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Cash Cattle Trades $4-5.00 lower/ Argentine Weather Forecast is Parched

Nov 16, 7:00 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures closed firm on Wednesday, and a steady outlook is offered for early trade this morning. Buying developed in the cattle market following a slightly weaker start to the day, and futures spent much of the day trading higher, even as the cash market traded lower. Cash markets began trading Wednesday morning, with cattle in the South selling for $119 or $4-5 under last week. Sales farther North were $2-3 lower for the week at $121-122. Any additional business that might develop later this week is expected at similar prices.   Beef cutout values traded down again on Wednesday, with the choice value down $.54 at $210.13 and select fell $2.88 to $190.61. The…

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Cattle Called Steady/Weak; Argentine Dryness Needs to be Monitored

Nov 15, 7:15 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures remained under technical pressure through Tuesday’s trade, leaving live cattle prices from $.95 lower in April to $1.90 lower in August, while nearby December was just over $1 lower. The CME continues to trade down on ideas of no better than steady cash trade, as well as expectations that Friday’s Cattle on Feed report could show another month significant feeder cattle placements.   January feeders marked the largest decline in the cattle trade, and fell more than $3 and finished well under the cash index.   Cattle markets across the Plains and W Cornbelt were generally quiet through Tuesday. The afternoon slaughter report showed thin trade of just over 1,500 head, with an…

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Cattle Called Steady/Weak; Argentine Dryness to Gain In Importance

Nov 14, 6:52 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures closed slightly lower on Monday, and a steady outlook is offered for early trade this morning. Monday’s trade reflected overall uncertainty with early selling finding good demand, while a midday rally back above unchanged could not be sustained.   Cash markets were quiet through Monday and significant trade is not expected until the last half of the week. Cattle supplies for this week are thought to be a little tighter, but packers are also buying for a short work week, which keeps the outlook for this week to no better than steady.   Boxed beef prices were lower to start the week, with choice down $1.04 at $212.81 and select was off $.68…

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Cattle Called Lower; South Am Weather Still Okay

Nov 13, 7:32 am | AM Weather

AgResource Daily Cattle Analysis: Cattle futures closed lower last week, and a steady/weaker outlook is offered for early trade this week. December cattle collapsed on Friday as the market fell through an open chart gap, and traded under the week’s cash trade. The November Cattle on Feed report will be released at the end of the week, with the Livestock Slaughter and Cold Storage reports scheduled for release next Wednesday.   Sales in the negotiated cattle market last week were generally quoted around $124, or near steady with the previous week’s 5 area average price. While packers were able to keep their cattle costs near unchanged for the week, they were able to move beef prices higher. The choice cutout…

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Cattle Called Steady; South American Weather Generally Favorable

Nov 10, 7:09 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures closed mixed to higher on Thursday, and a steady outlook is offered for early trade this morning. Selling developed right from the morning’s lower open, but the markets were able to stage a recovery into the close on renewed fund buying.     Cash cattle market trade was slow on Thursday, with the USDA reporting across the Plains cattle markets at $124-125, near steady in the south and $1-3 lower for the week in the north.   Beef cutout values were slightly lower on Thursday, with choice down $.39 while select was off $.59 on light to moderate demand and moderate offerings.   The rib market has been the major driver of the cattle…

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Wednesday’s Cash Cattle Trade Disappoints; South American Weather Okay for Now

Nov 9, 7:01 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures closed lower on Wednesday, and a steady/weaker outlook is offered for early trade this morning. Selling developed right from the morning’s lower open, and the market stayed under pressure into late in the day, under pressure from technical liquidation and disappointing cash business.   Cash cattle markets began to trade on Thursday, with the USDA reporting across the Plains cattle markets at $124-125, near steady in the south and $1-3 lower for the week in the north.   Beef cutout values were higher through Wednesday, with choice up $.49 and select was $1.13 higher on light to moderate demand and moderate offerings. The choice rib value scored an early seasonal low in September and…

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Cattle Market Awaiting This Weeks Cash Trade; South American Weather OK for Now

Nov 8, 6:59 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures finished mixed on nearby weakness at the end of Tuesday’s trading, and a steady outlook is offered for early trade this morning. December cattle were under pressure from follow through technical trade, with early resistance noted above unchanged, while late day put December well above the lows at the close.   Light cash trade was reported on Tuesday, with the afternoon slaughter cattle review showing sales of nearly 6,000 head at $124, or $1 lower from last week. The majority of the week’s business is still untraded.   Beef cutout values were strong Tuesday morning, and even higher in the afternoon. The choice value was up $2.07 at $212.64 and select was $2.99…

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Cattle Called Steady; N Brazilian Dryness to Return after November 14th?

Nov 7, 7:10 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures closed lower on Monday, and a steady outlook is offered for early trade this morning. Early strength in the CME cattle trade had resistance above unchanged, and technical selling developed as December slipped back into the red within the first hour. Cash markets were quiet through Monday, though the general consensus is for at least steady to $2 higher trade later this week.   The beef market continues to edge higher following sharply higher cash trade of recent weeks, with choice continuing to gain on select. The choice cutout value on Monday was $1.83 higher at $210.57 and select was $1.69 higher at $194.77. The Weekly Steer/Heifer Grading Percent Report, with data for…

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Cattle Called Mixed/Lower on Profit Taking; South American Weather Favorable

Nov 3, 6:58 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures traded a wide range through Thursday and closed lower, and a steady/weaker outlook is offered for early trade this morning. An early rally to a new contract high in December cattle ran into stiff resistance that had the market back below unchanged in the first hour, and technical trading had prices sharply lower by midday. Cash trade remained thin through Thursday with the USDA reporting trade of just over 10,000 head at an average of $120; disappointing for the bulls.      The chart shows total weekly red meat production rates, which has been record large nearly every week this year. Cumulative red meat production now totals just over 42 Bil Lbs and…

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Cattle Awaiting This Week’s Cash Trade; South American Weather Looks Good

Nov 2, 7:54 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures were again higher at the end of Wednesday’s trading, and a firm outlook is offered for early trade this morning. Very limited cash business has been done this week and the CME is likely to trade steady/higher, at least until a cash trend for the week has been established. Feeder futures generally marked gains against the fat market, and all trading months marked new contract highs at midweek. Spot feeder futures continue to hold just under highs set last spring, while the cash index was up $.42 at $157.34 or the highest level since April 2016.   Cash markets across the major cattle feeding regions in the Plains remained very quiet through Wednesday….

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