|Choice Fed Steers||+2 to 3||114 - 116|
|As of 11/8/19||Top||117|
|Dressed Basis||+1 to 2||181 - 182|
|As of 11/8/19||Top||185|
|Boxed Beef Cutout||+1.91||240.50
|Iowa Lean Average||-0.17||42.55|
After the noon hour Tuesday cattle contracts made a mixed comeback and lean hog contracts fared exceptionally well.
Live cattle contracts made a comeback after the noon hour Tuesdsay in deferred contracts. Closing the day mostly higher except in the spot and closest contract, live cattle contracts closed $0.02 to $0.12 higher. December live cattle are down $0.12 at $119.75, February live cattle are down $0.10 and April live cattle are up $0.10 at $127.05. Cash cattle trade has yet to present itself and most likely won’t get under way until Wednesday afternoon or sometime Thursday.
Closing boxed beef prices: choice up $1.91 ($240.50) and select up $2.54 ($216.23) with a movement of 92 loads (49.38 loads of choice, 19.16 loads of select, 6.51 loads of trim and 17.34 loads of ground beef). Tuesday’s slaughter is estimated at 119,000 head: steady with a week ago, and down 1,000 head from a year ago.
WEDNESDAY’S CASH CATTLE CALL:
$1.00 higher. Given that boxed beef prices are rallying still, feeder calf prices are up and that slaughter remains aggressive — cash cattle trade is aligning for another positive week so long as the board holds.
Feeder cattle contracts made the best of Tuesday after the noon hour and closed slightly higher in nearby contracts, and just mildly lower in deferred. November feeder cattle are up $0.22 at $147.80, January feeder cattle are steady at $147.12 and March feeders are up $0.12 at $146.82.
On and estimated run of 6,498 head (down 934 head from the previous week) all weights of steer calves sold steady to $2.00 higher. Heifer calves under 600 pounds sold steady to $1.00 higher with the exception of 450 to 500 pound heifers, which sold $3.00 to $5.00 higher, heifers over 600 pounds sold $3.00 to $5.00 higher with instances of $8.00 higher. Trade was very active, and demand was good. The CME feeder cattle index for 11/11/19: up $0.53 at $147.25.
Links to More Futures PricesSettlements on all Ag Futures and Options
Futures Quotes – Montana Market Manager – (AgriCharts)
Links to Market AnalysisAg Center – Cattle Report
Livestock Marketing Information Center
Kansas State – AgManager.info
North Dakota State – Livestock Economics
University of Missouri – Farm Marketing