![]() ![]() The report is published each Tuesday and includes the previous week’s change in carcass weights and quality grading. The Comprehensive Fed Cattle Weekly Report offers the most current information on the current status of fed cattle being harvested. Beef producers are able to measure the marketing price for their cattle compared to the national averages. The report summarizes the distributed price levels for each category of sale such as Negotiated/Formula/Forward Contracts. On Tuesday of each week, USDA releases a weighted average price report for all cattle sold the previous week. There remains a large gap between the spot June contract and the latest cash prices and a larger gap to the August contract.īenchmarking. Futures rallied anticipating higher prices next week. Packers will attempt to fill the void with fed cattle that continue to be in short supply.Ĭattle Futures. Cow slaughter has fallen and will likely continue to decline in the face of generous rains in previously droughted out areas of the country. The slaughter this past week was 634,000 up 18,000 head the previous week and down 34,000 from last year. Almost as fast as corn prices rise, basis levels on the southern plains are falling fast. Prices are moving with the very latest weather forecast and any threats to the key areas of the corn belt will stimulate buying interest in the futures. The key to a market read was the fact some sales from this week were picked up this week and sales volumes for the week were far under the previous week and will leave the packers in need of inventory next week prompting a rally in futures prices.Ĭorn prices are moving sharply higher during an important stage for crop development. In the north prices firmed slightly Friday with the average of $188 live - ranging from $186-$190. Short-covering and investors searching for a market bottom might lend support to hog futures on Friday, the last trading day for the month of October, another trader said.Friday provided additiional information in the marketplace as only a few cattle owners in the south accepted $182 leaving the best cattle unsold and leaving the weekly volume far under last week. Pork end-users are no doubt aware that hog numbers have caught up to last year’s levels and weights are running about 7 lbs heavier than the same period a year ago, said livestock futures trader Dan Norcini. And, farmers are moving hogs to packing plants ahead of time to avoid lower prices. Separate USDA data showed the morning’s wholesale pork price was down $1.45 per cwt from Wednesday to $97.90, weighed on by the $7.13 drop in loin values.Ĭool fall temperatures and cheaper corn are causing hogs to reach market weight quicker. Thursday morning’s average hog price in the western Midwest dropped $1.54 per cwt from Wednesday in light volume to $84.58, USDA said. November feeder cattle, the new lead month, ended 1.175 cents higher at 234.225 cents.ĬME lean hogs closed lower on persistent cash price pressure and the morning’s wholesale pork price downturn, traders said.ĭecember ended 1.400 cents per lb lower at 87.200 cents, and February was 1.100 cents lower at 86.950 cents. 29 at 239.30 cents. October, which expired at noon CDT (1700 GMT), closed up 0.900 cent per lb at 239.750 cents per lb. Department of Agriculture said.īullish participants contend packers are short-bought cattle as retailers prepare to feature rib-eye steaks and roasts in November.ĬME feeder cattle drew support from live cattle market advances and futures’ discounts to the exchange’s feeder cattle index for Oct. ![]() Select slipped 3 cents to $239.74, the U.S. Thursday morning’s choice wholesale beef price dipped 2 cents per cwt from Wednesday to $253.61. Market bears expect packers to curtail slaughters and bridle cash spending to recover lost margins and boost wholesale beef prices. Plains surfaced at $165 to $167 per cwt against up to $172 asking prices, feedlot sources said. On Thursday, market participants waited for this week’s prices for market-ready, or cash, cattle that last week fetched a record-high $170 per hundredweight.Ĭash cattle bids in the U.S. In a strategy known as bull spreads, traders bought the December contract and simultaneously sold February in anticipation of tight supplies this winter. October, which will expire on Friday, closed up 1.500 cents per lb at 170.500 cents, and December was at 167.325 cents 0.575 cent higher.ĬME live cattle buying accelerated after contracts surpassed Wednesdays highs, which touched off buy stops. Chicago / Reuters – Chicago Mercantile Exchange live cattle reached a record high on Thursday, helped by futures’ discounts to last week’s cash cattle prices and short-covering after recent market losses, traders said. ![]()
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