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Cattle Steady Awaiting Post Holiday Beef Trade; Central US Weather Warmer

May 26, 7:32 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle closed higher on Thursday and steady outlook is offered for early trade this morning. Early selling found good demand that carried cattle prices higher into the end of the day, leaving June $1.80 higher and August up $1.475 at the close. Slow trading is expected after the first hour, with the market to respond to the Cattle on Feed report that will be released at 11 AM CT.   The April Livestock Slaughter report showed total beef production at 1,963 Mil Lbs, 87% of March and 100% of a year ago. Total steer/heifer slaughter increased 2% from a year ago, and was at a 3 year high, however, fed beef production was down 1%…

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Cattle To Go Range Bound?;Midwest Forecast Improved With Less Rain

May 25, 7:22 am | AM Weather, Uncategorized

** AgResource Daily Cattle Analysis: Cattle and feeder cattle closed down on Wednesday, and a steady outlook is offered for early trade this morning. Live cattle opened up towards the low end of the previous day’s range, and technical selling sent futures plunging early Wednesday morning. June caught support against last week’s low and most live contracts were back at or above the middle of the day’s range at the close.   Feeder futures were off by an even greater amount, but generally holding above the cash feeder index. Support in August feeders continues to be uncovered under $148, and a small chart gap left with Wednesday’s trade will now be the 1st target for the next feeder cattle rally….

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Cattle Called Steady/Weak to Start: Central US Weather Forecasts Call for Drying West

May 24, 7:26 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures were lower at the close on Tuesday, and a steady/weaker outlook is offered for early trading this morning. The turn in beef prices and expectation for lower cash business cattle under pressure through Tuesday, which could continue ahead of the holiday weekend.   Cash cattle markets have so far been very quiet this week, with no bids or offers quoted through Tuesday though the general market tone is lower for this week as beef prices correct. Initial trade at the Fed Cattle Exchange is expected later this morning with 2,684 head consigned.   Beef cutout values were mixed Tuesday morning and both values were lower in the afternoon. The choice cutout value was…

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Cattle Called Firm to State; Central US Weather Cool/Wet into June

May 23, 7:24 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures closed higher on Monday, and a firm outlook is offered for early trade this morning. Cattle were higher at the open on Monday and traded higher all day, but led by October and December, which were settled $1.70 higher. Cash markets stayed quiet on Monday, while beef prices were higher. Estimated kill margins are well above $200/head, though beef prices are expected to turn down next week. Packers will are also buying cattle for a holiday shortened work week, which keeps the cash outlook steady/lower.   NASS reported end of month April beef stocks in cold storage at 458.5 Mil Lbs, 99% of last month and 98% of a year ago. Cold Storage stocks…

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Cattle Called Steady; Too Dry for N Plains/Too Wet for E Plains and Midwest

May 22, 7:34 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures closed higher on Friday and lower for the week, and a steady outlook is offered for early trade this morning. Cash trade last week was $2-3 lower at $134-135, and packers this week will be buying cattle for a holiday shortened work week. The outlook for this week’s cash market is steady at best, with $1-2 lower, likely on reduced demand. Beef cutout values were down $.55 for the week on choice and $4.09 on the select, and steady weaker trend is expected with holiday demand now mostly filled. However, estimated beef packer margins jumped sharply in the last 2 weeks to more than $220/head. With steady beef prices, we estimate a break…

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Cattle Called Firm/ Cold To Hold Across Central US

May 19, 7:01 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures closed firm on Thursday and steady/higher outlook is offered for early trade this morning. June cattle were sharply lower at the open on Thursday, but found early support and spent the day moving up. June traded a $2.70 range and was higher at the close. August marked the best close and gained slightly on June, while other June spreads were higher. More active cash trade developed through Thursday across the Plains markets, with sales mostly at $134-135, or $2-3 under last week’s 5 area weighted average price, and still $11-12 over June cattle. Sales volume looks to have been slightly better than a week ago, but still on the light side. Beef cutout…

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Cattle Called Mixed with Eyes on Brazil; Central US Weather Chilly with More Rain

May 18, 7:02 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures closed higher on Wednesday and a firm outlook is offered for early trade this morning. After a firm start on Wednesday, cattle futures were back and forth around the open and finished with modest gains.   Quieter trade unfolded in the feeder market that left May $1 higher while the rest of the market was just above unchanged. The cash feeder index was down $.08 for Wednesday and $.86 for the week at $142.12, and just barely above May that expires next week.      The Fed Cattle Exchange auction had sales of 1,621 head out of the 2,379 that were offered. The week’s sales break down was: 814 head at $135.16 for…

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Cattle to Rebound; Cool Pattern Shift Still Forecast in Central US

May 17, 7:27 am | AM Weather

AgResource Daily Cattle Analysis: Cattle futures closed lower on Tuesday, but were well over the early morning lows at the close, and a firm outlook is offered for early trade this morning. June cattle turned down shortly after the open and fell to deep losses in early trading. But the break found support and cattle were able to recover much of the early losses ahead of the close. At the close, June cattle were $1.30 over the low print of the day, though June spreads were mostly unchanged to lower.   Beef prices were mixed on Tuesday, with choice up $.48 at $249.88 while select was off $1.11 at $224.39 The choice select spread was up to a $25.49 choice…

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Cattle Called Weaker to Start; Plains and W Midwest Look Wet into late May

May 16, 6:51 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures closed with steep losses on Monday and a weaker outlook is offered for early trade this morning. After a slightly better start to the morning, cattle futures quickly turned south and selling kept the market lower into late in the day. The only positive thing that can be said about Monday’s trade is that futures narrowly avoided a limit down settlement. Feeder futures closed out last week’s chart gap, and collapsed, while the cash index was down $.50 at $142.98.  Cash cattle markets were typically quiet through Monday, and no business is expected until later in the week. Beef cutout values were mixed Monday morning and mixed again in the afternoon. The choice…

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China To Allow US Beef Imports; Central US Wetness To Persist

May 12, 7:11 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures traded a wide range through Thursday and finished well above the early lows, but still lower for the day. Cash markets went dim through Thursday, and a steady outlook is offered for early trade this morning. Feeders again marked even larger losses through the day, with August trading more than a $5 range while the cash index broke $2.16 to $145.50. A chart gap in August at $151.075-152.15 left at Wednesday’s open, leaves an upside technical target for later this month.   Beef prices were again $2.28 higher on choice and $2.04 on select on light offerings. Mother’s Day tends to be a big beef holiday, but Memorial Day weekend is also coming…

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