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Market Commentary from the Northern Ag Network:
2/15/19 3:00 PM
DTN reports:
Lean hog futures settled mostly higher Friday as traders adjusted positions before exiting the market for the long weekend. Meanwhile, feeder cattle futures saw sharp losses.
LIVE CATTLE:
Feeder cattle futures closed mixed ($0.25 lower to $0.10 higher). Traders quickly changed direction Friday, moving from firming midweek support to end-of-the-week profit-taking. Strong losses create several concerns for the live cattle complex, which will have to wait until Tuesday for additional direction. The expectation that cash cattle trade would develop late in the day and move higher Friday helped to limit selling activity. But traders remain extremely cautious and concerned about future costs and long-term beef demand. Beef cut-outs: higher, up $0.58 higher (select, $210.99) and up $0.78 (choice, $216.85) with good demand and good-to-moderate offerings of 102 loads (58 loads of choice cuts, 11 loads of select cuts, 13 load of trimmings, 20 loads of coarse grinds).
MONDAY'S CASH CATTLE CALL:
Steady. Packers and feeders will return to work Monday even though futures markets will be closed. The focus will be on showlist distribution and inventory-taking. Bids and asking prices are unlikely Monday.
FEEDER CATTLE:
Sharp losses flooded the feeder cattle trade Friday with futures closing $0.55 to $1.47 lower. Nearby contracts not only broke away from midweek gains, but also broke through initial support, causing traders to quickly and aggressively back away from the market. Growing concern about what any trade deal with China will involve and how it will affect grain markets is the greatest focus of feeder cattle trade at this point. A significant turnaround in corn or soybean prices could quickly shift the focus in feeder cattle due to unknown changes in production costs. CME cash feeder index for 2/14 is $141.31, down $0.19.
Settlements on all Ag Futures and Options Futures Quotes – Montana Market Manager – (AgriCharts)
Ag Center – Cattle Report
Livestock Marketing Information Center
Kansas State – AgManager.info
North Dakota State – Livestock Economics
University of Missouri – Farm Marketing
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