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Market Commentary from the Northern Ag Network:
2/22/2018 3:00 PM
Mixed trade developed in the last half of the trading day with early pressure giving way to narrow gains in deferred contracts ($0.22 higher to $1.30 lower). The underlying tone of the market remains extremely weak with front-month February futures holding triple-digit losses. But the inability to follow the aggressive pressure seen midweek is actually helping to stimulate some expectations that prices may bounce higher at the end of the week. Beef cut-outs: higher, $0.14 higher (select, $212.06) and up $1.03 (choice, $218.40) with light demand and offerings (70 loads of choice cuts, 12 loads of select cuts, 5 load of trimmings, 11 loads of coarse grinds).
FRIDAY'S CASH CATTLE CALL:
Steady with early week Trade. It is expected that some additional trade will develop Friday unless another round of activity is seen late Thursday afternoon or evening. But the tone of the market is likely to be set, with prices through the rest of the week likely to be seen at $128 live basis and $204 to $205 dressed.
Light-to-moderate pressure redeveloped in feeder cattle trade. This left prices looking for longer-term support, but unable to find a sense of stability Thursday ($0.27 to $1.02 lower). Moderate nearby contract weakness led the complex lower with April futures holding a $1.02-per-cwt loss. Even the expected stability in overall feeder cattle placements in January that likely will be seen in the Cattle on Feed report was unable to draw buyers back to the market. Deferred futures posted narrow losses, with the more intensive pressure reserved for nearby trade. CME cash feeder index for 2/21 is $148.05 up $0.06.
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