Livestock Markets

Cattle

Choice Fed Steers	Steady	110 - 111
As of 7/17/19	Top	112
Dressed Basis	Steady	182 - 185
As of 7/17/19	Top	188
Boxed Beef Cutout	-0.36	212.57 200 loads Wed PM

Hogs

Western Cornbelt	No Comp	71.66
Iowa Lean Average	+1.48	72.18

Sheep/Goats

60-80 lb Feeder Lambs	(Billings, MT 7/15)	Steady to +5	161 - 169
80-100 lb Feeder Lambs	(Billings, MT 7/15)	Steady to +12	149 - 160
Sl. Ewes	(Billings, MT 7/15)	Steady to -2	35 - 44
60-80 lb Feeder Lambs	(Newell, SD 7/11)	Lower	146 - 150
80-100 lb Feeder Lambs	(Newell, SD 7/11)	Lower	144 - 152
Sl. Ewes	(Newell, SD 7/11)	Steady to +3	49 - 54
Finished Lambs	(Sioux Falls, SD 7/10)	Steady	145 - 155.50
80-100 lb Feeder Lambs	(Bowman, ND 7/1)	Steady	159 - 163
Sl. Ewes	(Bowman, ND 7/1)	Steady to -9	40.50 - 54

Market Commentary

July 17, 2019 @ 2:45 pm

DTN reports:

Nearby lean hog contracts extended their rally late in Wednesday's session with gains of $2.95 in the August contract. Live cattle and feeder cattle, meanwhile, pulled back with modest losses.

LIVE CATTLE:

Lower futures prices Wednesday, down $0.10 in the August live cattle contract, broke the short-term pattern of higher daily lows. Futures traders may be hesitating to extend the market's gains any further ahead of Friday's monthly Cattle on Feed report, which is expected to show the overall supply still growing but June placements and marketings lighter than last year (97%, the average amid a wide range of estimates). Also, the semi-annual Cattle Inventory report is expected to show a no-longer-expanding breeding herd and calf crop (the average of estimates is at 100%). Beef cutouts are lower, down $0.36 for choice at $212.57 and down $0.82 for select at $188.34, with light demand and heavy offerings.

THURSDAY'S CASH CATTLE CALL:

Steady to $1 higher.

Some asking prices remain firm at $114 live and $186 plus dressed, but sellers may become more accepting in an uncertain supply scenario.

FEEDER CATTLE:

Relatively calm outside markets allowed the feeder cattle futures market to concentrate on its own line of business -- namely, correcting the overheated gains from earlier this month. The nearby August contract closed the day down $0.475, and the October contract lost $1.10. CME cash feeder index for 7/16 is $141.01, down $0.15.