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Central US Weather Wet for Some; Cattle Called Steady To Start

Apr 21, 7:20 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures closed higher on Thursday and a steady outlook is offered for early trade this morning. After a higher start, June cattle pushed to a new contract high, which found selling ahead of today’s Cattle on Feed report. Similar to the February expiration, April continues to grind higher into the end of the month. Feeder futures initially followed the live market higher, but after forging new contract highs, turned around and closed lower. Cash markets went dark on Thursday, while beef cutout values closed back up.   Weekly beef export shipments were in line with average, while export sales for the week were the best since mid-January. Accumulated export shipments are now at 118%…

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Cattle Called Firm; SW Midwest Weather Wet with Isolated Flooding

Apr 20, 7:31 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle and feeder cattle futures were higher on Wednesday, and a firm outlook is offered for early trade this morning. Futures were higher at the open, and an early break found good demand that supported trade into the close. However, short term momentum looks to be slowing, and with cash trends for the week established and an on feed report on Friday, we expect that cattle markets could further slow in the last half of the week.   The feeder cattle cash index has come to life this week and was up $.82 on Wednesday at $136.64, or the best level since October. But after marking new contract highs through Monday and Tuesday, feeder futures…

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Cattle Called Steady/Firm; Central US Weather Still Too Wet

Apr 19, 7:28 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures closed higher on Tuesday, and a steady outlook is offered for the start of trading at midweek. After a steady start on Tuesday, cattle futures quickly traded up to new highs early in the day, but were back closer to unchanged by the close. Nearby basis has quickly narrowed as futures have pushed to new contract highs and it’s a Cattle on Feed report week, so a further rally will likely need to be led by confirmation of higher cash trades.   The cash markets went untraded through Tuesday. Initial asking prices for this week were quoted $2 higher at $130, but packer buyers have yet to show any interest in trading. There…

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Cattle Called Steady/Firm; Central US Weather Too Wet

Apr 18, 7:28 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle and feeder cattle futures closed higher on Monday, and a firm outlook is offered for early trade this morning. Cattle markets were higher at the open on Monday, and a number of contracts in both the live and feeder cattle markets pushed on to new contract highs. Spot basis in the live market continues to tighten up, while basis against the summer months still holds at record levels.   Cattle markets in the Plains were quiet through Monday, and meaningful negotiations are expected to hold until midweek. The beef market was strong at the start of the week, with the choice cutout value up $2.05 at $214.13 and the select value was $1.30 higher…

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S Midwest and Delta Too Wet; Cattle Called Firm

Apr 17, 7:30 am | AM Weather

** AgResource Daily Cattle Analysis: A firm outlook is offered for early week trade in the cattle markets, following last week’s strong technical close and push to new contract highs in many live and feeder cattle contracts.   Active trade in the cash cattle market held until late Thursday. Live sales in the Central and Southern markets were mostly at $128, or $2-3 higher for the week, while in the North were quoted at $129 (+$7) on the hoof, and at $206 (+$10) on the rail.  US beef prices continued to track their historical seasonal trends, and were higher for the week. The choice cutout value was up $4.86 for the week at $212.08 and the select value was better…

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Cattle on Bull Run; Central US Weather Too Wet For Widespread Spring Seeding

Apr 13, 6:44 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures marked another strong close at the of trading on Wednesday, and a firm outlook is offered for early trade this morning. June cattle were slightly better at the open, and had good support below unchanged. A drive to a new contract high found profit taking ahead of the long weekend, but Wednesday’s finish at $114.35 was a new contract high settle. With just over 2 weeks of trading left, April again marked the best gain, and on a spot basis cattle futures finished at the best level in 7 weeks, when February was gaining ahead of expiration. Meaningful cash business has yet to develop, but today is the last trading day of the…

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Central US Weather Forecast Still Too Wet; Cattle Called Steady/Firm

Apr 12, 7:34 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle and feeder cattle futures marked strong gains on Tuesday, and a firm outlook is offered for early trade this morning. Following a firm start to the morning, cattle spent much of the morning in back and forth trade, with a strong late day rally putting both live and feeder contracts at strong gains ahead of the close. Cash markets have so far gone untraded this week, though the Fed Cattle Exchange auction gets underway later this morning. Beef prices are stabilizing and cutout values were up $1.91 in choice and $3 on select through Tuesday   The April WASDE report offered light changes to the beef estimates, and the only significant change was larger…

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Cattle Called Firm; Too Much Rain for the Central US

Apr 11, 7:42 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures closed higher on Monday and a steady outlook is offered for early trade this morning. June cattle were sharply higher at the open on Monday, though early strength was slowed by midday, and the market finished near the lows of the day. April marked the best gain for the day and was back over $120, but still well under last week’s cash trade. Cash markets are likely to hold until at least Wednesday, though showlists are thought to be larger in all regions following light trade last week, which is expected to keep pressure on this week business.      Feeder cattle futures marked slightly better gains at the start of the week,…

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Cattle Called Firm to Start Week; Active Rainfall Pattern For Central US

Apr 10, 7:30 am | AM Weather

  ** AgResource Daily Cattle Analysis: A firm outlook is offered for early week trade in the cattle markets, following Friday’s strong rally and higher weekly close. Active trade in the cash market held until late Friday. Cattle in the Central and Southern Plains sold at $125-126 or $1-2 lower for the week, while sales in North were quoted around steady at $127.   Beef cutout values were again lower through the week, with the choice value down $6.90 at $207.22 and the select value was $6.51 lower for the week at $197.49. Estimated beef packer margins moved down through the week, as beef prices fell faster than cattle. Margins for last week are estimated at $63/head versus $72 last…

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Cattle Called Steady/Firm; Wet Weather for Midwest Beyond Easter

Apr 7, 7:12 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures on Thursday were able to build on Wednesday’s reversal and closed higher, and a firm outlook is offered for early trade this morning. June cattle were higher at the open and found good support below unchanged, which supported higher trade into the close. Cash cattle markets remained very quiet through Thursday, with only light dressed trades in Nebraska reported at $194-200, or $5-10 lower were reported. Feedlots are still offering cattle $2-3 higher and bids were $3-4 lower from last week, all of which should make for an interesting Friday with April cattle closing $9 under last week’s cash trade.    Weekly beef export shipments were just below average last week, while sales…

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