beef cutout value was 8¢ lower Wednesday afternoon at $218.05/cwt. Select was 43¢ higher at $213.00.

January 30th, 2019|

Cattle Current Podcast-Jan. 30, 2019

Negotiated cash fed cattle trade was undeveloped through Tuesday afternoon.

Higher wholesale beef values and likely less beef production than anticipated so far this year, due to weather helped Cattle futures mostly edge higher.

Live Cattle futures closed an average of 17¢ higher (7¢ to 42¢ higher).

After 82¢ and 10¢ lower in the front two contracts, Feeder Cattle futures closed an average of 15¢ higher.

Corn futures closed mostly 1¢ to 2¢ lower.

Soybean futures closed mostly 3¢ to 4¢ lower. 

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

Choice boxed beef cutout value was 73¢ higher Tuesday afternoon at $218.13/cwt. Select was 96¢ higher at $212.57.

January 29th, 2019|

Cattle Current Podcast-Jan. 29, 2019

Recently firm wholesale beef values, near-steady cash prices and continued performance-dampening weather helped Cattle futures gain some ground Monday, led by Feeder Cattle.

Live Cattle futures closed an average of 33¢ higher.

After 10¢ higher in spot Jan, Feeder Cattle futures closed an average of 70¢ higher.

Corn futures closed unchanged to fractionally mixed.

Soybean futures closed 1¢ to 2¢ lower. 

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

Choice boxed beef cutout value was 39¢ higher Monday afternoon at $217.40/cwt. Select was 42¢ lower at $211.61.

January 28th, 2019|

Cattle Current Podcast-Jan. 28, 2019

Negotiated cash fed cattle sold steady in the beef on Friday at $197/cwt. Live sales were steady to mostly $1 lower at $123 in Kansas and Nebraska and at $123.00 to $125.50 in the western Corn Belt. The Texas Cattle Feeders Association reported its members selling steers at $123, which was $1 less than the previous week.

Softer cash trade and pressure in Lean Hog futures helped pressure Cattle futures on Friday.

Other than 70¢ and 37¢ higher in the front two contracts, Live Cattle futures closed an average of 37¢ lower.

Feeder Cattle futures closed an average of 45¢ lower.

Corn futures closed mostly 2¢ to 3¢ higher.

Soybean futures closed mostly 5¢ to 9¢ higher. 

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

Choice boxed beef cutout value was 74¢ lower Friday afternoon at $217.01/cwt. Select was 11¢ lower at $212.02.

January 26th, 2019|

Cattle Current Podcast-Jan. 25, 2019

Negotiated cash fed cattle trade remained undeveloped through Thursday afternoon.

Pressure in Lean Hog futures, undeveloped cash trade and light interest held Cattle futures to minimal gains.

Other than 20¢ and 2¢ lower in the front two contracts, Live Cattle futures closed an average of 28¢ higher.

Feeder Cattle futures closed an average of 50¢ higher.

Corn futures closed mostly fractionally lower to 1¢ lower.

Soybean futures closed mostly unchanged to fractionally mixed. 

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

Choice boxed beef cutout value was 54¢ higher Thursday afternoon at $217.75/cwt. Select was 10¢ higher at $212.14.

January 24th, 2019|

Cattle Current Podcast-Jan. 24, 2019

Negotiated cash fed cattle trade remained undeveloped through Wednesday afternoon. Although too few to trend, there were a few live trades in the western Corn Belt at $122-$125.

Prices were higher at some fat cattle auctions. For instance, Ch 2-4 steers brought $127.29 to $128.87/cwt. at Tama, IA, which was $2-$3 higher than last week’s negotiated trade in the region. On the other hand, Ch 2-3 steers brought $120.00 to $123.25 at Sioux Falls.

There were 4,139 head offered in the weekly Fed Cattle Exchange Auction. One lot of Texas steers (63 head) sold for 1-9 day delivery at $123/cwt. One lot of Kansas heifers (116 head) were passed out at $123 for 1-9 day delivery.

Feeder Cattle futures led Live Cattle higher Wednesday. Support included firmer outside markets and resurgent wholesale beef values.

Live Cattle futures closed an average of 53¢ higher.

Feeder Cattle futures closed an average of $1.60 higher ($1.37 to $2.15 higher).

Corn futures closed mostly fractionally higher to 1¢ higher.

Soybean futures closed mostly 2¢ to 5¢ higher. 

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

Choice boxed beef cutout value was 87¢ higher Wednesday afternoon at $217.21/cwt. Select was 32¢ higher at $212.04.

January 23rd, 2019|

Cattle Current Podcast-Jan. 23, 2019

Negotiated cash fed cattle trade remained undeveloped through Tuesday afternoon. Although too few to trend, there was a limited number of sales in Kansas at $122/cwt. on a live basis and at $123 in Nebraska.

Despite stronger wholesale beef values and recent firmness in cash fed cattle prices, Cattle Futures closed lower Tuesday, led by Feeder Cattle. Pressure included sharply lower outside markets, perhaps less weather impact from the weekend than anticipated and concerns about longer term demand strength (see “financial indices” below).

Live Cattle futures closed an average of $1.24 lower through the front three contracts and then an average of 61¢ lower.

After 40¢ lower in spot Jan, Feeder Cattle futures closed an average of $1.35 lower.

Corn futures closed mostly 2¢ lower through Sep ’20 and then fractionally lower to 1¢ lower.

Soybean futures closed 5¢ to 7¢ lower through Sep ’20 and then 2¢ to 3¢ lower.

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

Choice boxed beef cutout value was $1.08 higher Tuesday afternoon at $216.34/cwt. Select was 86¢ higher at $211.72.

January 22nd, 2019|

Cattle Current Podcast-Jan. 22, 2019

When all was said and done, negotiated cash fed cattle trade was mostly steady last week at $124/cwt. on a live basis in the Southern Plains and Nebraska, but $1 higher in the western Corn Belt at $123-$125. Dressed trade was steady at $197.

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

January 21st, 2019|

Cattle Current Podcast-Jan. 21, 2019

Negotiated cash fed cattle trade remained undeveloped through Friday afternoon, with prices for the week looking to be steady to higher.

Lower feedlot performance tied to winter weather, and apparent short covering ahead of the holiday weekend, helped boost Live Cattle futures Friday; Feeder Cattle tagged along to a lesser degree. Strong gains in Lean Hog futures also provided support.

Except for 57¢ lower in spot Feb, Live Cattle futures closed an average of 45¢ higher.

Except for 10¢ lower in March, Feeder Cattle futures closed an average of 20¢ higher.

Soybean futures moved higher Friday, presumably on adverse South American weather and hopes for trade talks; corn followed along.

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

Soybean futures closed 7¢ to 9¢ higher through Sep ’20 and then 4¢ to 5¢ higher.

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

Choice boxed beef cutout value was 65¢ higher Friday afternoon at $213.15/cwt. Select was $1.81 higher at $209.45.

January 19th, 2019|

Cattle Current Podcast-Jan. 18, 2019

Negotiated cash fed cattle trade remained undeveloped through Thursday afternoon.

Spot Feeder Cattle futures pressured the entire cattle complex. Factors included stronger grain prices and the continued erosion in cash calf and feeder cattle prices, tied to weather.

Live Cattle futures closed an average of 65¢ lower.

Feeder Cattle futures closed an average of $1.25 lower (72¢ lower to $2.35 lower in spot Jan).

Corn futures closed 3¢ to 6¢ higher through Sep ’20 and then 1¢ to 2¢ higher.

Soybean futures closed 10¢ to 13¢ higher through Jan ’20 and then mostly 6¢ to 7¢ higher.

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

Choice boxed beef cutout value was 57¢ higher Thursday afternoon at $212.50/cwt. Select was 70¢ higher at $207.64.

January 17th, 2019|

Cattle Current Podcast-Jan. 17, 2019

Negotiated cash fed cattle trade was undeveloped through Wednesday afternoon.

There were 542 head offered in the weekly Fed Cattle Exchange auction, and no takers.

Except for spot Feeder Cattle, Cattle futures ended up little changed, despite a fair bit of pressure for much of the session.

Other than an average of 21¢ lower in the back two contracts, Live Cattle futures closed an average of 25¢ higher.

Except for 97¢ lower in spot Jan and 5¢ lower in Mar, Feeder Cattle futures closed an average of 27¢ higher.

Corn futures closed 1¢ to 2¢ higher.

Except for 1¢ higher in the front three contracts, Soybean futures closed mostly unchanged to fractionally lower.

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

Choice boxed beef cutout value was 28¢ lower Wednesday afternoon at $211.93/cwt. Select was $1.07 higher at $206.94.

January 16th, 2019|

Cattle Current Podcast-Jan. 16, 2019

Negotiated cash fed cattle trade was undeveloped through Tuesday afternoon. Last week’s stronger cash trade and another winter storm looming for the Plains and Midwest later this week suggest steady to higher prices.

Those factors supported nearby Live Cattle futures, while lower grain prices boosted Feeder Cattle.

After $1.52 higher in spot Feb, Live Cattle futures closed narrowly mixed (an average of 36¢ lower to an average of 36¢ higher).

Except for 10¢ lower in spot Jan, Feeder Cattle futures closed an average of 45¢ higher.

Grain pressure on Tuesday included, reportedly, more promising weather in South America and the dearth of public data.

Corn futures closed 5¢ to 7¢ lower through Jul ’20 and then mostly 2¢ lower.

Soybean futures closed 9¢ to 10¢ lower through Mar ‘20 and then mostly 4¢ to 7¢ lower.

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

Choice boxed beef cutout value was 19¢ higher Tuesday afternoon at $212.21/cwt. Select was 41¢ higher at $205.87.

January 15th, 2019|

Cattle Current-Podcast-Jan. 15, 2019

Negotiated cash fed cattle traded ended up mostly $1 higher on a live basis last week at $124/cwt. in Nebraska and the Southern Plains; $1-$2 higher in the western Corn Belt at $122-$124. Dressed trade was $2-$3 higher at $197.

Early support in grain futures helped pressure Feeder Cattle, while stronger cash prices and the weather helped cap losses in Live Cattle.

Except for an average of 37¢ higher in the front two contracts, Live Cattle futures closed an average of 22¢ lower. 

Except for $1.27 lower in spot Jan, Feeder Cattle futures closed an average of 59¢ lower.

Corn futures closed mostly fractionally higher.

Soybean futures closed mostly 5¢ to 6¢ lower (8¢ lower in spot Jan).

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

Choice boxed beef cutout value was 44¢ lower Monday afternoon at $212.02/cwt. Select was 81¢ lower at $205.46.

January 14th, 2019|

Cattle Current Podcast-Jan. 14, 2019

Cattle feeders and packers continued their standoff through late Friday afternoon, with negotiated cash fed cattle trade undeveloped, according to USDA reports. However, according to AMS, there was a smattering of dressed sales in the Northern Plains at $197/cwt., which was $2 more than the previous week. 

Adverse pen conditions and another winter storm over the weekend point to continued erosion in feedlot performance and more price leverage for cattle feeders.

Cattle futures closed near steady Friday, maintaining week-to-week gains as traders waited cash direction.

Except for 17¢ lower in June, Live Cattle futures closed an average of 15¢ higher. 

Except for 7¢ and 12¢ higher in April and May, Feeder Cattle futures closed an average of 33¢ lower.

Corn futures closed mostly 2¢ higher.

Soybean futures closed 3¢ to 4¢ higher.

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

Choice boxed beef cutout value was $1.50 lower Friday afternoon at $212.46/cwt. Select was $1.50 lower at $206.27.

January 12th, 2019|

Cattle Current Podcast-Jan. 11, 2019

Negotiated cash fed cattle trade remained undeveloped through Thursday afternoon. Current indications continue to suggest steady to higher prices when it does occur.  Wet, muddy condition in major cattle feeding areas continue to hinder cattle performance and add support to the market.

Cattle futures traded mainly sideways.

Except for 25¢ lower in the back contract, Live Cattle futures closed an average of 11¢ higher. 

Feeder Cattle futures closed 10¢ lower to 20¢ higher.

Grains closed lower on the day, presumably on a less bearish outlook than traders expected to see for soybeans in South America. Chatter also picked up a notch regarding the growing dearth of publicly available market data, due to the ongoing partial government shutdown.

Corn futures closed 4¢ to 5¢ lower through Jul ’20 and then mostly 2¢ lower.

Soybean futures closed 11¢ to 17¢ lower.

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

Choice boxed beef cutout value was 12¢ higher Thursday afternoon at $213.96/cwt. Select was $1.30 higher at $207.77.

January 10th, 2019|

Cattle Current Podcast-Jan. 10, 2019

Negotiated cash fed cattle trade remained undeveloped through Wednesday afternoon. There were only 571 head offered in the weekly Fed Cattle Exchange auction, with none sold.

Cattle futures softened some, likely on profit taking and awaiting the week’s cash direction.

Live Cattle futures closed an average of 26¢ lower through the front six contracts and then an average of 27¢ higher.

Except for 10¢ higher in the back contract, Feeder Cattle futures closed an average of 58¢ lower.

Corn futures closed mostly unchanged to 1¢ higher.

Soybean futures closed 5¢ higher across the board. 

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

Choice boxed beef cutout value was 14¢ lower Wednesday afternoon at $213.84/cwt. Select was 79¢ lower at $206.47.

January 9th, 2019|

Cattle Current Podcast-Jan. 9, 2019

Negotiated fed cattle trade was undeveloped through Tuesday afternoon, but Cattle futures suggest steady to higher prices for the week. They closed sharply higher, especially Feeder Cattle, buoyed by increasing open interest and trade activity.

Live Cattle futures closed an average of 84¢ higher (40¢ higher to $2.10 higher in spot Feb), with the most active trade since September.

Feeder Cattle futures closed an average of $1.30 higher, with the most active trade since October.

Corn futures closed mostly 1¢ lower.

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

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

Choice boxed beef cutout value was 30¢ lower Tuesday afternoon at $213.98/cwt. Select was 95¢ lower at $207.26.

January 8th, 2019|

Cattle Current Podcast-Jan. 8, 2019

There were a few early negotiated fed cattle sales in Nebraska Monday at $122.50/cwt., but too few to trend. Live sales there last week were at mostly $123.

Cattle futures closed higher, buoyed by firmer outside markets and oversold conditions. There’s also the most open interest in Live Cattle for at least nine months.

Live Cattle futures closed an average of 76¢ higher (37¢ higher at the back to $1.27 higher in spot Feb).

Feeder Cattle futures closed an average of 98¢ higher.

Corn futures closed fractionally mixed.

Soybean futures closed mostly 1¢ to 2¢ higher.

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

Choice boxed beef cutout value was 23¢ lower Monday afternoon at $214.28/cwt. Select was 55¢ higher at $208.21.

January 7th, 2019|

Cattle Current Podcast-Jan. 7, 2019

Negotiated cash fed cattle trade for the week was generally steady in Nebraska and the Southern Plains at $123/cwt. ($122.00-$122.50 in Nebraska). Live sales were $1-$2 higher in the western Corn Belt at $121-$122. Dressed trade was steady in Nebraska at $195; steady to $4 higher in the western Corn Belt at $194-$195.

Higher grain prices helped pressure Feeder Cattle, while softer wholesale beef values and volatile outside markets weighed on Live Cattle.

Live Cattle futures closed an average of 98¢ lower (67¢ to $1.40 lower).

Feeder Cattle futures closed an average of $1.40 lower.

Corn futures closed 2¢ to 3¢ higher through Sep ‘20 and then 1¢ to 2¢ higher.

Soybean futures closed 7¢ to 10¢ higher through Sep ’20 and then mostly 4¢ higher.

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

Choice boxed beef cutout value was $1.98 lower Friday afternoon at $214.51/cwt. Select was $1.72 lower at $207.66.

January 6th, 2019|

Cattle Current Podcast-Jan. 4, 2019

Negotiated cash fed cattle trade was steady at $123/cwt. in the Southern Plains through Thursday afternoon, with moderate demand and slow trade in the Texas Panhandle; moderate trade and demand in Kansas. There were a few live sales in Nebraska at the same price and steady with the prior week, but too few to trend.

Sharply lower outside markets and higher grain prices pressured Feeder Cattle futures on Thursday. Live Cattle softened some, but received support from steady cash fed cattle and wholesale beef values.

Except for 5¢ higher in away Feb, Live Cattle futures closed an average of 25¢ lower.

Feeder Cattle futures closed an average of $1.24 lower.

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

Soybean futures closed mostly 3¢ to 6¢ higher.

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

Choice boxed beef cutout value was 15¢ lower Thursday afternoon at $216.49/cwt. Select was $1.53 lower at $209.38.

January 3rd, 2019|

Cattle Current Podcast-Jan. 3, 2019

Negotiated cash fed cattle prices end up sharply higher in late trade last week: $4 higher at $123/cwt. in the Southern Plains and Nebraska; $1-$3 higher in the western Corn Belt at $119-$121. Dressed sales were $5 higher in Nebraska at $195; steady to $5 higher in the western Corn Belt at $190-$195.

Recently higher cash fed cattle prices and continued firmness in wholesale beef values continue to support Cattle futures. They were pressured on Wednesday by likely profit taking; added pressure for Feeder Cattle early from stronger grain prices.

Live Cattle futures closed narrowly mixed (from an average of 29¢ lower to an average of 22¢ higher), with a sharp increase in open interest.

Feeder Cattle futures closed an average of 71¢ lower through the front four contracts, but well off of session lows, erasing Monday’s gains. They were 7¢ lower to 2¢ higher across the back half of the board.

Corn futures closed fractionally higher to 2¢ higher.

Soybean futures closed 10¢ to 12¢ higher through Sep ‘19 and then mostly 6¢ to 9¢ higher.

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

Choice boxed beef cutout value was $1.29 higher Wednesday afternoon at $216.64/cwt. Select was 25¢ higher at $210.91.

January 2nd, 2019|

Cattle Current Podcast-Dec. 31 to Jan 2, 2019

Negotiated cash fed cattle trade remained undeveloped through Friday afternoon. Though too few to trend, there were a few live sales reported in the western Corn Belt on Thursday at $119.00-$121.50/cwt., which was about $1 higher than the previous week.

Front-month Live Cattle set the tone for firm to higher futures prices, supported by expectations of steady to higher cash fed cattle prices.

Except for $1.15 higher in spot Dec and 22¢ lower in the back contract, Live Cattle futures closed an average of 27¢ higher.

Feeder Cattle futures closed narrowly mixed (10¢ lower to 22¢ higher).

Corn futures closed 1¢ higher.

Soybean futures closed 10¢ to 13¢ higher through March ’20 and then 8¢ to 9¢ higher.

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

Choice boxed beef cutout value was 89¢ lower Friday afternoon at $214.41/cwt. Select was 30¢ higher at $207.52.

December 29th, 2018|

Cattle Current Podcast-Dec. 28, 2018

Negotiated cash fed cattle trade remained undeveloped through Thursday afternoon, but Live Cattle futures bounced higher, pulling Feeder Cattle along. Apparently, traders expect solid consumer demand heading into the new year. That’s hard to argue against, given snugger front-month fed cattle supplies and wholesale beef values holding their ground.

After an average of $1.39 higher in the front two contracts, Live Cattle futures closed an average of 45¢ higher (an average of 69¢ higher overall).

Feeder Cattle futures closed an average of 52¢ higher (12¢ higher at the back of the board to 90¢ higher in spot Jan).

Corn futures closed 1¢ lower to 1¢ higher.

Soybean futures closed fractionally mixed to 1¢ higher.

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

Choice boxed beef cutout value was 39¢ lower Thursday afternoon at $215.30/cwt. Select was 38¢ lower at $207.22. Both remained higher week to week.

December 27th, 2018|

Cattle Current Podcast-Dec. 27, 2018

Negotiated cash fed cattle trade was undeveloped Wednesday, as expected. There was chatter about steady to higher prices this week, though, based on current demand and an estimated holiday harvest larger than many expected.

Cash fed cattle prices last week were steady to a touch higher. Live prices were $119/cwt. in Kansas and Nebraska ($118-$120 in the western Corn Belt). Dressed prices were $190.

Cattle futures closed narrowly mixed to higher (Feeder Cattle), supported by firm fed cattle prices and boxed beef cutout values.

After 47¢ higher in spot Dec, Live Cattle futures closed narrowly mixed (17¢ lower to 7¢ higher). On Monday, except for unchanged in the spot month, they were an average of 22¢ higher.

Feeder Cattle futures closed an average of 34¢ higher. They were an average of 32¢ higher on Monday.

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

Choice boxed beef cutout value was $1.64 higher Wednesday afternoon at $215.69/cwt. Select was 10¢ higher at $207.60.

December 26th, 2018|

Cattle Current Podcast-Dec. 24-26, 2018

Cash fed cattle continued steady to a touch higher than the previous week, through late Friday afternoon. For the week, live sales were steady at $119/cwt. in Kansas and Nebraska. Dressed trade in Nebraska was $3 higher at $190. Live sales in the western Corn belt were $1-$2 higher at $118-$120, while dressed sales were $3 higher at $190.

Cattle futures closed narrowly mixed to end the week, with no reaction to the previous day’s monthly Cattle on Feed report and amid stronger wholesale beef prices.

Live Cattle futures closed narrowly mixed (an average of 42¢ higher through the front three contracts and then an average of 23¢ lower).

Feeder Cattle futures closed marginally mixed (17¢ lower to 7¢ higher).

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

Choice boxed beef cutout value was $1.58 higher Friday afternoon at $214.05/cwt. Select was $2.24 higher at $207.50.

December 22nd, 2018|

Cattle Current Podcast-Dec. 21, 2018

Cash fed cattle trade started Thursday at $190/cwt. in Nebraska, which was $2 more than last week. Though too few to trend, there were also some early live sales in the western Corn Belt at $120 and early dressed sales at $190, both $3 more than last week.

Cattle futures closed mostly higher ahead of the monthly Cattle on Feed report (see below), which will likely be viewed as neutral to a touch bearish.

Except for 50¢ higher in spot Dec and 17¢-27¢ lower at the back, Live Cattle futures closed 10¢ to 30¢ higher.

Other than 30¢ higher in the back two contracts, Feeder Cattle futures closed an average of $1.02 higher.

Corn futures closed mostly 5¢ to 6¢ lower through Jul ’20 and then fractionally lower to 2¢ lower.

Soybean futures closed 4¢ to 6¢ lower.

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

Choice boxed beef cutout value was 77¢ higher Thursday afternoon at $212.47/cwt. Select was 41¢ higher at $205.26.

December 20th, 2018|

Cattle Current Podcast-Dec. 20, 2018

Cash fed cattle trade remained undeveloped through Wednesday afternoon.

There were only 250 head offered in the weekly Fed Cattle Exchange auction, and no takers.

Cattle futures closed either side of steady with no direction from the cash market, biding time for Thursday’s monthly Cattle on Feed report and little trading interest.

Live Cattle futures closed marginally mixed, (an average of 13¢ lower through the front three contracts and then an average of 12¢ higher).

Other than unchanged in spot Jan, Feeder Cattle futures closed an average of 24¢ lower.

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

Soybean futures closed most 5¢ to 7¢ lower.

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

Choice boxed beef cutout value was 98¢ lower Wednesday afternoon at $211.70/cwt. Select was 12¢ higher at $204.85.

December 19th, 2018|

Cattle Current Podcast-Dec. 19, 2018

As expected, negotiated cash fed cattle trade remained undeveloped through Tuesday afternoon.

Cattle futures firmed, amid continued light trade, apparently spurred along by short covering, more than anything.

Live Cattle futures closed an average of 62¢ higher.

Feeder Cattle futures closed an average of 91¢ higher.

Corn futures closed most 1¢ higher.

Soybean futures closed mostly 2¢ to 3¢ higher.

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

Choice boxed beef cutout value was 1¢ higher Tuesday afternoon at $212.68/cwt. Select was 97¢ higher at $204.73.

December 18th, 2018|

Cattle Current Podcast-Dec. 18, 2018

Cattle futures softened to start the week, especially Feeder Cattle. Pressure likely included the anticipated packer slowdown during the next two holiday-shortened weeks, as well as technical correction.

Live Cattle futures closed an average of 77¢ lower.

Feeder Cattle futures closed an average of $1.70 lower ($1.20 to $2.45 lower).

Corn futures closed fractionally lower through Dec ’10 and then mixed.

Soybean futures closed 2¢ to 4¢ higher.

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

Choice boxed beef cutout value was $1.71 higher Monday afternoon at $212.67/cwt. Select was 62¢ higher at $203.76.

December 17th, 2018|

Cattle Current Podcast-Dec.17, 2018

Negotiated cash fed cattle prices in the Southern Plains on Friday were mainly steady with the previous week at $119/cwt. on a live basis. Early dressed sales in Nebraska were $1 higher at $188. Though too few to trend, early live sales in the western Corn Belt were $1 higher at $117, while early dressed sales of $187 were at the upper end of the prior week’s trading range in the region.

Cattle futures meandered to a marginally softer close.

Other than 12¢ higher in spot Dec, Live Cattle futures closed an average of 29¢ lower.

Feeder Cattle futures closed an average of 22¢ lower.

Corn futures closed mostly unchanged to fractionally mixed.

Soybean futures closed 4¢ to 6¢ lower.

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

Choice boxed beef cutout value was $1.51 lower Friday afternoon at $210.96/cwt. Select was $2.14 higher at $203.14.

December 16th, 2018|

Cattle Current Podcast-Dec. 14, 2018

Negotiated cash fed cattle trade remained undeveloped through Thursday afternoon. Although too few to trend, there were some early live sales in the western Corn Belt at $117/cwt., which was $1 higher than last week. Early dressed sales at $187, were at the top of last week’s range for the region.

Live Cattle futures edged mostly higher, while recent pressure on grain prices added lift to Feeder Cattle.

Other than an average of 7¢ lower in near Feb, and Apr, Live Cattle futures closed an average of 27¢ higher.

Feeder Cattle futures closed an average of 60¢ higher.

Corn futures closed mostly fractionally mixed.

Soybean futures closed 10¢ to 13¢ lower through 2019.

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

Choice boxed beef cutout value was 22¢ higher Thursday afternoon at $212.47/cwt. Select was 57¢ lower at $201.00.

December 13th, 2018|

Cattle Current Podcast-Dec. 13, 2018

Negotiated cash fed cattle trade was undeveloped through Wednesday afternoon.

There were only 156 head (two lots) offered in the weekly Fed Cattle Exchange auction. One lot (97 heifers) sold for delivery at 1-9 days for an average of $119/cwt.

Cattle futures continued to build on recent gains Wednesday, buoyed by last week’s large fed cattle harvest, as a barometer of domestic demand strength, in tandem with stronger cash prices.

Live Cattle futures closed an average of 39¢ higher.

Feeder Cattle futures closed an average of 34¢ higher.

Corn futures closed mostly unchanged to fractionally mixed.

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

Choice boxed beef cutout value was $2.21 lower Wednesday afternoon at $212.25/cwt. Select was 18¢ higher at $201.57.

December 12th, 2018|

Cattle Current Podcast-Dec. 12, 2018

Last week’s higher fed cattle prices and firmer wholesale beef values appeared to finally offer some spark to Cattle futures on Tuesday, especially Feeder Cattle.

Live Cattle futures closed an average of 77¢ higher.

Feeder Cattle futures closed an average of $1.68 higher ($1.15 higher to $2.27 higher in spot Jan).

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

Choice boxed beef cutout value was 96¢ lower Tuesday afternoon at $214.46/cwt. Select was 45¢ higher at $201.39.

December 11th, 2018|

Cattle Current Podcast-Dec. 11, 2018

Negotiated cash fed cattle trade last week ended up $1-$3 higher at $119/cwt. ($116 in the western Corn Belt). Dressed trade was steady to $4 higher at $187.

Feeder Cattle futures gained some ground Monday, amid limited trade, while Live Cattle closed narrowly mixed, despite stronger cash prices and wholesale beef values.

Live Cattle futures closed 32¢ lower to 32¢ higher.

Feeder Cattle futures closed an average of 67¢ higher. 

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

Choice boxed beef cutout value was $1.13 higher Monday afternoon at $215.42/cwt. Select was 44¢ higher at $200.94.

December 10th, 2018|

Cattle Current Podcast-Dec. 10, 2018

Negotiated cash fed cattle trade remained mostly undeveloped through Friday afternoon, according to USDA reports. There was some light to moderate trade in the western Corn Belt at $115-$117/cwt., which was $1 higher than the previous week. Early dressed sales were steady at $183-$185. By late in the day, AMS reported some dressed trade in Nebraska at $187, which was $2-$4 more than the previous week.

Cattle futures closed narrowly mixed in choppy trade.

Live Cattle futures closed an average of 22¢ higher, except for 5¢ to 27¢ lower at either end of the board.

Other than 17¢ higher in spot Jan, Feeder Cattle futures closed unchanged to an average of 22¢ lower. 

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

Choice boxed beef cutout value was $1.62 higher Friday afternoon at $214.29/cwt. Select was $2.28 higher at $200.50.

December 8th, 2018|

Cattle Current Podcast-Dec. 7, 2018

Negotiated cash fed cattle trade was undeveloped through Thursday afternoon.

Cattle futures softened but closed well off of session lows that came early, driven in part by the plummeting stock market (see below).

Live Cattle futures closed an average of 48¢ lower. 

Except for an average of 35¢ lower in the back two contracts, Feeder Cattle futures closed an average of $1.22 lower. 

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

Choice boxed beef cutout value was 59¢ lower Thursday afternoon at $212.67/cwt. Select was $1.36 higher at $198.22.

December 6th, 2018|

Cattle Current Podcast-Dec. 6, 2018

Major U.S. stock exchanges were closed Wednesday, saluting the life of patriot and former president George Herbert Walker Bush.

Negotiated cash fed cattle trade was undeveloped through Wednesday afternoon, but early signs pointed to at least steady money.

For instance, there were only two lots of steers from Kansas (219 head) offered in the weekly Fed Cattle Exchange auction. Both sold at a weighted average price of $117.83/cwt. for delivery at 1-9 days. That price was right at last week’s average country trade for the region.

Likewise, prices for Ch 2-4 steers ($115.58-$116.63) at the Tama fat cattle auction in Iowa were at the upper end of country prices in the western Corn Belt last week.

Cattle futures closed higher Wednesday—led by Feeder Cattle—building on gains from the previous session, although trade and overall direction were limited.

Live Cattle futures closed an average of 71¢ higher. 

Feeder Cattle futures closed an average of $1.02 higher. 

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

Choice boxed beef cutout value was 60¢ lower Wednesday afternoon at $213.26/cwt. Select was 65¢ lower at $196.86.

December 5th, 2018|

Cattle Current Podcast-Dec. 5, 2018

Negotiated cash fed cattle trade was undeveloped through Tuesday afternoon.

Cattle futures gained some traction, in the face of sharply lower outside markets. Feb Live Cattle led the way. Ultimately, Feeder Cattle tagged along to a lesser degree.

Except for 15¢ lower in the back contract, Live Cattle futures closed an average of 95¢ higher (30¢ to $1.47 higher).

Except for 10¢ lower in spot Jan, Feeder Cattle futures closed an average of 59¢ higher. 

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

Choice boxed beef cutout value was 78¢ higher Tuesday afternoon at $213.86/cwt. Select was $1.67 lower at $197.51.

December 4th, 2018|

Cattle Current Podcast-Dec. 4, 2018

Negotiated cash fed cattle trade ended up mostly $1-$2 higher on a live basis last week at $118/cwt. in the Southern Plains, $114-$116 in the western Corn Belt and $116-$118.50 in Nebraska. Dressed trade was $3-$6 higher in the western Corn Belt at $183-$186. In Nebraska, it was steady to $2 less than the bulk of the previous week’s trade at $183-$185.

Despite stronger cash prices, firmer wholesale beef values and positive news regarding U.S.-China trade (see below), Cattle futures softened to start the week. Pressure included the decline in Lean Hog futures, as well as recently strengthening grain prices, where Feeder Cattle are concerned.

Live Cattle futures closed an average of 49¢ lower (5¢ to 72¢ lower).

Feeder Cattle futures closed an average of $1.40 lower,  (72¢ lower in spot Jan to $1.72 lower at the back).

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

Choice boxed beef cutout value was 47¢ higher Monday afternoon at $213.08/cwt. Select was 77¢ higher at $199.18.

December 3rd, 2018|

Cattle Current Podcast, Dec. 3, 2018

Negotiated cash fed cattle trade remained largely undeveloped through USDA’s late-afternoon report Friday. There were some live sales in the western Corn Belt at $115/cwt., unevenly steady with Wednesday’s $114-$116, which was $1-$2 higher than the previous week. There was some early dressed trade in Nebraska at $183, but too few transactions to trend; prices the previous week were at $180-$185, mostly $185.

Live Cattle futures firmed on Friday (17¢ lower to 32¢ higher), supported by the steady to higher feel in the cash market.

Feeder Cattle futures softened amid continued lackluster trade and perhaps some month-end position squaring. Except for 7¢ lower in the back two contracts, Feeder Cattle futures closed an average of 60¢ lower.

Though futures prices remain channel-bound, there continue to be expectations for a secondary boost, if and when China and the U.S. settle their trade differences. The notion is that China’s ongoing problems with African Swine Fever mean that nation needs to import lots more pork, potentially significantly more from the U.S. President Trump and China’s President Xi Jingping were scheduled to meet over the weekend during the G20 Summit.

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

Choice boxed beef cutout value was even with the previous day Thursday afternoon at $212.61/cwt. Select was 12¢ lower at $198.41.

December 1st, 2018|

Cattle Current Podcast-Nov. 30, 2018

Other than early live sales in the western Corn Belt Wednesday, which were $1-$2 higher than last week at $114-$116/cwt., negotiated cash fed cattle trade remained undeveloped through Thursday afternoon.

Cattle futures dipped, recovering some from the strongest early pressure. Other than, arguably, more interest flowing to Lean Hogs, there seemed no apparent fundamental reason for the decline. Given the current support of fed cattle prices, it was one of those sessions that left you wondering exactly what components comprise electronic-trading algorithms, and perhaps more important, how far ahead.

After 17¢ lower in spot Dec and 27¢ lower in near Feb, Live Cattle futures closed an average of 97¢ lower (52¢ to $1.30 lower).

Feeder Cattle futures closed an average of $1.46 lower.

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

Choice boxed beef cutout value was 67¢ lower Thursday afternoon at $212.61/cwt. Select was 3¢ higher at $198.53.

November 29th, 2018|

Cattle Current Podcast-Nov. 29, 2018

Notions grew stronger yesterday for steady to higher cash fed cattle prices this week.

Early live sales in the western Corn Belt were $1-$2 higher at $114-$116/cwt., on slow trade and light demand.

There were 620 head (seven lots) offered in the weekly Fed Cattle Exchange auction. One lot (148 head) of steers from Kansas sold at $116.75/cwt. for delivery at 1-9 days. That’s toward the top of the price range for country trade in the region last week.

Live Cattle futures closed marginally mixed Wednesday, while Feeder Cattle softened slightly, amid light trade and a lack of direction.

Live Cattle futures closed narrowly mixed, from an average of 5¢ higher in three contracts to an average of 12¢ lower.

Feeder Cattle futures closed an average of 54¢ lower.

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

Choice boxed beef cutout value was 72¢ lower Wednesday afternoon at $213.28/cwt. Select was $1.74 lower at $198.50.

November 28th, 2018|

Cattle Current Podcast-Nov. 28, 2018

Cattle futures closed mainly narrowly lower Tuesday, with little direction one way or the other.

Except for 5¢ higher in away Dec and unchanged at the back, Live Cattle futures closed an average of 21¢ lower.

Feeder Cattle futures closed an average of 28¢ lower.

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

Choice boxed beef cutout value was 45¢ lower Tuesday afternoon at $214.00/cwt. Select was 45¢ higher at $200.24.

November 27th, 2018|

Cattle Current Podcast-Nov. 27, 2018

Cattle futures closed marginally mixed but mostly higher Monday, supported by last week’s friendly Cattle on Feed report and a recent bump in wholesale beef values.

Live Cattle futures closed an average of 21¢ lower through the front four contracts and then unchanged to 5¢ higher.  

Other than 22¢ lower in spot Jan, Feeder Cattle futures closed an average of 24¢ higher.

Corn futures closed mostly 1¢ to 2¢ lower.

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

Choice boxed beef cutout value was 60¢ higher Monday afternoon at $214.45/cwt. Select was $1.28 higher at $199.79.

November 26th, 2018|

Cattle Current Podcast-Nov. 26, 2018

Negotiated cash fed cattle trade for the week ended up mostly $2-$3 higher on a live basis at $116-$117/cwt. ($113-$114 in the western Corn Belt), and $2-$7 higher in the beef at $180-$185.

Cattle futures continued higher on Friday, amid light holiday trade and continued support from the friendly Cattle on Feed report and stronger cash fed cattle prices.

Live Cattle futures closed an average of 37¢ higher (7¢ to 70¢ higher).  

Except for unchanged to 20¢ lower in the back three contracts, Feeder Cattle futures closed an average of 83¢ higher.

Corn futures closed mostly 1¢ to 2¢ lower.

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

Choice boxed beef cutout value was 16¢ higher Friday afternoon at $213.85/cwt. Select was 25¢ higher at $198.51.

November 25th, 2018|

Cattle Current Podcast-Nov. 22-23, 2018

Between late Tuesday and yesterday, negotiated cash fed cattle trade kicked off at higher money. Live trade was $2.50 higher in the Texas Panhandle at $116.50/cwt. and $1-$2 higher in the western Corn Belt at $113-$114. Dressed trade in the North was $2-$4 higher at $180.

Incidentally, there were 459 head offered in the weekly Fed Cattle Exchange auction and no takers.

Cattle futures closed higher on Wednesday, buoyed by stronger cash fed cattle and a much friendlier Cattle on Feed report than many expected (see below).

Live Cattle futures closed an average of 76¢ higher. 

Feeder Cattle futures closed an average of $1.21 higher.

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

Choice boxed beef cutout value was 40¢ lower Wednesday afternoon at $213.69/cwt. Select was 17¢ lower at $198.26.

November 21st, 2018|

Cattle Current Podcast-Nov. 21, 2018

As suspected, negotiated cash fed cattle trade remained undeveloped through Tuesday afternoon.

Cattle futures closed mixed (Live Cattle) to a touch lower (Feeder Cattle) on Tuesday, pressured by sharply lower outside markets and light trade volume, as much as anything. There was also wait-and-see for Wednesday’s monthly Cattle on Feed report (see below).

Live Cattle futures closed 45¢ lower to 20¢ higher.

Feeder Cattle futures closed an average of 18¢ lower.

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

Choice boxed beef cutout value was 70¢ higher Tuesday afternoon at $214.09/cwt. Select was 14¢ lower at $198.43.

November 20th, 2018|

Cattle Current Podcast-Nov. 20, 2018

Negotiated cash fed cattle sales were mainly steady last week on a live basis at $114/cwt. ($112 in the western Corn Belt). Dressed trade was $1-$2 lower at $176-$178.

Except for the back half of Live Cattle, futures prices on Monday eked out minimal gains following pressure early in the session.

Live Cattle futures closed an average of 40¢ higher through the front five contracts, and then unchanged to 35¢ lower.

Feeder Cattle futures closed an average of 38¢ higher, amid extremely thin trade. 

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

Choice boxed beef cutout value was 48¢ higher Monday afternoon at $213.39/cwt. Select was $1 higher at $198.57.

November 19th, 2018|

Cattle Current Podcast-Nov. 19, 2018

Cash fed cattle trade was unevenly steady through Friday afternoon … by one measure, farm wages are up 8% year over year… coming up on your Cattle Current Market Update with Wes Ishmael.

Negotiated cash fed cattle trade remained largely undeveloped through late Friday afternoon, at least in term of trades reported to USDA. Although too few to trend, early prices in Nebraska and the western Corn Belt were unevenly steady to a touch softer than the previous week. Early dressed sales were at $178/cwt. in both regions. Early live sales in the western Corn Belt were at $111.50-$112.00.

Late Friday, the Texas Cattle Feeders Association reported its members trading at $114, just a touch lower than the previous week’s weighted average.

Live Cattle futures mainly paddled sideways on Friday as traders awaited direction from the cash market. Feeder Cattle softened a bit, amid anemic trade volume.

Live Cattle futures closed mostly higher, from an average of 26¢ lower to an average of 45¢ higher.

Other than $1.32 lower in spot Jan and 15¢ lower in the back two contracts, Feeder Cattle futures closed an average of 69¢ lower.

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

Choice boxed beef cutout value was 64¢ lower Friday afternoon at $212.91/cwt. Select was 01¢ lower at $197.57.

November 18th, 2018|

Cattle Current Podcast-Nov. 16, 2018

Negotiated cash fed cattle trade remained undeveloped through Thursday afternoon.

Cattle futures gained a little ground, with some attributing part of the strength to rumors that Japan will remove its age restriction on U.S. beef—implemented in the wake of BSE discovered here in 2003.

Other than 20¢ lower in the back contract, Live Cattle futures closed an average of 27¢ higher.

Other than 35¢ lower in expiring Nov, Feeder Cattle futures closed an average of 85¢ higher.

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

Choice boxed beef cutout value was 39¢ higher Thursday afternoon at $213.55/cwt. Select was 40¢ higher at $197.58.

November 15th, 2018|

Cattle Current Podcast-Nov. 15, 2018

Negotiated cash fed cattle trade remained undeveloped through Wednesday afternoon. If some of the fed cattle auctions—and a smattering of country sales—are any indication, though, steady money may be a hopeful stretch this week.

For instance, Choice 2-3 steers brought $110.00-$111.25/cwt. at Sioux Falls Regional in South Dakota. Choice 3-4 steers brought $109.00-$111.60.

Although too few to trend, there were some early live country sales in the western Corn Belt at $110, which was $1-$3 lower than last week’s trade in the region.

There were only 620 head offered in the weekly Fed Cattle Exchange auction Wednesday, and no takers.

As for Cattle futures, adjusting to the previous session’s rally seemed to be the main business.

Other than unchanged in June, Live Cattle futures closed an average of 35¢ lower.

After unchanged in the front two contracts, Feeder Cattle futures closed an average of 54¢ lower.

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

Choice boxed beef cutout value was 92¢ lower Wednesday afternoon at $213.16/cwt. Select was $1.80 lower at $197.18.

November 14th, 2018|

Cattle Current Podcast-Nov. 14, 2018

Cattle futures got some spark Tuesday—especially Feeder Cattle— credited in part to oversold conditions.

Other than unchanged in the back contract, Live Cattle futures closed an average of 57¢ higher.

Except for 60¢ higher in spot Nov, Feeder Cattle futures closed an average of $2.12 higher ($1.32 to $3.15 higher).

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

Choice boxed beef cutout value was $1.47 lower Tuesday afternoon at $214.08/cwt. Select was $1.41 lower at $198.98.

November 13th, 2018|

Cattle Current Podcast-Nov. 13, 2018

Bottom picking and a rally in Lean Hog futures were credited with some of the support that helped Cattle futures regain some stability in the wake of Friday’s sharp decline.

Other than an average of 27¢ higher in the front two contracts and 50¢ higher at the back, Live Cattle futures closed an average of 11¢ lower.

Except for 15¢ higher in the back contract, Feeder Cattle futures closed an average of 65¢ lower.

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

Choice boxed beef cutout value was 35¢ higher Monday afternoon at $215.55/cwt. Select was $1.67 higher at $200.39.

November 12th, 2018|

Cattle Current Podcast-Nov. 12, 2018

Negotiated cash fed cattle prices lost ground. Live sales were mainly $1-$2 lower at mostly $114-$115/cwt. ($111-$113 in the western Corn Belt). Dressed trade was steady to $3 lower at $177-$180.

Those lower prices were made possible, in part by the sharp erosion in Cattle futures on Friday. Pressure for the board included faltering wholesale beef values, declining open interest and growing chatter that the top may already be in for beef prices this season.

Live Cattle futures closed an average of $1.21 lower (35¢ to $2.07 lower).

Feeder Cattle futures closed an average of $2.04 lower ($1.17 to $2.47 lower).

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

Choice boxed beef cutout value was 87¢ lower Friday afternoon at $215.20/cwt. Select was 39¢ lower at $198.72.

November 10th, 2018|

Cattle Current Podcast-Nov. 9, 2018

Although cash fed cattle trade remained undeveloped through Thursday afternoon, and wholesale beef values were sharply lower, Cattle futures eked out slight gains. Some credited part of the support to the lack of bounce in grain prices, following the monthly World Agricultural Supply and Demand Estimates.

Except for 2¢ lower in the back contract, Live Cattle futures closed an average of 44¢ higher.

Except for unchanged in the back contract, Feeder Cattle futures closed an average of 22¢ higher.

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

 

Choice boxed beef cutout value was $2.15 lower Thursday afternoon at $216.07/cwt. Select was $2.66 lower at $199.11.

November 8th, 2018|

Cattle Current Podcast-Nov. 8, 2018

Negotiated cash fed cattle trade remained undeveloped through Wednesday afternoon. There were just 310 head offered in the weekly Fed Cattle Exchange auction, and no takers.

Despite sharply higher outside markets, Cattle futures continued to erode on Wednesday, led by Feeder Cattle, as traders seem to be concentrating on increased beef supplies down the road, rather than relative snugness through the end of the year.

Other than 67¢ higher in spot Nov, Live Cattle futures closed an average of 40¢ lower.

Other than 5¢ lower in spot Nov, Feeder Cattle futures closed an average of 98¢ lower.

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

Choice boxed beef cutout value was 54¢ lower Wednesday afternoon at $218.22/cwt. Select was $2.89 lower at $201.77.

November 7th, 2018|

Cattle Current Podcast-Nov. 7, 2018

Cattle futures stabilized Tuesday, retaining the previous session’s steep losses, but holding ground. Trade was light with many apparently remaining on the sidelines to see the election results.

Live Cattle futures closed narrowly mixed (37¢ lower to 20¢ higher).

Other than 47¢ and 17¢ higher in the front two contracts, Feeder Cattle futures closed an average of 20¢ lower.

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

Choice boxed beef cutout value was 17¢ higher Tuesday afternoon at $218.76/cwt. Select was $2.31 higher at $204.66.

November 6th, 2018|

Cattle Current Podcast-Nov. 6, 2018

Negotiated cash fed cattle trade last week ended up steady to higher in late trade.

Live sales were $1-$2 higher in the Southern Plains at $116/cwt. They were steady to $1 higher in the Northern Plains at $114-$116. Live trade was steady in the Western Corn belt at $113-$114. Dressed trade was fully steady at $180.

Despite that, seasonally higher wholesale beef values and apparently snugger packer inventories, Cattle futures headed hard south on Monday. There were no easy explanations, at least not from a fundamental standpoint. Part of it could have been defensive positioning ahead of Tuesday’s election.

Live Cattle futures closed an average of $1.47 lower, from an average of (62¢ to $1.75 lower).

Feeder Cattle futures closed an average of $2.65 lower ($2.20 to $3.32 lower).

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

Choice boxed beef cutout value was 9¢ higher Monday afternoon at $218.59/cwt. Select was 88¢ higher at $202.35.

November 5th, 2018|

Cattle Current Podcast-Nov. 5, 2018

Negotiated cash fed cattle trade remained mostly undeveloped through late Friday afternoon, although there continued to be chatter that inventory needs would push packers to the trough before the end of the day. The lack of cash direction helped to hold Cattle futures in check, with Feeder Cattle getting extra pressure from rising corn prices.

Live Cattle futures closed narrowly mixed, from an average of 9¢ lower to an average of 37¢ higher.

Feeder Cattle futures closed an average of 46¢ lower in flea-thin trade.

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

Choice boxed beef cutout value was 5¢ lower Friday afternoon at $218.50/cwt. Select was $2.78 lower at $201.47.

November 3rd, 2018|

Cattle Current Podcast-Nov. 2, 2018

Negotiated cash fed cattle trade for the week began to take shape Thursday, on light to moderate trade and moderate demand in the western Corn Belt. Early live sales were $1 higher at $113-$114/cwt., with dressed sales steady at $180. Although too few to trend, there were a few early live trades in Nebraska at $114, which was steady to $1 lower than last week.

Cattle futures firmed on Thursday, mostly retaining gains from the previous session. Along with increasing whole beef values and the promise of steady to higher cash fed cattle prices, strength was also attributed to lighter carcass weights, as a barometer of marketing currentness. According to USDA’s Actual Slaughter Under Federal Inspection report yesterday, steer carcass weights of 894 lbs. (week ending Oct. 20) were 5 lbs. lighter than the previous week and previous year. Heifer carcass weights of 826 lbs. were 5 lbs. lighter than the previous week and 3 lbs. lighter than the previous year.

Live Cattle futures closed an average of 49¢ higher.

Except for 17¢ lower in spot Nov, Feeder Cattle futures closed an average of 49¢ higher.

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

Choice boxed beef cutout value was $1.62 higher Thursday afternoon at $218.55/cwt. Select was 22¢ higher at $204.25.

November 1st, 2018|

Daily Podcast-Nov. 1, 2018

Only 209 head were offered in the weekly Fed Cattle Exchange Auction on Wednesday—no takers.

Cattle futures closed higher Wednesday, led by Feeder Cattle. Increasing wholesale beef values continued to provide support, as did increasing open interest and expectations for cash fed cattle prices this week to be at least steady with last week’s higher level.

After $1.95 higher in expiring Oct, Live Cattle futures closed an average of 40¢ higher, except for an average of 14¢ lower in two contracts.

Feeder Cattle futures closed an average of $1.35 higher (97¢ to $2.02 higher).

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

Choice boxed beef cutout value was $1.33 higher Wednesday afternoon at $216.93/cwt. Select was $1.15 higher at $204.03.

October 31st, 2018|

Cattle Current Podcast-Oct. 31, 2018

Despite seasonally higher wholesale beef values and last week’s higher cash market, Cattle futures closed lower on Tuesday, led by Feeder Cattle, but still basically paddling sideways.

Live Cattle futures closed mostly an average of 51¢ lower.

Feeder Cattle futures closed an average of $1.39 lower.

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

Choice boxed beef cutout value was $1.52 higher Tuesday afternoon at $215.28/cwt. Select was $1.77 higher at $202.88.

October 30th, 2018|

Cattle Current Podcast-Oct. 30, 2018

Cattle futures settled mainly narrowly mixed on Monday, unable to build on last week’s strong cash markets and the seasonal uptick in wholesale beef values. Though trade was light, some analysts pinned part of the weakness on shifting fund positions, from the long side.

Live Cattle futures closed mostly narrowly mixed (from an average of 73¢ lower in three contracts to an average of 24¢ higher).

Except for 90¢ lower in spot Nov, Feeder Cattle futures closed narrowly mixed (25¢ lower to 15¢ higher).

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

Choice boxed beef cutout value was 29¢ higher Monday afternoon at $213.76/cwt. Select was $2.28 higher at $201.11.

October 29th, 2018|

Cattle Current Podcast-Oct. 29, 2018

Negotiated cash fed cattle prices surged higher on Friday. Live prices were mainly $3-$4 higher at mostly $114-$115/cwt., except for $2-$3 higher in the western Corn Belt at $112-$113. Dressed sales were $6 higher at $180.

Higher fed cattle prices, strengthening wholesale beef values and apparent position squaring helped lift Cattle futures.

Live Cattle futures closed an average of 86¢ higher (50¢ to $1.32 higher).

Feeder Cattle futures closed an average of 58¢ higher.

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

Choice boxed beef cutout value was 37¢ higher Friday afternoon at $213.47/cwt. Select was 52¢ higher at $198.83.

October 28th, 2018|

Cattle Current Podcast-Oct. 26, 2018

Cattle futures, led by Feeder Cattle, mostly softened Thursday, with no change in fundamentals but uncertainty surrounding the level of cash fed cattle trade this week in terms of both volume and price.

Except for 7¢ higher in spot Oct, Live Cattle futures closed an average of 78¢ lower (52¢ to $1.27 lower).

Feeder Cattle futures closed an average of $1.38 lower (65¢ to $2.30 lower).

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

Choice boxed beef cutout value was $1.71 higher Thursday afternoon at $213.10/cwt. Select was 49¢ higher at $198.31.

October 25th, 2018|

Cattle Current Podcast-Oct. 25, 2018

Although cash fed cattle trade remained undeveloped through Wednesday afternoon on light to moderate demand, there were some early live sales in the western Corn Belt on Tuesday at $112/cwt., which was $2 more than last week.

There were only 1,051 head offered in the weekly Fed Cattle Exchange Auction, and no takers. There were two lots passed out at $105.

Stronger wholesale beef prices, notions of steady-to-higher fed cattle prices, as well as a surge in Lean Hog futures, helped Cattle futures firm Wednesday.

Live Cattle futures closed an average of 71¢ higher (50¢ to $1.20 higher).

Except for 45¢ lower in spot Oct, Feeder Cattle futures closed an average of 48¢ higher.

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

Choice boxed beef cutout value was $1.11 higher Wednesday afternoon at $211.39/cwt. Select was 96¢ higher at $197.82.

October 24th, 2018|

Cattle Current Podcast-Oct. 24, 2018

Cattle futures softened Tuesday, following the previous session’s strong gains, apparently pressured mostly by the lower outside markets.

Live Cattle futures closed an average of 48¢ lower (2¢ to 92¢ lower).

Feeder Cattle futures closed an average of 75¢ lower.

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

Choice boxed beef cutout value was $1.00 higher Tuesday afternoon at $210.28/cwt. Select was 80¢ lower at $196.86.

October 23rd, 2018|

Cattle Current Podcast-Oct. 23, 2018

Apparently, traders viewed Friday’s Cattle on Feed report as bullish overall (see below), helping to boost Cattle futures Monday.

Live Cattle futures closed an average of $1.10 higher (55¢ to $1.32 higher).

Feeder Cattle futures closed an average of $1.92 higher $1.00-$2.97 higher).

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

Choice boxed beef cutout value was $1.35 higher Monday afternoon at $209.28/cwt. Select was $3.42 higher at $197.66.

October 22nd, 2018|

Cattle Current Podcast-Oct. 22, 2018

Cattle futures continued to soften Friday, pressured in part by a lack of positive news, deterioration in Lean Hog futures and perhaps positioning ahead of the monthly Cattle on Feed report.

Live Cattle futures closed an average of 47¢ lower.

Feeder Cattle futures closed an average of 66¢ lower.

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

Choice boxed beef cutout value was $1.11 higher Friday afternoon at $207.93/cwt. Select was $1.89 higher at $194.24.

October 21st, 2018|

Cattle Current Podcast-Oct. 19, 2018

There was limited negotiated cash fed cattle trade Thursday with light to moderate demand in all major cattle feeding regions, but too few transactions to trend in any region. So far this week, trade has been at $109-$111/cwt. on a live basis in Nebraska and the western Corn Belt, with dressed sales in those regions at $174.

Cattle futures closed mostly narrowly mixed Thursday.

Other than 15¢ higher in spot Oct, Live Cattle futures closed an average of 17¢ lower.

Feeder Cattle futures closed mixed but mostly higher. The front two contracts were an average of $1.12 higher and then 7¢ lower to 35¢ higher across the rest of the board.

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

Choice boxed beef cutout value was $2.26 higher Thursday afternoon at $206.82/cwt. Select was $1.16 higher at $192.35.

October 18th, 2018|

Cattle Current Podcast-Oct. 18, 2018

Negotiated cash fed cattle trade picked up in the North Wednesday with moderate demand and slow to moderate trade. Live prices were steady to $2 lower in Nebraska at $109-$111/cwt., and steady to $1 higher in the western Corn Belt at $109-$110. Dressed trade was steady in Nebraska at $174; steady to $1 lower in the western Corn Belt at $173-$174.

There were 1,103 head offered in the weekly Fed Cattle Exchange Auction, but no takers.

Cattle futures softened Wednesday, led by Feeder Cattle.

Other than 27¢ higher in spot Oct, Live Cattle futures closed an average of 31¢ lower.

Other than 5¢ higher in spot Oct, Feeder Cattle futures closed an average of 67¢ lower.

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

Choice boxed beef cutout value was 5¢ lower Wednesday afternoon at $204.56/cwt. Select was $1.36 lower at $191.19.

October 17th, 2018|

Cattle Current Podcast-Oct. 17, 2018

Cattle futures closed mostly lower Tuesday, buoyed by support late in the day, but amid limited trade and interest overall.

Except for 12¢ and 10¢ higher, in near Feb and Apr, respectively, Live Cattle futures closed an average of 30¢ lower.

Feeder Cattle futures closed an average of 63¢ lower.

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

Choice boxed beef cutout value was 19¢ lower Tuesday afternoon at $204.61/cwt. Select was 66¢ higher at $192.55.

October 16th, 2018|

Cattle Current Podcast-Oct. 16, 2018

Sharply higher wholesale Choice beef cutout values helped boost Live Cattle futures Monday. That provided support to Feeder Cattle, after follow-through pressure tied in part to higher gain prices.

Live Cattle futures closed an average of 95¢ higher (55¢ higher to $1.80 higher in near Dec).

Feeder Cattle futures closed an average of 70¢ higher.

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

Choice boxed beef cutout value was $2.09 higher Monday afternoon at $204.80/cwt. Select was 39¢ lower at $191.89.

October 15th, 2018|

Cattle Current Podcast-Oct. 15, 2018

Negotiated cash fed cattle trade for the week was mainly steady to weak with live sales at $111/cwt. in the Northern and Southern Plains; mostly $2 lower in the western Corn Belt at $108. Dressed sales were $1 lower at $174.

Firming grain prices helped pressure Feeder Cattle futures sharply lower Friday. In turn, Live Cattle closed lower to a much lesser degree.

Live Cattle futures closed an average of 55¢ lower.

Feeder Cattle futures closed an average of $1.63 lower ($1.27 to $2.12 lower).

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

Choice boxed beef cutout value was 20¢ higher Friday afternoon at $202.71/cwt. Select was 21¢ lower at $192.28.

October 14th, 2018|

Cattle Current Podcast-Oct. 12, 2018

Negotiated cash fed cattle trade was steady in the Southern Plains Thursday at $111/cwt. It was steady to weak in the North at $108 in the western Corn Belt, $110.50-$111.50 in Nebraska and $111 in Colorado. Dressed trade was steady to $1 lower at $174.

Other than some support at the front of the board, Cattle futures continued to trend lower Thursday.

Except for 55¢ and 30¢ higher in the front two contracts, Live Cattle futures closed an average of 15¢ lower.

Except for 82¢ higher and 57¢ higher in the front two contracts, Feeder Cattle futures closed an average of 60¢ lower.

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

Choice boxed beef cutout value was 40¢ higher Thursday afternoon at $202.51/cwt. Select was 72¢ higher at $192.49.

October 11th, 2018|

Cattle Current Podcast-Oct. 11, 2018

Negotiated cash fed cattle trade remained mostly undeveloped through Wednesday afternoon.

There were a few early dressed sales in the western Corn Belt for steady to $1 lower than last week at $174/cwt. A few live sales there were at $109-$111, but too few to trend.

There were 1,246 head offered in the weekly Fed Cattle Exchange auction Wednesday, and no sales.

A steep plunge on Wall Street helped pressure Cattle futures lower Wednesday.

Live Cattle futures closed an average of 60¢ lower (32¢ to $1.27 lower in spot Oct).

Feeder Cattle futures closed an average of $1.16 lower.

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

Choice boxed beef cutout value was 74¢ lower Wednesday afternoon at $202.11/cwt. Select was 95¢ lower at $191.77.

October 10th, 2018|

Cattle Current Podcast-Oct. 10, 2018

Cattle futures softened Tuesday as wholesale beef values continue to languish ahead of the expected seasonal uptick.

Live Cattle futures closed an average of 69¢ lower.

Feeder Cattle futures closed an average of $1.02 lower.

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

Choice boxed beef cutout value was 36¢ lower Tuesday afternoon at $202.85/cwt. Select was 91¢ higher at $192.72.

October 9th, 2018|

Cattle Current Podcast-Oct 9, 2018

Negotiated cash fed cattle trade last week was mainly steady at $110-$112/cwt. on a live basis and at $174-$175 in the beef.

Despite continued early pressure in equity markets—tied to worries about rising interest rates—Cattle futures managed to eke out gains to start the week.

Other than 2¢ lower in the back contract, Live Cattle futures closed an average of 24¢ higher.

Except for 10¢ lower in spot Oct and unchanged in the back contract, Feeder Cattle futures closed an average of 19¢ higher.

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

Choice boxed beef cutout value was 4¢ lower Monday afternoon at $203.21/cwt. Select was 7¢ lower at $191.81.

October 8th, 2018|

Cattle Current Podcast-Oct. 8, 2018

Negotiated cash fed cattle trade was mainly steady through late Friday afternoon at $110-$112/cwt. on a live basis and at $174-$175 in the beef. Trade remained undeveloped in the Southern Plains.

Steady cash and surging Lean Hog futures helped cap pressure in Cattle futures.

Other than narrowly mixed through the front four contracts, Live Cattle futures closed an average of 36¢ higher.

Except for 12¢ lower in Jan, Feeder Cattle futures closed an average of 45¢ higher.

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

Choice boxed beef cutout value was 61¢ lower Friday afternoon at $203.25/cwt. Select was 24¢ lower at $191.74.

October 7th, 2018|

Cattle Current Daily-Oct. 5, 2018

Lower outside markets helped push Feeder Cattle futures lower Thursday; mixed for Live Cattle. However, futures closed off of session lows, helped along by increasing odds that negotiated cash fed cattle prices will be steady to higher this week.

Although trade remained undeveloped through late Thursday afternoon, and there were too few to trend, some early dressed sales in Nebraska traded at $175/cwt., which was $1 higher than the bulk of last week’s trade.

Live Cattle futures closed narrowly mixed (30¢ lower to 42¢ higher).

Feeder Cattle futures closed an average of 85¢ lower.

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

Choice boxed beef cutout value was 56¢ lower Thursday afternoon at $203.86/cwt. Select was 32¢ lower at $191.98.

October 4th, 2018|

Cattle Current Podcast-Oct. 4, 2018

Negotiated cash fed cattle trade remained undeveloped through Wednesday afternoon.

There were 358 head offered in the weekly Fed Cattle Exchange Auction: no sales  but one P.O. at $111/cwt.

Cattle futures closed lower Wednesday on apparent technical correction, profit taking and an overall lack of interest, but remained narrowly mixed week to week.

Live Cattle futures closed an average of 78¢ lower (47¢ to $1.07 lower).

Feeder Cattle futures closed an average of 94¢ lower.

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

Choice boxed beef cutout value was 47¢ lower Wednesday afternoon at $204.42/cwt. Select was $1.68 lower at $192.30.

October 3rd, 2018|

Cattle Current Podcast-Oct. 3, 2018

After some early pressure, Cattle futures firmed and closed a touch higher Tuesday.

Except for 12¢ lower in the back contract, Live Cattle futures closed an average of 29¢ higher.

Feeder Cattle futures closed an average of 60¢ higher.

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

Choice boxed beef cutout value was 19¢ lower Tuesday afternoon at $204.89/cwt. Select was 65¢ lower at $193.98.

October 2nd, 2018|

Cattle Current Podcast-Oct. 2, 2018

News that Canada will join the U.S. and Mexico and a new North American trade agreement—the United States-Mexico-Canada Agreement (USMCA)— fueled optimism in commodity and equity markets to start the week.

Between the news, firmer wholesale beef values and last week’s steady negotiated cash fed cattle trade, Cattle futures moved higher.

Live Cattle futures closed an average of 34¢ higher.

Feeder Cattle futures closed an average of $1.24 higher (47¢ to $1.52 higher).

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

Choice boxed beef cutout value was $1.20 higher Monday afternoon at $205.08/cwt. Select was $1.19 higher at $194.63.

October 1st, 2018|

Cattle Current Podcast-Oct. 1, 2018

Negotiated cash fed cattle trade was mainly steady with the previous week at $110-$111/cwt. on a live basis and mostly $174 in the beef.

Cattle futures closed little changed Friday but mostly to the upside.

Live Cattle futures closed an average of 20¢ higher.

Except for 95¢ lower in newly minted away Sep, Feeder Cattle futures closed an average of 59¢ higher.

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

Choice boxed beef cutout value was 83¢ lower Friday afternoon at $203.88/cwt. Select was 88¢ higher at $193.44.

September 30th, 2018|

Cattle Current Podcast-Sept. 28, 2018

Dressed beef sales trended $1 lower in Nebraska and the western Corn Belt through Thursday afternoon at $174/cwt. Live sales in those regions thus far are near steady to steady at $110.00-$110.50.

Cattle futures recovered from the worst of the early pressure Thursday, closing lower but still within the recently established higher, narrow channel.

Other than 12¢ higher at the back of the board, Live Cattle futures closed an average of 26¢ lower.

Other than 25¢ higher in expiring Sep, Feeder Cattle futures closed an average of 60¢ lower, amid extremely light trade.

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

Choice boxed beef cutout value was 14¢ lower Thursday afternoon at $204.71/cwt. Select was 39¢ lower at $192.56.

September 27th, 2018|

Cattle Current Podcast-Sept. 27, 2018

There were only 242 head offered and no takers in the weekly Fed Cattle Exchange auction.

Cattle futures continued to firm Wednesday, closing higher on reportedly increased commercial interest.

Live Cattle futures closed an average of $1.39 higher through the front four contracts and then an average of 74¢ higher.

Feeder Cattle futures closed an average of $1.28 higher (42¢ to $1.82 higher).

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

Choice boxed beef cutout value was 88¢ lower Wednesday afternoon at $204.85/cwt. Select was $1.92 lower at $192.95.

September 26th, 2018|

Cattle Current Podcast-Sept. 26, 2018

Negotiated cash fed cattle trade was light on light to moderate demand in Nebraska and the western Corn Belt through Tuesday afternoon. There were a few live trades in both regions at $110.50/cwt.—steady with last week—but too few to trend.

Live Cattle futures closed an average of 14¢ higher.

Feeder Cattle futures closed an average of 24¢ higher.

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

Choice boxed beef cutout value was 43¢ lower Tuesday afternoon at $205.73/cwt. Select was 52¢ lower at $194.87.

September 25th, 2018|

Cattle Current Podcast-Sept.25, 2018

Negotiated cash fed cattle trade ended up being steady to $1 lower last week at $110-$111/cwt. on a live basis and mostly $175 in the beef.

Higher feedlot placements in August weighed on Cattle futures Monday.

Except for 15¢ lower in the back contract, Live Cattle futures closed an average of 79¢ lower (42¢ to $1.45 lower).

Except for 50¢ lower in the front contract, Feeder Cattle futures closed an average of $1.19 lower (75¢ to $1.87 lower).

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

Choice boxed beef cutout value was $1.36 higher Monday afternoon at $206.16/cwt. Select was 68¢ higher at $195.39.

September 24th, 2018|

Cattle Current Podcast-Sept. 24, 2018

Other than Nebraska, negotiated cash fed cattle trade remained mostly undeveloped through late Friday afternoon. Live trades there were $1 lower than the previous week at $110-$110.50/cwt. Dressed trade was steady at $175.

Late Friday, the Texas Cattle Feeders Association reported its members trading cattle at steady money of $111.

Cattle futures firmed on Friday with apparent positioning ahead of the monthly Cattle on Feed report (see below).

Except for 5¢ higher in the back contract, Live Cattle futures closed an average of 51¢ higher.

Feeder Cattle futures closed an average of 87¢ higher across the front half of the board, and then an average of 10¢ higher.

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

Choice boxed beef cutout value was 28¢ higher Friday afternoon at $204.80/cwt. Select was 20¢ lower at $194.71.

September 23rd, 2018|

Cattle Current Podcast-Sept. 21, 2018

Negotiated cash fed cattle trade was slow on light to moderate demand in Nebraska through Thursday afternoon, with a few dressed trades at $175/cwt.; steady with last week, but too few to trend.

Early support faded in Cattle futures Thursday, ending with a mainly narrowly mixed to narrowly lower close.

Except for 65¢ lower in spot Oct, Live Cattle futures closed narrowly mixed, from 2¢ to 25¢ lower across the front half of the board, then 5¢ to 15¢ higher the rest of the way.

Other than 15¢ higher in spot Sep, Feeder Cattle futures closed an average of 29¢ lower, with most pressure in the front contracts.

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

Choice boxed beef cutout value was 27¢ higher Thursday afternoon at $204.52/cwt. Select was 73¢ higher at $194.91.

September 21st, 2018|

Cattle Current Podcast-Sept. 20, 2018

Negotiated cash fed cattle trade remained undeveloped through Wednesday afternoon. Depending on the snugness of packer inventories, odds appear to favor at least steady money.

There were only 528 head offered in the weekly Fed Cattle Exchange auction. No takers.

Cattle futures continued to putter along, holding on to most of last week’s gains, closing narrowly mixed to a touch lower and awaiting cash direction.

Live Cattle futures closed unchanged to an average of 10¢ lower.

Feeder Cattle futures closed from 42¢ lower to 50¢ higher.

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

Choice boxed beef cutout value was $1.04 lower Wednesday afternoon at $204.25/cwt. Select was $1.29 lower at $194.18.

September 19th, 2018|

Cattle Current Podcast-Sept. 19, 2018

Live Cattle futures meandered to a narrowly lower close Tuesday, with pressure and support apparently capped by strong trader interest in surging Lean Hog futures. Feeder Cattle closed lower on light trade, across a wide range.

Live Cattle futures closed an average of 29¢ lower.

Feeder Cattle futures closed an average of 80¢ lower, (7¢ lower in the back contract to $1.50 lower in spot Sep).

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

 

Choice boxed beef cutout value was 75¢ lower Tuesday afternoon at $205.29/cwt. Select was $1.91 lower at $195.47.

September 18th, 2018|

Cattle Current Podcast-Sept. 18. 2018

The late-week surge in Cattle futures ultimately helped negotiated cash fed cattle prices take a strong step higher. Live sales were mainly $3-$4 higher at $110.00-$111.50/cwt. Dressed trade was $2-$5 higher at $172-$175.

Cattle futures mostly held on to Friday’s strong gains, closing narrowly mixed to mostly a touch higher.

Live Cattle futures closed narrowly mixed (37¢ lower to 40¢ higher), with the most open interest since July.

After 10¢ higher in spot Sep, Feeder Cattle futures closed an average of 46¢ higher, except for unchanged to 37¢ lower in the back three contracts.

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

Choice boxed beef cutout value was $1.77 higher Monday afternoon at $206.04/cwt. Select was 91¢ higher at $197.38.

September 17th, 2018|

Cattle Current Podcast-Sept. 17, 2018

Cattle feeders and beef packers continued their weekly standoff through late Friday afternoon, based on USDA reports. However, the strong rally in Cattle futures had most betting for higher fed prices when all was said and done.

In fact, Live Cattle futures for spot Oct closed at the highest level since March, finally breaking out of the month’s long, sideways trend. That dragged the rest of the complex higher.

There didn’t seem to be a simple explanation for the surge in futures prices. Looking beyond the third quarter, supply fundamentals improve, of course. There was also chatter that some of the spark came from reports that more Foot and Mouth Disease had been confirmed in a Chinese cattle herd.

Except for 60¢ and 37¢ higher in the back two contracts, Live Cattle futures closed an average of $1.93 higher ($1.12 higher to $3.00 higher in spot Oct).

Feeder Cattle futures closed an average of $2.58 higher ($1.77 to $3.47 higher).

“This week’s price movement is working against the seasonal tendency of calf prices as are feeder cattle futures contracts,” says Andrew P. Griffith, agricultural economist at the University of Tennessee, in his weekly market comments. “The calf and feeder cattle market have remained strong through the late summer months and the futures market is suggesting continued strength while seasonal price trends would suggest lower prices. Prices are strong now with most of the price risk being to the downside.”

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

Choice boxed beef cutout value was 23¢ higher Friday afternoon at $204.27/cwt. Select was 77¢ lower at $196.47.

September 16th, 2018|

Cattle Current Podcast-Sept. 14, 2018

Negotiated cash fed cattle trade remained undeveloped through Thursday afternoon, with most indications for at least steady money this week.

Although there was pressure early in the session, Cattle futures closed mostly narrowly mixed in the Live pit and a touch higher for Feeder Cattle.

After 67¢ and 12¢ lower in the front two contracts, Live Cattle futures closed an average of 26¢ higher, except for 10¢ lower in away Dec.

Feeder Cattle futures closed an average of 51¢ higher.

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

Choice boxed beef cutout value was 75¢ lower Thursday afternoon at $204.04/cwt. Select was 3¢ lower at $197.24.

September 13th, 2018|

Cattle Current Podcast-Sept. 13, 2018

Negotiated cash fed cattle trade remained undeveloped Wednesday, though auctions began providing some indicators, albeit mixed.

For instance, Ch 2-4 steers brought $109.74 to $110.00 on a jag of 205 head. But,

Ch 2-3 steers brought $106-$109 at Sioux Falls Regional Livestock in South Dakota.

Only 444 head were offered in the weekly Fed Cattle Exchange auction Wednesday, with no takers. There were three lots passed out at $108.00-$108.25/cwt.

Cattle futures took a strong step higher Wednesday. Lower grain prices—tied to the World Agricultural Supply and Demand Estimates—helped lift Feeder Cattle, dragging Live Cattle along.

Live Cattle futures closed an average of $1.14 higher (85¢ to $2.17 higher in spot Oct).

Feeder Cattle futures closed an average of $2.00 higher ($1.32 to $2.57 higher).

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

Choice boxed beef cutout value was $1.28 lower Wednesday afternoon at $204.79/cwt. Select was $1.04 lower at $197.27.

September 12th, 2018|

Cattle Current Podcast-Sept. 12, 2018

Cattle futures closed slightly lower to mixed Tuesday, amid limited trade and a lack of cash direction.

Except for unchanged in Apr, Live Cattle futures closed an average of 43¢ lower.

Feeder Cattle futures closed narrowly mixed, 45¢ lower to 22¢ higher.

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

Choice boxed beef cutout value was 23¢ lower Tuesday afternoon at $206.07/cwt. Select was 62¢ lower at $198.31.

September 11th, 2018|

Cattle Current Podcast-Sept. 11, 2018

When the final counting was done last week, negotiated cash fed cattle prices were steady to $1 higher at mostly $107-$108/cwt. on a live basis and at $170 in the beef.

Those steady to higher prices helped Live Cattle futures firm on Monday, while Feeder Cattle closed narrowly mixed.

Except for unchanged in near Dec, Live Cattle futures closed an average of 32¢ higher.

Feeder Cattle futures closed narrowly mixed, 45¢ lower to 22¢ higher.

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

Choice boxed beef cutout value was 26¢ lower Monday afternoon at $206.30/cwt. Select was $1.84 higher at $198.93.

September 10th, 2018|

Cattle Current Podcast-Sept. 10, 2018

Negotiated cash fed cattle trade ended last week generally steady with the previous week, with live sales at mostly $107/cwt. and dressed sales at $170.

Cattle futures closed higher, led by Feeder Cattle. There was some chatter about part of the support coming from traders expecting African Swine Fever in China to support the hog market and beef by extension (see below).

Live Cattle futures closed an average of 53¢ higher (15¢ to $1.05 higher in spot Oct).

Other than unchanged and 17¢ higher at the back of the board, Feeder Cattle futures closed an average of $1.06 higher.

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

Choice boxed beef cutout value was $2.19 lower Friday afternoon at $206.56/cwt. Select was 74¢ lower at $197.09.

September 9th, 2018|

Cattle Current Podcast-Sept. 7, 2018

Negotiated cash fed cattle trade remained undeveloped through late Thursday afternoon. There was some light trade on light to moderate demand in the western Corn Belt. Though too few transactions to trend, early live sales were $1 higher than last week’s low price in the region at $107.00-$108.50/cwt. Early dressed sales were steady to $2 higher at $170.

Limited trade and pressure on wholesale beef values helped hold Cattle futures in check Thursday, narrowly mixed and range-bound.

Other than 15¢ and 2¢ lower in the front two contracts, Live Cattle futures closed unchanged to 20¢ higher.

Other than unchanged and 5¢ higher in the front two contracts, Feeder Cattle futures closed 15¢ to 32¢ lower.

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

Choice boxed beef cutout value was $1.65 lower Thursday afternoon at $208.75/cwt. Select was $3.08 lower at $197.83.

September 6th, 2018|

Cattle Current Podcast-Sept. 6, 2018

Odds are improving for at least steady cash fed cattle prices this week.

For instance, Choice 2-4 steers sold $1 higher at Sioux Falls Regional in South Dakota at $106-$108/cwt.

There were 512 head offered in the weekly Fed Cattle Exchange auction and no takers. One lot of Kansas heifers was passed out at $106.

In the country, trade was very limited on light to moderate demand in Nebraska and the western Corn Belt through Wednesday afternoon. There were a few early dressed sales at $170/cwt.—too few to trend—which was steady with last week.

Despite light trade and early pressure, notions of firm to higher cash bids for fed cattle helped Feeder Cattle futures close mostly higher; mostly narrowly mixed for Live Cattle.

Other than an average of 74¢ lower in the front two contracts, Live Cattle futures closed narrowly mixed, 15¢ lower to 7¢ higher.

Other than unchanged and 35¢ lower at the front of the board, Feeder Cattle futures closed an average of 50¢ higher (7¢ to 92¢ higher).

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

Choice boxed beef cutout value was 42¢ lower Wednesday afternoon at $210.40/cwt. Select was $1.30 lower at $200.91.

September 5th, 2018|

Cattle Current Podcast-Sept. 5, 2018

Negotiated cash fed cattle traded ended up generally $2.00 to $2.50 lower on a live basis last week at mostly $107 (range of $106.00 to $108.50). Dressed trade was $3-$4 lower at $170.

Despite softer cash prices, Cattle futures gained strength Monday, surprising more than a few folks. Support likely included firming wholesale beef values and opening the books on a new month.

Live Cattle futures closed an average of $1.20 higher.

Feeder Cattle futures closed an average of $2.09 higher ($1.62 to $2.70 higher).

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

Choice boxed beef cutout value was $1.13 higher Monday afternoon at $210.82/cwt. Select was 94¢ higher at $202.21.

September 4th, 2018|

Cattle Current Podcast-Sept. 3-4, 2018

Negotiated cash fed cattle trade remained undeveloped through Friday afternoon, with too few transactions to trend on limited trade and light demand up north—a standstill in Colorado and the Texas Panhandle. There were a few early live sales reported in the western Corn Belt Thursday at $106.00-$108.50/cwt.; a few early dressed sales at $170.

Cattle futures softened Friday, pressured by lower wholesale beef values and thoughts that negotiated cash fed cattle prices could lose ground.

However, Monday’s strong surge—due in part to the announced trade pact between the U.S. and Mexico—was enough to boost Cattle futures slightly higher week to week.

Other than $3 lower in expiring spot Aug, Live Cattle futures closed an average of 34¢ lower.

Feeder Cattle futures closed an average of $1.23 lower.

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

Choice boxed beef cutout value was $2.04 lower Friday afternoon at $209.69/cwt. Select was 94¢ lower at $201.27.

September 2nd, 2018|

Cattle Current Podcast-Aug. 31, 2018

Though too few to trend, early live sales in the western Corn Belt so far this week are at $106.00-$108.50/cwt. with early dressed sales at $170. Prices in that region last week were at $108-$109 and $172-$174, respectively.

Although indications pointed toward lower cash fed cattle prices, Cattle futures firmed on Thursday as traders prepare for the end of the week and month.

Live Cattle futures closed an average of 64¢ higher.

Except for 15¢ lower in expiring spot Aug, Feeder Cattle futures closed an average of 79¢ higher.

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

Choice boxed beef cutout value was 95¢ lower Thursday afternoon at $211.73/cwt. Select was $1.34 lower at $202.21.

August 30th, 2018|

Cattle Current Podcast-Aug. 30, 2018

If fat cattle auctions are any indication, negotiated cash fed cattle prices are shaping up to be lower this week.

For instance, fed steers and heifers traded $2-$3 lower at Sioux Falls Regional in South Dakota where Ch 2-4 steers brought $105.60-$107.25/cwt.

Likewise, Choice steers were $2.00-$2.25 lower at Tama, IA, bringing $107.25-$108.36

There were 751 head offered in the weekly Fed Cattle Exchange auction Wednesday, but no takers.

Cattle futures were lightly traded again Wednesday, closing mostly narrowly mixed, with no apparent impact from the USDA announcement about a confirmed case of atypical BSE. It was found in a 6-year-old mixed-breed beef cow in Florida. The animal never entered slaughter channels and never presented a risk to the food supply, or to human health in the United States. Atypical BSE generally occurs in older cattle, usually 8 years of age or older. It seems to arise rarely and spontaneously in all cattle populations.

Except for $1.37 higher in nearly spent spot Aug, Live Cattle futures closed an average of 19¢ higher across the front half of the board and then an average of 26¢ lower.

Feeder Cattle futures closed an average of 17¢ lower across the front half of the board, and then an average of 84¢ lower.

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

Choice boxed beef cutout value was 28¢ higher Wednesday afternoon at $212.68/cwt. Select was 73¢ lower at $203.55.

August 29th, 2018|

Cattle Current Podcast-Aug. 29, 2018

Cattle futures broke hard from the outset Tuesday, following the previous session’s strong rally. Apparent short covering by the end lifted futures well off of session lows. Overall, it was the same continued light trade and lack of open interest mired in a months-old range.

Live Cattle futures closed an average of 70¢ lower (40¢ to $1.05 lower).

Feeder Cattle futures closed an average of 88¢ lower.

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

Choice boxed beef cutout value was $1.10 lower Tuesday afternoon at $212.53/cwt. Select was 44¢ lower at $204.41.

August 28th, 2018|

Cattle Current Podcast-Aug. 28, 2018

Logic suggested follow-through selling in Cattle futures to start the week, given Friday’s Cattle on Feed report showing about 2% more feedlot placement in July than expected. Instead, they roared higher, helped along by news that the U.S. and Mexico reach a new trade agreement.

Besides which, Derrell Peel, Extension livestock marketing specialist at Oklahoma State University points out in his weekly market comments, feedlots remain current in marketing, despite the increased cattle numbers.

Live Cattle futures closed an average of $2.04 higher (95¢ to $2.60 higher).

Feeder Cattle futures closed an average of $2.58 higher ($1.02 to $3.60 higher).

The weighted average fed steer price (5-area Direct) was $1.22 lower last week on a live basis at $108.77/cwt. It was 32¢ lower in the beef at $172.94.

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

Choice boxed beef cutout value was 31¢ higher Monday afternoon at $213.63/cwt. Select was $1.03 higher at $204.85.

August 27th, 2018|

Cattle Current Podcast-Aug. 27, 2018

Negotiated cash fed cattle trade was $1-$2 lower last week at $108/cwt. (western Corn Belt) to $109.50. Dressed trade was steady to $2 lower at $171-$174.

Softer cash fed cattle prices, the lack of open interest and anxiety about Friday’s monthly Cattle on Feed report (see below) pressured Cattle futures sharply lower to end the week.

Except for 57¢ and 7¢ lower in the back two contracts, Live Cattle futures closed an average of $1.51 lower.

Except for 17¢ higher in soon-spent spot Aug and 95¢ lower in the back contract, Feeder Cattle futures closed an average of $1.71 lower.

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

Choice boxed beef cutout value was $1.05 lower Thursday afternoon at $213.32/cwt. Select was 17¢ lower at $203.82.

August 25th, 2018|

Cattle Current Podcast-Aug. 24, 2018

At $109/cwt. Thursday, negotiated cash fed cattle trade in the Southern Plains was $1.50 lower than the previous week, amid moderate trade and light to moderate demand. Live trade in other regions this week was generally steady to $1 lower at $108-$110, but mostly $109.00-$109.50. Dressed sales were steady to $1 either side of even at $172-$174.

Cattle futures closed narrowly mixed to lower Thursday, pressured by softer cash prices and perhaps some positioning ahead of Friday’s monthly Cattle on Feed report. Trade continued sluggish and open interest continued to decline.

Live Cattle futures closed an average of 35¢ lower.

Feeder Cattle futures closed 25¢ lower to 32¢ higher.

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

Choice boxed beef cutout value was 33¢ higher Thursday afternoon at $214.37/cwt. Select was 2¢ higher at $203.99.

August 23rd, 2018|

Cattle Current Podcast-Aug. 23, 2018

There were only 359 head offered—two lots of Kansas heifers—in the weekly Fed Cattle Exchange Auction, but 280 head sold for a weighted average price of $109.50 (delivery at 1-9 days). That’s 50¢ lower than most of the country trade in the region last week.

“Packers are buying cattle in the country at $109.00-$109.50 and were not willing to push any higher than that at the auction,” said the AMS reporter on hand at Sioux Falls Regional Livestock in South Dakota. Choice 2-4 steers brought $108-$109.25 at the auction with estimated dressed cost of $173-$175, some to $176.

Likewise, Ch 2-4 steers brought $109.41-$110.44 at Tama Livestock Auction in Iowa.

Though too few to trend, USDA reported country trade in the region at $108-$110, which was steady to $1 lower than the previous week. Trade in the Northern Plains continued 50¢ to $1.00 lower at $109.00-$109.50.

Although closing above session lows, Cattle futures sagged lower from the outset Wednesday. Commodities had a rough day, in general. Some chalked pressure up to lower outside markets and uncertainty surrounding trade. Others suspect it was mostly algo-trading in the driver’s seat.

Live Cattle futures closed an average of $1.25 lower (67¢ to $1.57 lower).

Except for 47¢ lower in spot Aug, Feeder Cattle futures closed an average of $2.03 lower.

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

Choice boxed beef cutout value was 47¢ higher Wednesday afternoon at $214.04/cwt. Select was 11¢ lower at $203.97.

August 22nd, 2018|

Cattle Current Podcast-Aug. 22, 2018

Cattle futures closed narrowly mixed to slightly lower Tuesday amid sluggish action and participation as the trade awaits direction from the cash market.

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

Choice boxed beef cutout value was 41¢ lower Tuesday afternoon at $213.57/cwt. Select was $1.79 higher at $204.08.

Except for 2¢ to 20¢ higher in the front three contracts, Live Cattle futures closed an average of 28¢ lower.

Feeder Cattle futures closed an average of 39¢ lower.

August 21st, 2018|

Cattle Current Podcast-Aug. 21, 2018

Negotiated cash fed cattle trade ended up mostly 50¢ to $1 lower last week at mostly $110/cwt. Dressed sales were $1-$3 lower at mostly $173. The weekly 5-area fed steer price was $1.07 lower week to week on Monday at $109.91 live.

Cattle futures edged lower, but firmed after early-session pressure from last week’s softer cash fed cattle prices. Support included sharply higher wholesale beef prices, reaching their highest levels since June.

Choice boxed beef cutout value was $2.60 higher Monday afternoon at $213.98/cwt. Select was $1.37 higher at $202.29.

Except for unchanged to 7¢ higher in the middle of the board, Live Cattle futures closed an average of 21¢ lower.

Except for 2¢ higher in the back contract, Feeder Cattle futures closed an average of 44¢ lower (5¢ lower to $1.32 lower).

 

August 20th, 2018|

Cattle Current Podcast-Aug. 20, 2018

Negotiated cash fed cattle sales were at $109.00-$110.50/cwt. in Nebraska through Friday afternoon. That was steady to $2 less than previous week. Dressed trade was at mostly $173, which was $2 less than the prior week. Elsewhere, trade remained undeveloped for the week, based on USDA reports.

Despite that, Cattle futures gained ground, supported by extended gains in Lean Hog futures and strengthening wholesale beef values.

Live Cattle futures closed an average of 97¢ higher (47¢ higher at the back of the board to $1.60 higher in near Oct).

Feeder Cattle futures closed an average of $1.13 higher (67¢ higher to $1.70 higher).

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

Choice boxed beef cutout value was $2.28 higher Friday afternoon at $211.38/cwt. Select was 54¢ lower at $200.92.

August 18th, 2018|

Cattle Current Podcast-Aug. 17, 2018

Cattle futures edged higher again Thursday, with even lighter trade and less open interest than in the previous session. Support for the day included Lean Hog futures—limit up in the front months, on possible resumption of trade talks with China.

Except for unchanged in spot Aug and 17¢ lower in the back contract, Live Cattle futures closed an average of 37¢ higher.

Feeder Cattle futures closed an average of 68¢ higher (7¢ higher at the back of the board to $1.22 higher in spot Aug).

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

Choice boxed beef cutout value was 85¢ lower Thursday afternoon at $209.10/cwt. Select was 85¢ higher at $201.46.

August 16th, 2018|

Cattle Current Podcast-Aug. 16, 2018

Choice 2-4 steers brought $112.16 to $112.83/cwt. at Tama Iowa Wednesday. At Sioux Falls Regional in South Dakota, however, they sold steady to $1 lower than the previous week at $108.50-$109.50. That was the upper end of the range paid a day earlier in Nebraska on light trade.

There were 488 head offered in the weekly Fed Cattle Exchange Auction—none sold.

Cattle futures edged higher Wednesday, amid extremely light trade and declining open interest—range-bound with no conviction one way or the other.

Live Cattle futures closed an average of 29¢ higher.

Feeder Cattle futures closed an average of 45¢ higher.

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

Choice boxed beef cutout value was 31¢ higher Wednesday afternoon at $209.95/cwt. Select was 66¢ lower at $200.61.

August 15th, 2018|

Cattle Current Podcast-Aug. 15, 2018

Live Cattle futures closed a touch higher Tuesday, supported by stronger wholesale beef values. Feeder Cattle futures mostly leaked lower, perhaps helped along by the surge in grain markets. However, trade was extremely light in both pits.

Live Cattle futures closed an average of 36¢ higher.

Except for an average of 25¢ higher in the front two contracts, Feeder Cattle futures closed an average of 32¢ lower (5¢ to 80¢ lower).

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

Choice boxed beef cutout value was $1.21 higher Tuesday afternoon at $209.64/cwt. Select was $1.61 higher at $201.27.

August 14th, 2018|

Cattle Current Podcast-Aug. 14, 2018

Last week’s 5-area direct fed steer price was $2.00 lower on a live basis at $110.98/cwt. and $2.23 lower dressed at $175.73.

Softer cash prices helped pressure Cattle futures closed lower Monday, especially nearby contracts, while stronger wholesale beef values offered support.

Live Cattle futures closed an average of $1.08 lower through the front three contracts and then an average of 48¢ lower.

Feeder Cattle futures closed an average of $1.16 lower in the front two contracts and then an average of 43¢ lower.

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

Choice boxed beef cutout value was $1.82 higher Monday afternoon at $208.43/cwt. Select was $1.89 higher at $199.66.

August 13th, 2018|

Cattle Current Podcast-Aug. 13, 2018

Negotiated cash fed prices were mainly $2-$3 lower last week on a live basis at mostly $110-$111/cwt. Dressed prices were generally $3-$4 lower at $174-$176.

Cattle futures steadied Friday, helped along by light trade volume and sharply lower cash grain prices, tied to the monthly World Agricultural Supply and Demand Estimates.

Live Cattle futures closed narrowly mixed (12¢ lower to 20¢ higher).

Except for unchanged in Jan, Feeder Cattle futures closed an average of 27¢ higher.

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

Choice boxed beef cutout value was 55¢ higher Friday afternoon at $206.61/cwt. Select was 32¢ lower at $197.77.

August 11th, 2018|

Cattle Current Podcast-Aug. 10, 2018

Apparently, negotiated cash fed cattle trade will continue the trend of recent weeks: move-ahead one week with strong volume and then retreat the next.

Fed cattle sold mainly $3-$4 lower on a dressed basis yesterday at $174-$175/cwt. in Nebraska and the western Corn Belt; a few up to $179 in both regions for the week. Live trade in the western Corn Belt was mostly $2 lower at $109-$112.

Cattle futures started out sharply lower, but were able to pare some of the losses by session’s end. The notion of lower cash prices could have been part of the pressure. Likewise, chatter about the unwinding of hog and cattle spreads may have played a role. More than anything, though, it had the feel of one of those piling-on algo-trading days.

Live Cattle futures closed an average of $1.69 lower through the front three contracts and then an average of 42¢ lower.

Feeder Cattle futures closed an average of $1.02 lower (72¢ to $1.30 lower).

August 9th, 2018|

Cattle Current Podcast-August 9, 2018

Only 464 head—four lots from Kansas—were offered in the weekly Fed Cattle Exchange Auction Wednesday. None sold, but two lots were passed out at $112/cwt.

Country trade remained undeveloped, although there were a handful of cash trades in Nebraska, but too few to trend. A few traded live at $112/cwt. and a few in the beef at $179.

After early follow-through pressure, especially for Feeder Cattle, Cattle futures firmed, closing mostly marginally higher.

Except for 25¢ and 27¢ lower in two contracts, Live Cattle futures closed an average of 10¢ higher.

Except for 12¢ lower in March, Feeder Cattle futures closed an average of 38¢ higher (5¢ to $1.02 higher).

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

Choice boxed beef cutout value was 24¢ higher Wednesday afternoon at $205.73/cwt. Select was 35¢ higher at $198.86.

August 8th, 2018|

Cattle Current Podcast-August 8, 2018

Cattle futures took a solid step lower Tuesday, led by Feeder Cattle, apparently mostly due to heavier trade and continued profit taking. However, prices at the close remained in the long-established, sideways channel.

Live Cattle futures closed an average of $1.07 lower (32¢ lower in spot Aug to $1.55 lower).

Feeder Cattle futures closed an average of $1.91 lower (62¢ to $3.12 lower).

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

Choice boxed beef cutout value was 19¢ lower Tuesday afternoon at $205.49/cwt. Select was 18¢ higher at $198.51.

August 7th, 2018|

Cattle Current Podcast-Aug. 7, 2018

When last week’s tally was complete, negotiated cash fed cattle trade was mostly $1-$2 higher at $112 to $114/cwt. Dressed trade was mostly steady to $4 higher at mostly $178.

Cattle futures were a touch lower Monday, presumably on profit taking and retrenching in light of recent strength, stronger cash prices and firmer wholesale beef values.

Except for unchanged in the back two contracts, Live Cattle futures closed an average of 28¢ lower.

Feeder Cattle futures closed an average of 83¢ lower (65¢ to $1.17 lower).

At $149.74, the CME Feeder Cattle Index closed at the highest level since January.

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

Choice boxed beef cutout value was 93¢ higher Monday afternoon at $205.68/cwt. Select was $1.24 higher at $198.33.

August 6th, 2018|

Cattle Current Podcast-Aug. 6, 2018

Weekly negotiated cash fed cattle trade was late again on Friday, but at prices reportedly $1-$2 higher than the previous week on a live basis at $113-$114/cwt. and as much as $4 high in the beef at $178.

Notions of stronger cash prices and technical buying helped Cattle futures close solidly higher.

Live Cattle futures closed an average of $1.29 higher (82¢ to $2.07 higher).

Feeder Cattle futures closed an average of $1.41 higher. 

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

Choice boxed beef cutout value was 95¢ higher Friday afternoon at $204.75/cwt. Select was 1¢ lower at $197.09.

August 6th, 2018|

Cattle Current Podcast-Aug. 3, 2018

Cattle futures pared the worst of the pressure Thursday…Pastureland and cropland values continue to rise, for the most part… Coming up on your Cattle Current Market Update with Wes Ishmael.

After follow-through support early in the session, continued erosion in Lean Hog futures, along with light trade and declining open interest, helped pressure Cattle futures Thursday, especially Feeder Cattle. Cattle futures did close well off of session lows.

Except for 2¢ higher in away Aug, Live Cattle futures closed an average of 16¢ lower.

Feeder Cattle futures closed an average of 56¢ lower across the front half of the board and then and average of 17¢ lower.

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

Choice boxed beef cutout value was 5¢ higher Thursday afternoon at $203.80/cwt. Select was 48¢ lower at $197.10.

August 2nd, 2018|

Cattle Current Podcast-Aug. 2, 2018

Following two-sided trade, notions of cash stability and apparent short covering helped Cattle futures rally sharply higher Wednesday. Softer grain prices further supported Feeder Cattle.

Cattle feeders offered 1,060 head in the weekly Fed Cattle Exchange Auction Wednesday—mostly from Kansas and Nebraska—and sold 851 head for a weighted average price of $110.00/cwt., all for delivery at 1-9 days. That price was about $2 less than last week’s country trade. However, prices paid at regional auctions—places like Tama, IA—were $3-$4 higher than that price on Ch 2-4 steers.

Live Cattle futures closed an average of $1.25 higher.

Feeder Cattle futures closed an average of $2.11 higher.

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

Choice boxed beef cutout value was 52¢ lower Wednesday afternoon at $203.75/cwt. Select was 80¢ lower at $197.58.

August 1st, 2018|

Cattle Current Podcast-Aug. 1, 2018

Feeder Cattle futures took another step lower Tuesday, presumably pressured mostly by surging grain prices (see below) and month-end positioning. Live Cattle followed along, to a lesser degree.

Except for 7¢ higher in away Aug, and unchanged in Feb and June, Live Cattle futures closed an average of 38¢ lower (5¢ to 75¢ lower).

Feeder Cattle futures closed an average of $1.76 lower through the front half of the board and then an average of 46¢ lower.

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

Choice boxed beef cutout value was 45¢ lower Tuesday afternoon at $204.27/cwt. Select was 40¢ higher at $198.38.

July 31st, 2018|

Cattle Current Podcast-July 31, 2018

Negotiated cash fed cattle trade ended last week mostly $1 lower on a live basis at $112/cwt. It was $2 lower in the western Corn Belt at $110. Dressed trade was $2-$4 lower at mostly $174-$178.

That helped dampen enthusiasm in Cattle futures Monday, with Feeder Cattle receiving extra pressure from the continued uptick in Corn prices.

Except for 15¢ higher in the back contract, Live Cattle futures closed an average of 46¢ lower.

Feeder Cattle futures closed an average of 86¢ lower.

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

Choice boxed beef cutout value was 42¢ lower Monday afternoon at $204.72/cwt. Select was 29¢ lower at $197.98.

July 30th, 2018|

Cattle Current Podcast-July 30, 2018

Cattle futures closed narrowly mixed on Friday. Support in the front months appeared to be a product of short covering and month-end position squaring, as much as anything. Pressure included uncertainty regarding the cash market, as well as the continued slide in Lean Hog futures, tied to trade disputes with China and Mexico.

Live Cattle futures closed an average of 58¢ higher in the front four contracts (5¢ higher to $1.10 higher), and then an average of 21¢ lower.

Except for 87¢ higher and 35¢ higher in the front two contracts, Feeder Cattle futures closed an average of 31¢ lower.

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

Choice boxed beef cutout value was 23¢ higher Friday afternoon at $205.14/cwt. Select was unchanged at $198.27.

July 28th, 2018|

Cattle Current Podcast-July 27, 2018

After support early, Cattle futures dropped hard Thursday before paring some of the loss. Technical selling, pushed into overdrive by algo trading could have been part of the slide. Some pointed to pressure on commodities, in general, stemming from fewer month-to-month exports of all U.S. goods in June and the widening trade deficit. The U.S. Commerce Department said yesterday that the nation’s international trade deficit was $3.6 billion more in June than May at $68.3 billion.

Live Cattle futures closed an average of $1.16 lower (97¢ higher to $1.40 lower).

Feeder Cattle futures closed an average of $1.42 lower ($1.17 to $1.60 lower).

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

Choice boxed beef cutout value was 27¢ higher Thursday afternoon at $204.91/cwt. Select was 69¢ higher at $198.27.

July 26th, 2018|

Cattle Current Podcast-July 26, 2018

There were 1,249 head offered in the weekly Fed Cattle Exchange Auction Wednesday. None were sold, but one lot of steers from Kansas was passed out at $111/cwt., which was $2 less than last week’s price in the Southern Plains. Likewise, there was too little country trade to establish a market.

Cattle futures traded on both sides of even Wednesday, amid light trade and little direction. Other than spot Live Cattle, most contracts in both pits meandered to marginal gains or losses.

Except for unchanged in Feb, Live Cattle futures closed an average of 38¢ higher (15¢ higher to 97¢ higher in spot Aug).

Except for 7¢ higher in spot Aug and 2¢ higher in Jan, Feeder Cattle futures closed an average of 10¢ lower.

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

Choice boxed beef cutout value was 1¢ lower Wednesday afternoon at $204.64/cwt. Select was 37¢ lower at $197.58.

July 25th, 2018|

Cattle Current Podcast-July 25, 2018

Cattle futures edged lower Tuesday, apparently pressured more by technical selling and rally fatigue than anything else.

Live Cattle futures closed an average of 33¢ lower.

Feeder Cattle futures closed an average of 49¢ lower.

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

Choice boxed beef cutout value was 17¢ lower Tuesday afternoon at $204.65/cwt. Select was 8¢ lower at $197.95.

July 24th, 2018|

Cattle Current Podcast-July 24, 2018

When all was said and done last week, negotiated cash fed cattle prices moved higher. Live sales in the Southern Plains and Nebraska were $2.00-$3.50 higher than the previous week at mostly $113/cwt. Dressed trade in Nebraska was $5-$6 higher at $178-$181. Compared to two weeks earlier, live trade in the western Corn Belt was mostly steady at $112. Dressed trade was steady to $3 higher at $178-$180.

Higher cash prices and firmer to stronger wholesale beef values helped Cattle futures move mostly higher to start the week.

Except for 20¢ lower in spot Aug, Live Cattle futures closed an average of 52¢ higher.

Except for 42¢ and 22¢ lower in the front two contracts, Feeder Cattle futures closed an average of $1.00 higher.

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

Choice boxed beef cutout value was 65¢ higher Monday afternoon at $204.82/cwt. Select was $1.03 higher at $198.03.

July 23rd, 2018|

Cattle Current Podcast-July 23, 2018

For another week, negotiated cash fed cattle trade remained undeveloped through Friday afternoon. Though way too few to trend, there were a few dressed trades in the western Corn belt Friday at $180, which was steady to $5 higher than the last established market in the region two weeks ago.

Lack of cash direction, and perhaps some defensive positioning ahead of the Cattle on Feed report (see below) applied some pressure to Cattle futures.

Live Cattle futures closed mixed, an average of 26¢ lower across the front half of the board, except for 2¢ higher in spot Aug, and then an average of to 36¢ higher in the back four contracts.

Feeder Cattle futures closed an average of 32¢ lower (5¢ to 77¢ lower).

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

Choice boxed beef cutout value was 32¢ lower Friday afternoon at $204.17/cwt. Select was 8¢ higher at $197.00.

July 21st, 2018|

Cattle Current Podcast-July 20, 2018

Negotiated cash fed cattle trade remained undeveloped through Thursday afternoon, which helped encourage Cattle futures to wobble along in sideways fashion.

Except for unchanged in near Oct and 60¢ lower at the back of the board, Live Cattle futures closed narrowly mixed (22¢ lower to 22¢ higher).

Except for unchanged in spot Aug, Feeder Cattle futures closed narrowly mixed (32¢ lower to 20¢ higher).

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

Choice boxed beef cutout value was 31¢ lower Thursday afternoon at $204.39/cwt. Select was 17¢ lower at $196.92.

July 19th, 2018|

Cattle Current Podcast-July 19, 2018

There were only 428 head offered—all from Kansas—in the weekly Fed Cattle Exchange Auction on Wednesday, but 142 sold for a weighted average price of $112/cwt. That’s $1 higher than country prices in the region last week.

That and surging Cattle futures buoy hopes for stronger negotiated trade yet this week.

Recent stability and firming wholesale beef values helped fuel Cattle futures sharply higher Wednesday. There was also chatter about snugger supplies heading through the fall, based on demand strength.

Live Cattle futures closed an average of $1.62 higher ($1.22 higher at the back of the board to $2.52 higher in spot Aug). The spot contract closed $5 higher week to week.

Feeder Cattle futures closed an average of $2.31 higher ($1.55 higher in the back contract to $3.17 higher in spot Aug).

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

Choice boxed beef cutout value was 41¢ higher Wednesday afternoon at $204.80/cwt. Select was 23¢ higher at $197.09.

July 18th, 2018|

Cattle Current Podcast-July 18, 2018

Cattle futures closed narrowly mixed to lower Tuesday, unable to sustain gains from the previous session. Trade was paltry and the range skinny.

Live Cattle futures closed an average of 21¢ lower, except for unchanged in the back three contracts.

Feeder Cattle futures closed an average of 48¢ lower through the front five contracts (12¢ lower to $1.10 lower) and then 5¢ to 30¢ higher.

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

Choice boxed beef cutout value was 63¢ higher Tuesday afternoon at $204.39/cwt. Select was $1.19 higher at $196.86.

July 17th, 2018|

Cattle Current Podcast-July 17, 2018

Cash fed cattle prices softened last week, on light volume with neither packers nor cattle feeders apparently feeling any urgency. Trade volume (5 area direct) was about a third as much as the previous week and half as much as the same week a year earlier. The average live steer price of $110.50/cwt. was $2.13 less than last week; $4.72 less in the beef at $174.05.

After pressure early in Monday’s session, though, traders pushed Live Cattle futures sharply higher, amid thin trade and led by nearby contracts and followed by Feeder Cattle. There was no change in fundamentals. Factors of support likely included continued sings of feedlot currentness, another step through heavy supplies with more success than anticipated, as well as technical buying.

Live Cattle futures closed an average of $1.10 higher (55¢ higher to $2.37 higher in spot Aug).

Feeder Cattle futures closed an average of $1.06 higher (45¢ higher in the back contract to $1.65 higher in spot Aug).

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

Choice boxed beef cutout value was 38¢ lower Monday afternoon at $203.76/cwt. Select was 70¢ lower at $195.67.

July 16th, 2018|

Cattle Current Podcast-July 16, 2018

Negotiated cash fed cattle trade remained mostly undeveloped through Friday afternoon, with no trends from USDA. But, the Texas Cattle Feeders Association reported its members in the Southern Plains trading cattle at $111/cwt., which was $2 less than the previous week.

Cattle futures basically treaded water on Friday, after stronger pressure earlier in the session, with the  lack of cash direction, continued light trade and some apparent positioning ahead of the weekend.

Live Cattle futures closed an average of 35¢ lower.

Except for 30¢ lower in spot Aug and 5¢ lower in Nov, Feeder Cattle futures closed 7¢ to 35¢ higher.

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

Choice boxed beef cutout value was $2.44 lower Friday afternoon at $204.14/cwt. Select was 64¢ lower at $196.37.

July 14th, 2018|

Cattle Current Podcast-July 13, 2018

Cattle futures bounced back Thursday, about as much and fast as they fell in the previous session, on the same fundamentals. Initial fear—and kneejerk reaction—over the new U.S. tariffs on Chinese imports, fueled by algo trading, provide as apt an explanation as any.

Except for unchanged in the back contract, Live Cattle futures closed an average of 96¢ higher (60¢ to $1.35 higher).

Except for unchanged in April, Feeder Cattle futures closed an average of 97¢ higher (32¢ higher to $1.62higher in spot Aug).

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

Choice boxed beef cutout value was 86¢ lower Thursday afternoon at $206.58/cwt. Select was 13¢ lower at $197.01.

July 12th, 2018|

Cattle Current Podcast-July 12, 2018

There were only four lots—all from Kansas—offered in the weekly Fed Cattle Exchange auction Wednesday. None sold.

Choice 2-4 steers sold for just a touch higher than $111/cwt. at Tama, IA. The same grades brought $108.00-$111.50 at Sioux Falls Regional in South Dakota.

Cattle futures followed outside markets and other commodities—including hogs, soybeans and corn—sharply lower Wednesday, in anticipation of more tariffs from China, following the Trump administration publishing a list of $200 billion worth of Chinese imports that will be subject to 10% tariffs (see below).

Except for 50¢ lower in the back contract, Live Cattle futures closed an average of $1.32 lower (97¢ to $1.60 lower).

Feeder Cattle futures closed an average of $1.50 lower (62¢ to $2.62 lower).

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

Choice boxed beef cutout value was 12¢ higher Wednesday afternoon at $207.44/cwt. Select was $1.25 lower at $197.14.

July 11th, 2018|

Cattle Current Podcast-July 11, 2018

Firmer wholesale beef values helped Cattle futures close mostly higher on Tuesday, after follow-through pressure early in the session.

Live Cattle futures closed an average of 72¢ lower through the front three contracts and then unchanged to 50¢ higher.

Feeder Cattle futures closed an average of 41¢ higher.

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

Choice boxed beef cutout value was 40¢ higher Tuesday afternoon at $207.32/cwt. Select was 23¢ lower at $198.39.

July 11th, 2018|

Cattle Current Podcast-July 10, 2018

Despite the surge in cash fed cattle prices late week, Cattle futures softened some on Monday, pressured by overall bearishness in commodities, tied to trade concerns. Seasonally limping wholesale beef values added to the negative tone.

Live Cattle futures closed an average of 44¢ lower (12¢ to $1.00 lower).

Except for 12¢ higher in Apr, Feeder Cattle futures closed an average of 44¢ lower (15¢ to 75¢ lower).

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

Choice boxed beef cutout value was $1.11 lower Monday afternoon at $206.92/cwt. Select was 9¢ lower at $198.62.

July 9th, 2018|

Cattle Current Podcast-July 9, 2018

Apparently, beef packers over-played their hand of bought-ahead cattle last week. Cash fed cattle tore sharply higher on Friday. Live trade was $5-$6 higher in the Southern Plains at mostly $112-$113/cwt. In Nebraska and the western Corn Belt, it was $3-$7 higher at $112-$114. Dressed trade was $5-$11 higher at $175-$180.

Higher cash prices helped Cattle futures surge higher for much of Friday’s session. Futures closed slightly lower, though, likely on profit taking and week-end positioning.

Except for unchanged in spot Aug, Live Cattle futures closed an average of 22¢ lower.

Other than 2¢ and 15¢ higher in the back two contracts, Feeder Cattle futures closed an average of 33¢ lower.

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

Choice boxed beef cutout value was 40¢ lower Friday afternoon at $208.03/cwt. Select was 1¢ higher at $198.71.

July 7th, 2018|

Cattle Current Podcast-July 6, 2018

Cattle futures mostly edged higher Thursday…Ag producer sentiment increased last month, at least according to one measure…coming up on your Cattle Current Market Update with Wes Ishmael.

Cattle futures closed mainly a touch higher Thursday, supported by follow-through buying and expectations for firm to higher cash fed cattle prices this week. Trade and volume continued to be sluggish, though.

Except for 7¢ lower in spot Aug, Live Cattle futures closed an average of 19¢ higher.

Other than 22¢ and 2¢ lower in the front two contracts, and 12¢ lower at the back of the board, Feeder Cattle futures closed an average of 40¢ higher.

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

Choice boxed beef cutout value was $1.83 lower Thursday afternoon at $208.43/cwt. Select was $1.01 lower at $198.70.        

July 5th, 2018|

Cattle Current Podcast-July 4 and 5, 2018

Cattle futures mostly held within a narrowly mixed range on Tuesday, amid extremely light pre-holiday trade.

Except for 45¢ lower in spot Aug, Live Cattle futures closed an average of 30¢ higher.

Other than 87¢ higher in spot Aug, Feeder Cattle futures closed narrowly mixed, from an average of 24¢ lower to an average of 27¢ higher.

Futures markets will open again on Thursday.

Boxed beef cutout values were lower for Choice and higher for Select with light to moderate demand and heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.62 lower Tuesday afternoon at $210.26/cwt. Select was 94¢ higher at $199.71.

July 3rd, 2018|

Cattle Current Podcast-July 3, 2018

The weekly 5-area weighted average steer price last week was $1.87 lower on a  live basis at $106.87/cwt. On a dressed basis the 5-area weighted average steer price was $3.31 lower at $169.90.

Firmer cash prices at the end of the week, along with follow-through support and sharply lower front-month Corn futures helped Feeder Cattle futures surge higher on Monday. Live Cattle mostly edged slightly higher.

Except for 17¢ lower in near Oct, Live Cattle futures closed an average of 39¢ higher (7¢ to 60¢ higher).

Other than 60¢ higher in spot Aug, Feeder Cattle futures closed an average of $1.98 higher ($1.17 to $3.15 higher). That’s an average of almost $5 higher over the last two sessions.

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

Choice boxed beef cutout value was 8¢ lower Monday afternoon at $211.88/cwt. Select was 20¢ higher at $198.77.

July 2nd, 2018|

Cattle Current Podcast-July 2, 2018

Though still lower than the previous week, negotiated cash prices paid for fed cattle Friday were $1-$2 more than earlier in the week at $107-$108/cwt. in the Texas Panhandle and $107.50 in Nebraska.

Heading into Friday, plenty of folks figured negotiated cash fed cattle trade was pretty much done for the week, at mainly $105-$106/cwt. on a live basis and $170 in the beef.

Stronger cash trade helped Cattle futures surge higher Friday, presumably supported by technical buying, as well as short covering and profit taking for the end of the month and quarter.

The surge came despite an announcement during trading hours that Canada will assess surtaxes on $16.6 billion worth of U.S. imports—including beef products—in retaliation for U.S. tariffs on Canadian steel and aluminum imports (see below).

Except for $1.20 lower in expiring Jun,Live Cattle futures closed an average of $2.15 higher ($1.65 higher to limit up $3.00 in near Aug and Oct—the highest close since March).

Feeder Cattle futures closed an average of $2.92 higher ($1.55 higher to limit up $4.50 in spot Aug, the highest since March).

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

Choice boxed beef cutout value was $1.28 lowerFriday afternoon at $211.96/cwt. Select was $2.09 lower at $198.57. 

June 30th, 2018|

Cattle Current Podcast-June 29, 2018

Negotiated cash fed cattle trade continued the week’s trend in the western Corn Belt Thursday at $105-$106/cwt. on a live basis. So far this week, live prices there and in Kansas and Nebraska are mostly $2-$3 lower at mainly $106. Dressed trade is $2-$3 lower at mostly $170.

Even so, Cattle futures edged higher, amid light trade and little conviction one way or the other.

Live Cattle futures closed an average of 58¢ higher (25¢ higher to $1.17 higher in expiring spot June).

Except for 12¢ and 20¢ lower in the back two contracts, Feeder Cattle futures closed an average of 66¢ higher (10¢ higher to $1.05 higher in spot Aug).

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

Choice boxed beef cutout value was $2.06 lower Thursday afternoon at $213.24/cwt. Select was 22¢ lower at $200.66.

June 28th, 2018|

Cattle Current Podcast-June 28, 2018

Only 306 head (two lots, one from Kansas and one from Nebraska) were offered in the weekly Fed Cattle Exchange Auction. All sold for a weighted average price of $106/cwt., which was $2-$3 less than country trade in those regions last week.

That $106 also matched country prices in those regions on Wednesday. There were a few early dressed sales in Nebraska at $169-$170, which was also $2-$3 less than the previous week.

Despite that and technical pressure, Cattle futures mostly paddled in place, on an average basis.

After $1.10 higher in spot June, Live Cattle futures closed narrowly mixed, from an average of 18¢ higher to an average of 12¢ lower.

Feeder Cattle futures closed an average of 38¢ lower (12¢ to 85¢ lower).

Boxed beef cutout values were weak to lower on light demand and light to moderate offerings through Wednesday afternoon, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.53 lower at $215.30/cwt. Select was 69¢ lower at $200.88.

June 27th, 2018|

Cattle Current Podcast-June 27, 2018

After follow-through pressure, Feeder Cattle futures closed higher, able to claw back some of the losses from the previous day, although trade continued light amid range-bound chop. Live Cattle drifted to a mixed close.

Live Cattle futures closed an average of 42¢ lower through the front four contracts, (5¢ to 52¢ lower) and then an average of 26¢ higher.

Feeder Cattle futures closed an average of 52¢ higher across a broad range of 17¢ higher to $1.07 higher, with most of the support in deferred contracts.

Boxed beef cutout values were weak to lower on moderate demand and offerings through Tuesday afternoon, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 86¢ lower at $216.83/cwt. Select was 32¢ lower at $201.57.

June 26th, 2018|

Cattle Current Podcast-June 26, 2018

When all was said and done after late trade last week, live sales were $3-$5 lower at $108-$110/cwt. in the South and $108-$109 in the North. Dressed trade was $4-$9 less at $172-$173.

Lower cash fed cattle trade, more feedlot placements in May than expected and sharply lower outside markets all pressured Cattle futures significantly lower to start the week.

Live Cattle futures closed an average of $2.61 lower through the front four contracts, and then an average of $1.74 lower.

Feeder Cattle futures closed an average of $2.70 lower ($1.57 lower to $3.42 lower in spot Aug).

Boxed beef cutout values were steady to firm on moderate demand and offerings through Monday afternoon, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 53¢ higher at $217.69/cwt. Select was 13¢ lower at $201.89.

June 25th, 2018|

Cattle Current Podcast-June 25, 2018

Cash fed cattle trade ended up being another last-hour affair, with potentially another week of light volume. Through late Friday afternoon, the only reported prices from USDA were $109-$110/cwt. in the Texas Panhandle, which was $3 less than the previous week.

Other than 37¢ and 22¢ lower in the front two contracts, Live Cattle futures closed an average of 32¢ higher, except for 15¢ lower in the back contract.

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

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

Choice boxed beef cutout value was 25¢ lower in the afternoon at $217.16/cwt. Select was 41¢ higher at $202.02.

June 23rd, 2018|

Cattle Current Podcast-June 22, 2018

Cattle futures leaked lower in light trade on Thursday as traders awaited direction from the cash market. Negotiated cash fed trade remained undeveloped through Thursday afternoon.

Except for 12¢ higher in the back contract, Live Cattle futures closed an average of 25¢ lower.

Feeder Cattle futures closed an average of 55¢ lower.

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

Choice boxed beef cutout value was 88¢ lower in the afternoon at $217.41/cwt. Select was 56¢ higher at $201.61.

June 21st, 2018|

Cattle Current Podcast-June 21, 2018

If yesterday’s weekly Fed Cattle Exchange auction is any indication, cash fed cattle prices this week should be at least steady. There were seven lots of heifers (1,469 head) from Nebraska selling for a weighted average price of $110/cwt. (1-9 day delivery). That was steady with the previous week’s country trade in that region. There were no sales of the other 656 head offered, although one lot was passed out at $112.

Cattle futures closed mostly slightly higher Wednesday with increased open interest in Feeder Cattle, but continued contraction in open interest for Live Cattle. Despite trade worries and a limit-down move in Lean Hogs, there appears a growing sense that Cattle futures are turning the corner past the bottom. Perhaps notions that feedlot placements were lower again last month (see below) added some firmness.

Except for 5¢ lower and 2¢ lower in Feb and Apr, respectively, Live Cattle futures closed an average of 30¢ higher (12¢ to 77¢ higher).

Except for 20¢ lower in spot Aug, Feeder Cattle futures closed an average of 32¢ higher (5¢ to 97¢ higher).

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

Choice boxed beef cutout value was $1.41 lower in the afternoon at $218.29/cwt. Select was $1.25 lower at $201.05.

June 20th, 2018|

Cattle Current Podcast-June 20, 2018

Despite sharply lower outside markets, Cattle futures renewed gains on Tuesday, buoyed, in part, by notions that last week’s anemic trade volume of fed cattle means packers must step up to the plate this week. Moreover, all indications suggest cattle feeders remain plumb current in marketing.

Except for 22¢ higher and 37¢ higher on either end of the board, Live Cattle futures closed an average of 77¢ higher.

Feeder Cattle futures closed an average of $1.08 higher; an average of 79¢ higher across the front half and then an average of $1.37 higher.

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

Choice boxed beef cutout value was $1.01 lower in the afternoon at $219.70/cwt. Select was $1.90 lower at $202.30.

June 19th, 2018|

Cattle Current Podcast-June 19, 2018

When all was said and done in last week’s light volume of negotiated fed cattle trade, live sales were $2-$3 lower in the Southern Plains at $112-$113/cwt., $4-$5 less in Nebraska at $110 and $3-$5 less in the western Corn Belt at $110-$112. Dressed sales were $3-$6 lower at $176-$181.

Week to week on Monday, the 5-area weekly weighted average was $3.18 lower on a live basis at $111.28 and $5.20 lower in the beef at $177.55.

Cattle futures closed mixed on Monday, amid light trade and declining open interest in Live Cattle. Support in the front months included the surge to end last week. Pressure included lower fed cattle prices and wonderments about the impact of the U.S.-China tariff battle.

Live Cattle futures closed mixed from 45¢ lower to 55¢ higher.

Feeder Cattle futures closed an average of 77¢ higher across the front half of the board (47¢ higher to $1.00 higher in spot Aug) and then an average of 26¢ lower.

Boxed beef cutout values were lower for Choice and higher for Select with light to moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 88¢ lower in the afternoon at $220.71/cwt. Select was $1.47 higher at $204.20.

June 18th, 2018|

Cattle Current Podcast-June 18, 2018

Cattle futures surged higher Friday, recovering much of the week’s decline. Perhaps bears are finally convinced the bad news of stout summer supplies took the last train out a while back.

Live Cattle futures closed an average of $2.34 higher through the front four contracts and then an average of $1.45 higher

Negotiated cash fed cattle trade remained undeveloped through late Friday afternoon. The previous week’s stronger prices, as well as the surge in Cattle futures Friday likely added to seller reluctance. On the other end of the trade, it could be that heavy out-front purchases in recent weeks enabled packers to be more patient.

Except for 82¢ higher in the back contract, Feeder Cattle futures closed an average of $3.12 higher ($2.62 higher to $4.30 higher in spot Aug).

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

Choice boxed beef cutout value was 49¢ lower in the afternoon at $221.59/cwt. Select was 76¢ higher at $202.73.

June 17th, 2018|

Cattle Current Podcast-June 15, 2018

Cattle futures closed solidly lower Thursday amid trade worries, pressure on commodities overall, lower wholesale beef prices and the lack of cash direction.

Live Cattle futures closed an average of $1.60 lower (92¢ at the back of the board to $2.12 lower).

Feeder Cattle futures closed an average of $1.61 lower.

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

Choice boxed beef cutout value was $1.82 lower in the afternoon at $222.08/cwt., the lowest since the end of April. Select was 33¢ lower at $201.97.

June 14th, 2018|

Cattle Current Podcast-June 14, 2018

Only 596 head were offered in the weekly Fed Cattle Exchange Auction. There were no sales, but two lots of heifers (287 head) passed out at $110 and $112/cwt.

Cattle futures edged lower amid light trade and uncertainty about the week’s cash direction.

Live Cattle futures closed an average of 38¢ lower.

Feeder Cattle futures closed an average of 62¢ lower (15¢ to $1.30 lower).

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

Choice boxed beef cutout value was $1.02 lower in the afternoon at $223.90/cwt. Select was $1.09 lower at $202.30.

June 13th, 2018|

Cattle Current Podcast-June 13, 2018

Cattle futures moved solidly lower Tuesday after early follow-through support. The surge higher in corn prices helped Live Cattle eke out a mostly positive close but kept pressure on Feeder Cattle. Keep in mind that trade was light in both pits.

Except for 12¢ lower and 25¢ lower on either end of the board, Live Cattle futures closed an average of 26¢ higher.

Except for unchanged in the back two contracts, Feeder Cattle futures closed an average of 57¢ lower (15¢ to 82¢ lower).

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

Choice boxed beef cutout value was 21¢ lower in the afternoon at $224.92/cwt. Select was 59¢ higher at $203.39.

June 12th, 2018|

Cattle Current Podcast-June 12, 2018

Negotiated cash fed cattle trade ended up sharply higher last week: $5 higher on a live basis in the Southern Plains at $115/cwt., $3-$5 higher in the western Corn Belt at $115 and $3-$4 higher in Nebraska at $114-$115. Dressed trade was $5-$7 higher at $182-$184.

Cattle futures moved higher through much of the session Monday, buoyed by follow-through support from last week’s higher cash fed cattle trade. By the end of the day, though, futures closed solidly lower, most likely on profit taking.

Except for 12¢ higher in the back contract, Live Cattle futures closed an average of $1.12 lower (75¢ to $1.25 lower).

Except for an average of $1.25 lower in the front two contracts, Feeder Cattle futures closed an average of 50¢ lower.

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

Choice boxed beef cutout value was $1.08 lower in the afternoon at $225.13/cwt. Select was 38¢ lower at $202.80.

June 11th, 2018|

Cattle Current Podcast-June 11, 2018

By late Friday afternoon, cash fed cattle trade remained mostly undeveloped. Although too few transactions to trend, higher money was reported in Nebraska at $114/cwt. on a live basis, which was $2.50-$3.00 higher than the previous week. Early live sales in the western Corn Belt were at $114-$115 ($3-$4 higher); early dressed sales were $4-$6 higher at $182. Late in the day, the Texas Cattle Feeders Association reported its members trading live cattle at $115, which was $5 higher than the previous week.

Expectations for stronger cash trade helped boost Cattle futures Friday, extending the week’s gains.

Live Cattle futures closed an average of $1.44 higher through the front three contracts and then an average of 28¢ higher (7¢ to 62¢ higher).

Feeder Cattle futures closed an average of 69¢ higher (27¢ higher to $1.20 higher in spot Aug). 

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

Choice boxed beef cutout value was 20¢ lower in the afternoon at $226.21/cwt. Select was 23¢ lower at $203.18.

June 10th, 2018|

Cattle Current Podcast-June 8, 2018

Early follow-through support faded in Cattle futures yesterday, leading to a marginally lower close. The week’s negotiated cash fed cattle trade remained undeveloped through late afternoon.

Except for 7¢ higher in spot Jun and 2¢ higher in Apr, Live Cattle futures closed an average of 14¢ lower.

Other than 50¢ and 10¢ higher at the back of the board, Feeder Cattle futures closed an average of 39¢ lower. 

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

Choice boxed beef cutout value was 56¢ lower in the afternoon at $226.41/cwt. Select was 24¢ lower at $203.41.

June 7th, 2018|

Cattle Current Podcast-June 7, 2018

Strong follow-through buying in Cattle futures ran out of steam by the end of the session Wednesday, though markets were able to retain the previous day’s gains and add a bit. Trade tensions and lingering uncertainties about burgeoning beef supplies continue to help limit advances.

Except for 2¢ lower in away Aug, Live Cattle futures closed an average of 32¢ higher ($1.10 higher in spot Jun).

Feeder Cattle futures closed an average of 77¢ higher (from 62¢ to $1.47 higher).

Support came from growing notions that cash fed cattle can trade higher this week.

For instance, slaughter steers sold mostly $2 higher at Sioux Falls Regional in South Dakota; $111-$115/cwt. for Ch 2-3.

There were only 568 head offered in Wednesday’s weekly Fed Cattle Exchange auction, for delivery at 1-9 days. There were no takers; two lots (155 steers and 51 heifers) were passed on at $110/cwt.

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

Choice boxed beef cutout value was 61¢ lower in the afternoon at $226.97/cwt. Select was $2.20 lower at $203.65.

June 6th, 2018|

Cattle Current Podcast-June 6, 2018

Cattle futures bounced higher Tuesday, perhaps helped along by continuing indications that cattle feeders remain current in marketing as supplies increase. Given light negotiated fed cattle trade the last two weeks, there was also the notion that packers likely need to be more aggressive buyers this week.

Live Cattle futures closed an average of $1.59 higher ($1.00 to $2.47 higher in spot Jun).

Feeder Cattle futures closed an average of $1.71 higher (from $1.27 higher in spot Aug to $2.00 higher).

Boxed beef cutout values were steady for Choice and weak for Select Tuesday on light to moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 1¢ higher in the afternoon at $227.58/cwt. Select was 40¢ lower at $205.85.

June 5th, 2018|

Cattle Current Podcast-June 5, 2018

Cattle futures moved lower again Monday, amid up-and-down, choppy trade. Declining open interest suggests current uncertainty is keeping some folks off the field.

Except for 10¢ higher in the back contract, Live Cattle futures closed an average of 55¢ lower (15¢ lower in spot Jun to $1.17 lower).

Feeder Cattle futures closed an average of 73¢ lower (from 30¢ lower at the back of the board to $1.47 lower in spot Aug).

Boxed beef cutout values were steady for Choice and higher for Select Monday on moderate to fairly good demand and moderate to heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 4¢ higher in the afternoon at $227.57/cwt. Select was $1.45 higher at $206.25.

June 4th, 2018|

Cattle Current Podcast-June 4, 2018

Negotiated cash fed cattle trade for the week ended up steady to either side of steady with extremely light trade.

There were some live sales at $111/cwt. in Nebraska, compared to $109.00-$110.50 the previous week. A few sold in the beef at $177, compared to $176-$180 the previous week. Scattered sales in the Southern Plains were generally steady at $110. In the western Corn Belt, dressed sales were mostly $2-$4 lower than the previous week at $178.

Cattle futures meandered lower.

Except for 2¢ higher in away Jun, Live Cattle futures closed an average of 54¢ lower (15¢ lower in spot Jun to $1.12 lower).

Feeder Cattle futures closed an average of 60¢ lower (22¢ lower at the back of the board to $1.07 lower in spot Aug).

Boxed beef cutout values were weak for Choice and firm for Select Friday on light to moderate demand and offerings, according to the Agricultural Marketing Service (AMS).

Choice boxed beef cutout value was 67¢ lower in the afternoon at $227.53/cwt. Select was 33¢ higher at $204.80.

“Beef demand seems to be hitting on all cylinders with retailers featuring beef, which is promising. With the large supply of fed cattle, demand is exceeding expectations,” say AMS analysts. “The actual federally inspected cattle slaughter for week ending May 19 totaled 667,613, the largest weekly cattle slaughter since August 2011. Steer and heifer slaughter was also running at a pretty good clip for that week as near 540,000 were harvested, the largest total for those classifications since June 2011.” 

June 3rd, 2018|

Cattle Current Podcast-June 1, 2018

Cattle futures weakened Thursday, following the previous day’s rally. Month-end positioning and lack of direction from undeveloped cash fed cattle trade seemed to be primary drivers. Reaction to the latest U.S. tariffs on NAFTA partners appeared muted until more is known about potential retaliation.

After $1.07 lower in spot Jun, Live Cattle futures closed an average of 50¢ lower (30¢ to 70¢ lower).

Feeder Cattle futures closed an average of 56¢ lower—(from 22¢ lower at the back of the board to $1.15 lower in spot Aug).

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

Choice boxed beef cutout value was 48¢ lower in the afternoon at $228.20/cwt. Select was 9¢ higher at $204.47.

May 31st, 2018|

Cattle Current Podcast-May 31, 2018

Buyers stormed into Cattle futures early in yesterday’s session, though, pushing prices limit and near-limit higher in front-month Live contracts. There’s no definitive reason for the aggressive surge, but psychology surely got a lift from the weekly National Comprehensive Boxed Beef Cutout report indicating retailers intend to be aggressive in featuring and marketing beef. There were 7,589 loads reported for the week ending May 25—the most since the first week of September—with 6,072 loads for delivery up to 21 days. Perhaps there’s some compensatory gain to be had from latent and pent up grilling demand.

Live Cattle futures closed an average of $2.06 higher—an average of $2.97 higher in the front three contracts. 

Feeder Cattle futures closed an average of $2.98 higher. 

There were only 449 head offered in the weekly Fed Cattle Exchange auction—all from Kansas—but 225 head sold: two lots of heifers and one lot of steers for a weighted average price of $110/cwt. for delivery at 1-9 days. That price mirrored last week’s country trade in that region.

Boxed beef cutout values were firm to higher Wednesday on moderate to fairly good demand and moderate offerings, according to the Agricultural Marketing Service (AMS).

Choice boxed beef cutout value was $1.12 higher in the afternoon at $228.68/cwt. Select was 73¢ higher at $204.38.

May 30th, 2018|

Cattle Current Podcast-May 30, 2018

Sluggish negotiated cash fed cattle trade last week ended up lower across a broad range. Live sales were $4-$7 lower in Kansas at $110; $3.00-$3.50 lower in Nebraska at $109.00-$111.50; $2-$3 lower in Colorado at mostly $110; $2-$4 lower in the western Corn Belt at $110-$114. Likewise, dressed trade was $4-$5 lower in Nebraska at $176-$178; $2-$4 lower in the western Corn Belt at $180-$182.

More than anything, it seemed to be significantly lower outside markets (see below) that weighed on cattle futures Tuesday, increasing uncertainty and putting a halt to follow-through support early in the session.

Live Cattle futures closed an average of 79¢ lower (52¢ lower to $1.52 lower in spot Jun).

Feeder Cattle futures closed from 27¢ higher to 40¢ lower. 

Boxed beef cutout values were steady to weak Tuesday on light to moderate demand and moderate to heavy offerings, according to the Agricultural Marketing Service (AMS).

Choice boxed beef cutout value was 13¢ higher in the afternoon at $227.56/cwt. Select was 97¢ lower at $203.65.

May 29th, 2018|

Cattle Current Podcast-May 28 and 29, 2018

Other than a few live trades reported in Nebraska at $109/cwt.—too few to trend—negotiated cash fed cattle trade remained undeveloped through late Friday afternoon.

Cattle futures found some traction late in the session, though, perhaps tied to confirmation of fewer year-over-year feedlot placements. The monthly Cattle on Feed report (see below), came out during trading hours. Overall, trade was sluggish ahead of the holiday weekend.

Other than 25¢ and 2¢ higher at either end of the board, Live Cattle futures closed an average of 58¢ higher.

Feeder Cattle futures closed an average of $1.28 higher. 

Boxed beef cutout values were weak to lower Friday on light to moderate demand and moderate offerings, according to the Agricultural Marketing Service (AMS).

Choice boxed beef cutout value was $1.57 lower in the afternoon at $227.43/cwt. Select was 31¢ lower at $204.62.

May 26th, 2018|

Cattle Current Podcast-May 25, 2018

Cash fed cattle trade remained undeveloped through late Thursday afternoon.

Cattle futures ran out of early steam, closing mostly marginally lower, but still higher week to week.

After an average of $1.03 lower in the front two contracts, Live Cattle futures closed an average of 48¢ lower.

Other than $1.50 higher in spot May, Feeder Cattle futures closed an average of 40¢ lower. 

Choice boxed beef cutout value was $1.08 lower in the afternoon at $229.00/cwt. Select was 11¢ lower at $204.93.

May 24th, 2018|

Cattle Current Podcast-May 24, 2018

There were only 225 head—two lots of steers—offered in the weekly Fed Cattle Exchange auction on Wednesday and no takers. Likewise, country trade remained undeveloped through the afternoon.

Cattle futures took another step higher on Wednesday, though, building on early-week gains. Besides follow-through support, perhaps some of it was positioning ahead of the monthly Cattle on Feed report due out Friday, and the long holiday weekend ahead.

Live Cattle futures closed an average of $1.49 higher (55¢ higher in spot Jun to $2.15 higher).

Feeder Cattle futures closed an average of $2.01 higher (95¢  higher in spot May to $2.62 higher).

Wholesale beef values were mixed on Wednesday. 

Choice boxed beef cutout value was 73¢ higher in the afternoon at $230.08/cwt. Select was 82¢ lower at $205.04. The Choice-Select spread widened to $25.04, the most since last June.

May 23rd, 2018|

Cattle Current Podcast-May 23, 2018

Cattle futures edged marginally higher on Tuesday, able to hold on to the previous day’s strong gains, after early pressure and amid light trade.

Except for 2¢ lower in spot Jun, Live Cattle futures closed an average of 20¢ higher.

Feeder Cattle futures closed an average of 10¢ higher.

Wholesale beef values continued to unwind Tuesday. 

Choice boxed beef cutout value was $1.47 lower in the afternoon at $229.35/cwt. Select was $1.66 lower at $205.86. Demand was light to moderate on moderate offerings.

May 22nd, 2018|

Cattle Current Podcast-May 22, 2018

Live Cattle futures closed an average of $1.93 higher ($1.47 higher to $2.52 higher in spot Jun).

Feeder Cattle futures closed an average of $2.47 higher.

That’s more than welcome, considering the plunge last week, led by fed cattle prices. Looking at the weekly report—5-area Weekly Weighted Average Direct Slaughter—fed steer prices declined $6.92 on a live basis to an average of $114.73/cwt. Fed heifers were $7.31 lower at $114.08. On a dressed basis, steers were $7.97 lower at $184.02 and heifers were $9.35 less at $182.99.

Cattle markets were also buoyed by higher outside markets, which rose on increasing optimism about simmering trade issues between the U.S. and China.

May 21st, 2018|

Cattle Current Podcast-May 21, 2018

Negotiated cash fed cattle trade finished the week generally $7-$10 lower, depending on the region, at $112 to $117/cwt. Dressed prices were $4 to $10 lower than the previous week at $180-$185.

Choice wholesale beef value softened a bit on Friday with moderate offerings and light to moderate demand, according to the Agricultural Marketing Service. Choice boxed beef cutout value was 47¢ lower Friday afternoon at $232.21/cwt. Select was 22¢ higher at $208.46.

Select and Choice rib, chuck, and round cuts traded steady to weak, while loin cuts sold firm to higher. Beef trimmings sold generally steady on moderate demand and offerings.

Cattle futures closed lower on Friday, but choppiness early suggested a plumbing for bottom rather than free-fall. Profit taking likely added pressure, overall, while surging corn prices added squeeze to Feeder Cattle.

Other than 12¢ lower in the back two contracts, Live Cattle futures closed an average of 56¢ lower. 

Feeder Cattle futures closed an average of $1.17 lower (87¢ to $1.42 lower).

May 20th, 2018|

Cattle Current Podcast-May 18, 2018

Choice wholesale beef value bounced higher Thursday with moderate to fairly good demand and moderate to heavy offerings, according to the Agricultural Marketing Service. Choice boxed beef cutout value was $1.65 higher Thursday afternoon at $232.68/cwt., the highest level since last June. Select was 26¢ lower at $208.24. Select and Choice chuck, round, and loin cuts sold steady to firm. Rib cuts traded higher for Choice and weaker for Select. Beef trimmings sold mostly moderately lower on light demand and heavy offerings. At $24.44, the Choice-Select spread was also the widest since last June.

The firmer beef values helped Cattle futures come up for air on Thursday, along with apparent short covering.

Other than unchanged in Oct and 25¢ lower in the back contract, Live Cattle futures closed an average of 65¢ higher (5¢ to $1.22 higher in spot Jun).

Feeder Cattle futures closed an average of $1.28 higher (37¢ to $2.00 higher).

May 17th, 2018|

Cattle Current Podcast-May 17, 2018

Cash fed cattle prices continued to tick lower on Wednesday at $115/cwt. in the Southern Plains, which was $7 less than last week. The same price and week-to-week decline defined trade in Nebraska a day earlier.

There were 2,586 head offered in the weekly Fed Cattle Exchange auction, but no takers.

Cattle futures continued lower, perhaps partly due to technical positioning, but there was at least a sense of trying to find some stable ground.

Other than 47¢ and 15¢ lower in the back two contracts, Live Cattle futures closed an average of 91¢ lower. 

Feeder Cattle futures closed an average of $1.07 lower (45¢ to $1.72 lower).

Choice boxed beef cutout value was 61¢ lower Wednesday afternoon at $231.03/cwt. Select was $1.01 lower at $208.50. Select and Choice rib cuts sold steady to firm, while chuck, round, and loin cuts traded steady to weak, according to the Agricultural Marketing Service. Beef trimmings traded mostly sharply lower on light demand and heavy offerings.

May 16th, 2018|

Cattle Current Podcast-May 16,2018

Market bears had their way on Tuesday, with continued follow-through pressure in Cattle futures, skittishness over heavy supplies and sliding fed cattle prices.

Negotiated fed cattle trade was at significantly lower prices on Tuesday. Early live trade in Nebraska was mostly $7 lower than last week at $115/cwt., with a few up to $117; that was on light to moderate trade and light demand. Early dressed purchases in the western Corn belt traded at mostly $184, which was $4-$9 lower than last week. Live sales in the western Corn Belt so far this week are at mostly $121-$122, in the middle of the previous week’s trading range.

Live Cattle futures closed an average of $1.25 lower (87¢ to $1.65 lower in spot Jun). That’s an average of $3.25 lower in the last two sessions.

Feeder Cattle futures closed an average of $1.84 lower ($1.60-$2.02 lower). That’s an average of $4.50 lower over the last two days.

Choice boxed beef cutout value was 48¢ lower Tuesday afternoon at $231.64/cwt. Select was 39¢ higher at $209.51. Select and Choice rib and loin cuts sold steady to firm, while chuck and round cuts traded steady to weak, according to the Agricultural Marketing Service. Beef trimmings sold sharply lower on light demand and offerings.  

May 15th, 2018|