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December Cattle To Close a Chart Gap?; The Midwest Harvest To Acclerate

Sep 22, 6:03 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures were mostly unchanged or slightly better at the close on Thursday, and a steady outlook is offered for early trade this morning. Early strength on Thursday found profit taking, and the cattle market spent the day trading back and forth. Cash markets have remained at a standstill so far this week, though the CME is showing at least another $2-3 higher for this week.   The September Livestock Slaughter report showed a combined steer/heifer kill total of 2,341 million head, 106% of last year and the largest August slaughter rate since 2012. The average carcass weight of 858 Lbs was still 8 Lbs under last year, but fed beef production was still at…

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Cattle Called Firm on Higher Cash Trade Hope; Central US Weather Feels Like Mid Summer

Sep 21, 7:03 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures closed with strong gains on Wednesday and a steady/higher outlook is offered for early trade this morning. Strong demand developed in the cattle market just after the morning open, that lifted the cattle and feeder cattle futures to strong gains with prices accelerating following the Fed Cattle Exchange sale. Both markets stopped short of limit gains, though October feeders finished near a 4 month high, while December live cattle marked the best close in more than a month.   The Fed Cattle Exchange had light trade of 636 head at an average price of $106.67. The FCE average has often been under the 5 area average, though this week’s business was nearly $1…

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Cattle Called Mixed with Beef Firming; Central US Heat Could be Record

Sep 20, 7:10 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures closed firm on Tuesday at the end of another quiet and narrow ranged trading day, and a steady outlook is offered for early trade this morning. The market has yet to find significant selling, and the bulls again came out ahead at the end of Tuesday, with December again finding support back under the 50 day moving average. The cash market has so far been very quiet, and we expect that breaks will continue to find support, at least in the very short term.   Boxed beef prices were higher Tuesday morning and mixed in the afternoon reports. Choice boxes were down $.51 at $192.11 and selects were $1.13 higher at $188.83 on…

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Cattle Called Steady; Central US Weather Features Wet NW Central US and Dry/Warm East

Sep 19, 7:00 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures closed firm on Monday, and a steady outlook is offered for early trade this morning. October cattle had resistance over the 200 day moving average and finished fractionally lower, while December cattle finished above the 50 day moving average in lackluster trading. Cash markets were quiet through Monday, and it’s possible that active trade again holds until late in the week.      Beef cutout values were higher Tuesday morning and remained strong in the afternoon. The choice cutout value was up $1.20 at $192.62 and the select value gained $1.85 to $187.70 on moderate demand and offerings. The choice rib value was up $3.12 from Friday at $298.12, and is now $4…

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Cattle Traders Await Cash Sales Trend; Central US Weather Features Rain for N Plains and W Midwest

Sep 15, 7:19 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures closed slightly lower on Thursday and a mixed opening is expected this AM. Early selling cattle found good demand stabilized values going home. The market is awaiting the determination of this week’s cash cattle trade.    Packers are bidding values lower, but producers are well aware of huge packer margins and are holding stout on higher offers. Trade is expected to break sometime later today with our hope for a firm marketplace. Packer buyers were quoted as bidding cattle at $102-103, while feedlot asking prices were quoted from $107-108.   The beef market was weaker Thursday with selling noted in select boxes while choice values held firm. The  choice/select spread correcting back to…

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Cattle Called Firm to Start; Central US Weather Features Rain West/Dryness East

Sep 14, 7:04 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures closed higher on Wednesday and a firm outlook is offered for early trade this morning. Early selling cattle found good demand that carried futures higher into the close. October cattle closed back towards the top end of a trading range that developed over the last 5 weeks, while December cattle once again traded through, but settled just below the contract’s 50 day moving average. Key for today’s trading is whether the bulls can push December cattle back above the 50 day moving average and trigger another round of technical buying.      The Fed Cattle Exchange auction had sales of 1 lot of 128 heifers at $104.75, out of 1,063 head that were…

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Cattle Called Steady/Weak; Central US Weather To Feature Better Rains Next Week

Sep 13, 7:03 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures closed lower on Tuesday and a steady/weaker outlook is offered for early trade this morning. After a weaker start to the day, December cattle found resistance against the 50 day moving average and continued lower into late in the day in technical trade. Cash cattle markets went untraded through Tuesday with no bids or offers quoted. Boxed beef cutout values were down $.77 on choice and up $.48 on select, putting the choice/select spread at a rare select premium of $.07.   In the September WASDE report, the USDA slightly lowered both 3rd and 4th quarter beef production, noting slower than expected marketings through the 3rd quarter. However 4th quarter production is still…

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Cattle Called Mixed; Central US Weather to Feature Better Rains

Sep 12, 7:12 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures closed finished lightly mixed but little changed for the day on Monday, and a steady outlook is offered for early trade this morning. Neither rallies or breaks could get much traction on Monday, which left cattle futures to trade in a narrow, inside day. October cattle remained under it’s 200 day moving average, and December cattle again tested, but closed under it’s 50 day moving average.   Boxed beef cutout values were mixed on Monday, with choice down $.32 at $191.56 and select up $.41 at $190.38. The choice/select spread continues to trade at a historically narrow seasonal level of just $1.18/cwt. Slaughter and production totals have held at multi year highs for…

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Cattle Seasonal Lows Have Formed; Central US Weather Pattern Changes

Sep 11, 6:38 am | AM Weather

** AgResource Daily Cattle Analysis: Cattle futures closed higher last week, and a firm outlook is offered for early trade at the start of this week. Early week selling found good demand on ideas that the cattle market has finally reached a delayed seasonal low. Cash cattle trade held until late in the week with sales quoted around steady for the week at $105. The beef market finally showed indications of stabilizing, with the choice cutout value ending the week $.53 higher, while select was down $.68. The break from the June high has been a record and it’s likely that a short term bottom is in place (despite the more bearish seasonal outlook). Estimated slaughter margins for last week…

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Cattle Called Higher; Irma Shifted West Again

Sep 8, 7:35 am | AM Weather

AgResource Daily Cattle Analysis: Cattle and feeder cattle futures closed with strong gains on Thursday and a steady outlook is offered for early trade this morning. Feeder futures gapped sharply higher at the open and then rallied to strong gains into midday. October feeders were stopped at the 100 day moving average but also closed over the 50 day average. Live cattle also put marked good gains, though October remains well under it’s 200 day moving average. A close, above is likely needed for cattle bulls to feel comfortable.   Cash cattle markets went untraded through Thursday, while beef cutouts values were down $.80 on choice and $.51 on select.   The Actual Slaughter report showed an average steer weight…

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