- Attention Deficit Disorder
The markets cannot make up their mind about what they....
- 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.
Brugler reportGet the Newsletter
Live cattle futures settled the Thursday session with weakness in the front months. Nearby Feb was $1.30 lower, with deferred contracts slightly higher. Feeder cattle futures were 27.5 to $1.025 lower. The CME feeder cattle index was up 6 cents on February 21 at $148.05. Wholesale boxed beef values were higher on Thursday afternoon. Choice boxes were up $1.03 at $218.40, with Select boxes 14 cents higher at $212.06. Estimated weekly FI cattle slaughter was 441,000 head through Thursday, 4,000 head fewer than the same week last year. Most cash trade has been reported at $128-$128.50 so far this week. Analysts are estimating that tonight’s USDA Cattle on Feed report will show on feed numbers as of Feb 1 up 7.4% from a year ago at 11.575 million head. Thursday afternoon’s Cold Storage report put beef stocks at the end of January at 499.554 million pounds. That is 2.36% more than December while nearly 7.18% lower than January 2017.
Lean hog futures posted strong 70 cent to $1.65 gains on Thursday. The CME Lean Hog Index on February 20 was $70.78, down 63 cents from the previous day. The USDA pork carcass cutout value was 3 cents lower at $78.70 in the Thursday PM report. The national base hog weighted average price was down 38 cents at $63.55. The USDA estimated week to date FI hog slaughter at 1,802,000 through Thursday. That is down 48,000 head from the previous week but 40,000 head more than the same time last year. The USDA expects the US to produce 26.8 billion pounds of pork during 2018, up from 25.6 billion pounds in 2017. They also see the average live price down $2.52 to $48/cwt in 2018. Pork stocks in cold storage at the end of January totaled 567.984 million pounds. That was an increase of 15.9% over last month, and 8.35% larger than last year. That yr/yr increase came from a large jump in belly stocks over last year’s all-time low for the month of January.