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Central US Weather To Stay Warm/Dry In Plains/W Midwest; Cattle Called higher

Jul 20, 8:09 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle closed higher on Wednesday and a steady outlook is offered for early trade this morning. Futures were lower at the open following a non concerning BSE discovery, but that weaker open quickly found demand that carried cattle prices to $2+ gains into the close. Feeder cattle gained on the fat market and were $2.475-2.90 higher from August to January, while the feeder index was up $.16 at $149.16. The futures continue to trade over the index, but are also pricing in a late summer/early Autumn top in the feeder cattle market.   The week’s cash business started at the Fed Cattle Exchange, where 626 head traded at $118.30 for 1-9 day delivery and 82…

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Cattle BSE Not A Worry; Central US Heat to be Maintained

Jul 19, 7:11 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures closed lower on Tuesday, and a weaker outlook is offered for early trade this morning. Late Tuesday afternoon the USDA announced an atypical case of BSE in an 11 year old cow in Alabama. The USDA stated that the cow never entered slaughter channels and presents no health risk. Atypical BSE generally occurs spontaneously in older cattle and does not present a threat to the herd or food supply, and the USDA noted that this case will not change US trade risk status.   Negotiated cattle markets in the Plains have been quiet in the first half of the week, and early sales have been $3 lower at $117 on very thin volume,…

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Cattle Called Weaker; US Forecast Drier Than Previously

Jul 18, 7:29 am | AM Weather

AgResource Daily Cattle Analysis: Cattle futures were mostly firm at the end of quieter trade on Monday, and a steady/weaker outlook is offered for early trade this morning. August cattle had resistance last week over $118, which went unchecked through Monday and was followed by a lower close, while the rest of the market finished firm. Cash markets were quiet through Monday, while beef prices were lightly mixed with choice down $.30 and select up $.39.   Pasture conditions in the Dakotas continue to worsen, with poor/very poor ratings in SD jumping 9% last week to 68% P/VP, while ratings in ND were up 5% to 75% P/VP. Ratings in ND are the worst for mid-July since NASS began reporting…

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Cattle are Called Steady; Heat Coming for Central US Crops

Jul 14, 7:11 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures were mostly lower or unchanged at the end of quiet trading on Thursday, and a steady outlook is offered for early trade this morning. Cash trends for the week were set on Wednesday and August cattle settled just under this week’s business, while the beef market remains in free fall. The choice value was off $2.84 on Thursday and the select value was down $1.47.       Like a number of other commodities, weekly beef export sales and shipments were lower for last week, either due to the short work week or high beef prices. Export shipments were at 4 week low while new sales were the lowest of the year. Export commitments…

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Cooler Next Week, but Still Not Enough Plains/ W Midwest Rain; Cattle Called Higher

Jul 13, 7:13 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures marked strong gains on Wednesday, and a higher outlook is offered for early trading this morning. A higher start to the morning on Wednesday was sold, but the market surged to limit gains as cash markets turned active. Aug-Dec finished with limit gains, and synthetically August was another $.475 higher and October up $.375.   Early sales at the Fed Cattle Exchange ranged from $117-118.75, while negotiated trade got underway late morning with cattle selling $2-3 higher at $120. The week’s cash business was far better than expected, with many looking for no better than steady, with $1-2 lower likely. Beef cutouts were again sharply lower, down $2.55 on choice and $1.78 on…

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Cattle Called Higher on Potential Cash Gain: Heat/Dryness Next Week for Midwest

Jul 12, 7:06 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures closed higher on Tuesday, and a firm outlook is offered for early trade this morning. August cattle took out Monday’s low in early trading on Tuesday, and that break found good demand that carried prices higher into late in the day. October led the rally as funds rolled position out of August and into October, and the August/October spread briefly traded at even money.   Cash cattle markets in the Plains feeding regions have been very quiet so far this week. No bids or offers were quoted through Tuesday, but gains at the CME will have sellers leaning more optimistic. An initial test of the market will get underway with the Fed Cattle…

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Central US Weather Pattern Threatening into late July; Cattle Called Slightly Lower

Jul 11, 7:15 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures closed lower on Monday, and a weaker outlook is offered for early trade this morning. Cash markets were quiet through Monday, but the generally tone is lower for this week as the beef market continues to trade down under seasonal pressure.   Beef prices on Monday were mixed with the choice cutout value down $1.33 at $217.54 and select was up $.16 at $202.67 on light to moderate demand and moderate to heavy offerings. The spread between the 2 quality grades continues to narrow, as the choice rib value remains in free fall. From the high scored just 5 weeks ago, the choice rib value has fallen $109.   Fundamentally, we think that…

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Cattle Called Steady to Lower on Plains Dryness; Central US Weather is Hot/Dry

Jul 10, 7:08 am | AM Weather

** AgResource Daily Cattle Analysis: A steady outlook is offered early week trade in CME cattle futures. Neither rallies or breaks were able to get much traction last week, and weekly support was established against the 100 day moving average while a chart gap at $112.15-112.20 that was left back in April remained unfilled. Negotiated cattle trade last week was thought to have been light, with sales ranging from $117-119 or a range of +/-$1 from the previous week. The beef market continued it’s seasonal descent with both choice and select values down nearly $6 each for the week. Beef prices are expected to decline into late July early August, with initial targets $5-10 lower. The spread between cattle and…

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Cattle Called Firm on Strong Domestic Demand; Rain Worries for the PLains/W Midwest

Jul 7, 7:43 am | AM Weather

 ** AgResource Daily Cattle Analysis: Cattle futures closed higher on Thursday, and a firm outlook is offered for early trade in the last day of the holiday shortened trading week. After a firm start on Thursday, August cattle fell sharply through the first hour, but found good support against the 100 day moving average, which carried prices higher into the close.   Cash trades on Thursday were quoted at $117-118 across the Great Plains cattle markets or $1-2 lower from last week. Beef cutout values further deflated through Thursday, with the choice valued down $2.53 at $220.05 ($32 under the June high), and select was $1.56 lower at $203.76.   The Actual Slaughter Report on Thursday with data for the…

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Cattle Called Firm; Central US Weather to Feature Heat/Dryness Thru PLains

Jul 6, 7:09 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures slipped to new lows through Wednesday’s trading, and a steady/weaker outlook is offered for early trade this morning. August cattle found selling right from the morning open, and marked the lowest close since April. Cash business has so far been very light, while the beef market continues to work lower.   The Fed Cattle Exchange sale had 92 head selling for $117.75 with 1-9 day delivery, and 337 head at $117.25 with 17-30 day delivery. Other business for the day was thin and reported $1 lower from last week at $117.     Wednesday’s Crop Progress Report showed that pasture conditions in the Northern Plains Continue to deteriorate. 57% of SD pastures were rated…

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