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Cattle Await Cash Market; No Worries for S American Weather

Feb 22, 6:53 am | AM Weather

** AgResource Daily Cattle Analysis: A mixed outlook is offered for the cattle market this morning. Cattle futures gaped higher at the open on Tuesday and also settled higher for the day. April futures opened and traded above the 50 day moving average throughout the day, but it was back on the lows by the close on late day selling.   Negotiated cattle markets were untraded through Tuesday, but early sales will get underway later this morning at the Fed Cattle Exchange. This week’s auction features consignments totaling 3,350 head. The beef market was firm Tuesday morning and mixed in the afternoon, with the choice value up $.90 at $191.81 and select was $.59 lower at $189.81. Steady cattle trade this…

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South American Crops Enjoy Favorable Weather; Cattle To Firm on Beef

Feb 21, 7:17 am | AM Weather

** AgResource Daily Cattle Analysis: A steady/higher outlook is offered for cattle futures at the start of this holiday shortened trading week. After a softer start last week, April cattle recovered and spent of the week trading above board, and a late week rally put the market on the highs to end the week. April stopped just short of the 50 day moving average, so key for this week’s trading is whether the market find follow through demand or selling on a test above the 50 day moving average. Feeder futures finished the week higher, but March has held in a range between the 50 day moving average above and the 100 day below. A close over $126, would signal…

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South American Weather OK; Cattle Called Slightly Lower

Feb 17, 7:06 am | AM Weather

** AgResource Daily Cattle Analysis: Thursday was a mostly lower day of trade in the cattle markets as both live and feeder futures in the red by the close. Early selling in April cattle found good support, but a recovery into midday stalled out with the rest of the Ag trade, and futures finally settled back below unchanged. Feeders were slightly weaker against fat cattle, and the feeder index was down $.41 at $123.825.    Negotiated cattle markets in the Plains stayed quiet through Thursday on light to moderate demand. Bids were quoted similar to earlier in the week at $116 on a live basis and at $185 or better on dressed basis, but feedlots again passed and countered with…

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Needed Drying to Follow Next Week’s Argy Rains; Cattle Called Weak to Start

Feb 16, 6:55 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. The CME looks to be waiting on this week’s cash market, though April and June cattle had resistance against respective 50 day moving averages on Wednesday. Feeder futures closed higher for the day, but after pushing to a new high for the month, slipped back down into the recent range for the close.   It was a lightly traded auction at the Fed Cattle Exchange, with just 1,556 head selling out of the 4,822 that were consigned. Sales ranged from $116.75-119.25, with a load natural beef trading at $123. The weighted average price for the week (excluding natural…

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Cattle Called Firm; South American Weather Favorable

Feb 15, 7:35 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures closed higher on Tuesday, and a firm outlook is offered for early trade this morning. After a steady start to the day, April cattle traded weaker through the first half of the morning, but finished with good gains as a strong rally got underway at midsession. The feeder market was able to build on Monday’s reversal, and again gained against the fat market. The cash feeder index rose a nickel to $128.46 versus March feeders at $124.   Cash cattle markets remained quiet through Tuesday, with no bids or offers of significant size quoted. The afternoon slaughter cattle review showed just a couple of loads that were traded $5 under last week at…

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Cattle Called Lower; South American Weather Looks Good!

Feb 14, 7:27 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle and feeder cattle futures closed lower on Monday, and a steady to weaker outlook is offered for early trade this morning. Monday was a quieter day of uncertain trade that left cattle lower on the day. An early break found short covering support, but April had resistance back above unchanged. Feeder futures were slightly stronger on a relative basis versus the fats, with March feeders finding support on an early morning break back under the 100 day moving average. The cash feeder index on Monday was up $.24 at $128.41 or more than $6 over March futures.   Beef cutout values were firm Monday morning and higher into the afternoon beef report. The choice…

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Cattle Called Lower; South American Weather Improves

Feb 13, 7:32 am | AM Weather

** AgResource Daily Cattle Analysis: A steady/weaker outlook is offered for early week trade in the cattle markets, following last week’s poor technical close. The cash market traded up for the week, but the CME ignored the higher physical trade and finished lower. At Friday’s close, April cattle were back under the 50 day moving average and marked the lowest close since early December and nearly $7 under the week’s cash business.   Negotiated cattle trade last week was in a broad range, with the Fed Cattle Exchange trading from $115-120, while the bulk of the week’s trade developed around $120, or $1-2 higher from the previous week. Fed cattle numbers are expected to be around steady this week, though…

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Cattle Called Higher on Cash; N Brazil and N Argentina Wet

Feb 9, 7:13 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures closed lower on Wednesday and a steady outlook is offered for early trade this morning. Futures were slightly lower to start the morning on Wednesday, and unlike in recent days the market found limited buying on early breaks and fell to deep losses late day on technical liquidation. Cash markets turned active after the close, and cattle traded higher for the week. April cattle finished near the 50-day moving average, and the higher cash trade could support early short covering.   Cattle trade at the Fed Cattle Exchange was in a very broad range of $115-120.50, with a weighted average price of $117.60 versus $118.82 last week and the 5 area average of…

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Cattle Await Cash Trade Results; S American Weather Too Wet N Brazil

Feb 8, 6:56 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures finished with good gains on Tuesday and a steady/higher outlook is offered for early trade this morning. As has been the case all week, buyers were active on an early break, but unwilling to chase the market higher on rallies. February paced Tuesday’s rally but both February and April stopped short of closing out respective chart gaps. The debate as to whether the recent correction off the highs is a bull market correction or the start of a cattle market top continues.   Negotiated cattle markets in the Plains have so far been quiet this week. Early week bids were quoted nearly $3 under a week ago at $116, but found no interest…

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Cattle Called Mixed; N Brazil Still Too Wet

Feb 7, 7:29 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures traded on both sides of unchanged through Monday before ending mostly firm, and a steady outlook is offered for early trade this morning. February cattle marked the only lower close for Monday as positions were rolled forward ahead of the end of month expiration. April cattle pushed higher into last week’s chart gap early in the day and then fell lower, though Friday’s low held and the contract was unchanged for the day.   Feeder futures finished mostly higher, though futures remain caught between a pair of major moving averages. The cash index started the week $1.16 lower at $127.03, but still more than $3 over March.   Boxed beef values were firm…

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