Today’s Livestock Market Update

by Grace McDonald
DTN Reports:

Bids of $292 are currently being offered in the North but still no cash cattle trade has developed.

LIVE CATTLE:

After pressuring resistance levels with Wednesday’s close, the live cattle market is back to trading lower as the market desperately needs a reason to trade higher. One could argue that higher boxed beef prices should be supportive, but with the morning’s weak export sales report, the market is needing more substantial positive news to move the market. The cash cattle market hasn’t lent much support either as the market has yet to trade. A few bids are currently being offered in Nebraska at $292, but no feedlots have jumped on that bid. Asking prices in the North are firm at $300 and in the South feedlots are asking $188. Packer interest could improve this afternoon but it’s just as likely that trade is delayed until Friday. April live cattle are down $2.30 at $187.65, June live cattle are down $1.87 at $184.17 and August live cattle are down $1.70 at $182.65.

Boxed beef prices are higher: Choice up $1.05 ($310.87) and select up $0.40 ($301.44) with a movement of 54 loads (28.92 loads of choice, 10.18 loads of select, 5.66 loads of trim and 9.40 loads of ground beef).

FRIDAY’S CATTLE CALL:

Steady. With cash cattle prices trading $2 to $4 higher last week, prices will likely hold steady at best this week following the market’s big advancement last week.

FEEDER CATTLE:

The feeder cattle complex is back to trading lower as the market isn’t seeing the support it needs from the live cattle market. The live cattle market is trading lower as the market wasn’t impressed with the morning’s export report and has yet to see any substantial cash cattle trade develop. Consequently, this all bode negatively for the feeder cattle market as it continues to look directly to the live cattle market for a direction. March feeders are down $1.85 at $248.42, April feeders are down $2.62 at $253.22 and May feeders are down $2.25 at $256.35.

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Hari

What are cattle Packer margins currently?

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