- USDA Outlooks Released Today
Grain market traders are waiting for USDAs grain and oilseed outlooks to pore over the ending stocks estimates which will be included. Outside markets...
- Can cattle rally from here?
Cattle futures have been in retreat mode, but are nearing some value targets.
- I Am Bullish Cattle Prices
Risk/Reward In Your Favor
Brugler reportGet the Newsletter
Live cattle futures ended Friday with mixed trade, as nearby Feb was 35 cents lower. Feeder cattle futures were steady to 42.5 cents higher in the front months and lower in the back months on Friday. The CME feeder cattle index was down 42 cents on February 22 at $147.63. Wholesale boxed beef values were mixed on Friday afternoon. Choice boxes were down 3 cents at $218.37, with Select boxes 76 cents higher at $212.82. Estimated weekly FI cattle slaughter is at 572,000 head through Saturday, 2,000 head fewer than the same week last year. Most cash trade has been reported at $128-$128.50 so far this week. Export sales for beef dropped to a MY low of 9,346 MT during the week of 2/15. Friday afternoon’s COF report showed placements of 2.068 million head during January, up 4.39% over Jan 2017 and above most estimates. Jan marketings were 6.11% larger at 1.858 million head. February 1 cattle on feed were reported at 11.63 million head, up 7.86%.Feb 18 Cattle closed at $128.000, down $0.350,Apr 18 Cattle closed at $124.850, down $0.525,Jun 18 Cattle closed at $116.800, unch,Mar 18 Feeder Cattle closed at $146.000, unch,Apr 18 Feeder Cattle closed at $148.500, up $0.425May 18 Feeder Cattle closed at $149.375, up $0.250
Lean hog futures finished the day with most contracts slightly higher. The CME Lean Hog Index on February 21 was $70.17, down 61 cents from the previous day. The USDA pork carcass cutout value was 78 cents higher at $79.48 in the Friday PM report, with the ham the only cut reported lower. The national base hog weighted average price was down 93 cents at $62.63. The USDA estimated week to date FI hog slaughter at 2,373,000 through Saturday. That is down 9,000 head from the previous week but 107,000 head more than the same time last year. Export sales of pork totaled a MY high of 40,350 MT during the week of Feb 15, up 84% from the same time last year.Apr 18 Hogs closed at $71.375, up $0.100,May 18 Hogs closed at $77.600, up $0.175Jun 18 Hogs closed at $83.025, up $0.075