- Cattle Test Resistance
Cattle futures have staged a strong week but are testing the top end of the range.
- Grains at key technical levels
Corn, soybeans, and wheat are all at important technical levels as we head towards the weekend.
- Will the One Day Rally Open Bin Doors?
Grain Markets are quiet overnight as the market assess the significance of Wednesday's short covering rally. Closing above the 20-day moving average...
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Live cattle futures closed the day with losses of 32.5 to 75 cents, with nearby Feb down a nickel. Feeder cattle futures were $1 to $1.575 in the red. The CME feeder cattle index on January 18 was at $148.01, up $1.54 from the previous day. Wholesale boxed beef values were lower on Friday afternoon. Choice boxes were down 83 cents at $204.86, with Select boxes 71 cents lower at $200.16. Estimated week to date FI cattle slaughter is at 615,000 head including Saturday. That is 4,000 head more than last week. Cash trade was slow to develop this week, but late trade after Friday’s bell was reported in the $122-123.50 range. USDA reported Beef export sales for the week that ended Jan 11 totaled 15,008 MT. That was slightly ahead of the previous week and much larger than the same time last year. Shipments of beef were tallied at 15,072 MT, nearly 5.06% above the same week in 2017. Managed money spec traders were at their lowest reported CFTC bullish position since Nov 2016 on Tuesday.Feb 18 Cattle closed at $121.900, down $0.050,Apr 18 Cattle closed at $122.725, down $0.750,Jun 18 Cattle closed at $114.725, down $0.625,Jan 18 Feeder Cattle closed at $147.950, down $1.225Mar 18 Feeder Cattle closed at $145.600, down $1.575Apr 18 Feeder Cattle closed at $146.075, down $1.300
Lean hog futures ended the Friday session mixed, as most front months were steady to 97.5 cents lower. The CME Lean Hog Index was up 56 cents on January 17 at $73.55. The USDA pork carcass cutout value was up 77 cents at $81.44 in the Friday afternoon report. The ham and belly primals were the only cuts reported higher. The national base hog weighted average price was down 35 cents to $69.36. The weekly USDA FI hog slaughter is estimated at 2,338,000 head through Saturday, which is 2,000 larger than the same week last year, but 112,000 head lower than last week. This morning’s USDA Export Sales report showed pork sales of 26,365 MT for the week ending January 11. That was well above the week prior and 3.6% larger than this time last year. Pork export shipments totaled 21,152 MT, lagging the same week last year by 9.3% but well above a week ago.Feb 18 Hogs closed at $72.075, down $0.975,Apr 18 Hogs closed at $75.500, down $0.400May 18 Hogs closed at $79.925, down $0.200