AgriCharts Market Commentary

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Cattle

Live cattle futures settled the Thursday session with weakness in the front months. Nearby Feb was $1.30 lower, with deferred contracts slightly higher. Feeder cattle futures were 27.5 to $1.025 lower. The CME feeder cattle index was up 6 cents on February 21 at $148.05. Wholesale boxed beef values were higher on Thursday afternoon. Choice boxes were up $1.03 at $218.40, with Select boxes 14 cents higher at $212.06. Estimated weekly FI cattle slaughter was 441,000 head through Thursday, 4,000 head fewer than the same week last year. Most cash trade has been reported at $128-$128.50 so far this week. Analysts are estimating that tonight’s USDA Cattle on Feed report will show on feed numbers as of Feb 1 up 7.4% from a year ago at 11.575 million head. Thursday afternoon’s Cold Storage report put beef stocks at the end of January at 499.554 million pounds. That is 2.36% more than December while nearly 7.18% lower than January 2017.

Cattle

Live cattle futures settled the Thursday session with weakness in the front months. Nearby Feb was $1.30 lower, with deferred contracts slightly higher. Feeder cattle futures were 27.5 to $1.025 lower. The CME feeder cattle index was up 6 cents on February 21 at $148.05. Wholesale boxed beef values were higher on Thursday afternoon. Choice boxes were up $1.03 at $218.40, with Select boxes 14 cents higher at $212.06. Estimated weekly FI cattle slaughter was 441,000 head through Thursday. That is down 19,000 from the previous week and 4,000 head fewer than the same week last year. Most cash trade has been reported at $128-$128.50 so far this week. Analysts are estimating that Friday’s USDA Cattle on Feed report to show on feed numbers as of Feb 1 up 7.4% from a year ago at 11.575 million head. Thursday afternoon’s Cold Storage report showed beef stocks at the end of January at 499.554 million pounds. That is 2.36% more than December and nearly 7.18% lower than January 2017.

Feb 18 Cattle closed at $128.350, down $1.300,

Apr 18 Cattle closed at $125.375, down $0.850,

Jun 18 Cattle closed at $116.800, down $0.250,

Mar 18 Feeder Cattle closed at $146.000, down $0.650

Apr 18 Feeder Cattle closed at $148.075, down $1.025

May 18 Feeder Cattle closed at $149.125, down $0.925

Cattle

Live cattle futures are down 40 cents to $1.375 at midday. Feeder cattle futures are 25 to 65 cents lower on Thursday. The CME feeder cattle index was up 12 cents on February 20 at $147.99. Wholesale boxed beef values were higher on Thursday morning. Choice boxes were up 4 cents at $217.41, with Select boxes 22 cents higher at $212.14. Estimated weekly FI cattle slaughter was 324,000 head through Wednesday. That is down 18,000 from the previous week and 5,000 head fewer than the same week last year. Most cash trade has been reported at $128 so far this week. Analysts are estimating that Friday’s USDA Cattle on Feed report to show on feed numbers as of Feb 1 up 7.4% from a year ago at 11.575 million head. The average steer price during 2018 is expected to be $119.25, down nearly $2.27 from 2017. Production is seen at 27.7 billion pounds in 2018, up 1.5 billion pounds from last year.

Feb 18 Cattle are at $128.275, down $1.375,

Apr 18 Cattle are at $125.150, down $1.075,

Jun 18 Cattle are at $116.650, down $0.400,

Mar 18 Feeder Cattle are at $146.375, down $0.275

Apr 18 Feeder Cattle are at $148.525, down $0.575

May 18 Feeder Cattle are at $149.400, down $0.650

Cattle

Live cattle futures ended Wednesday with most contracts $1.35 to $1.775 lower, as nearby Feb was down 65 cents. Feeder cattle futures were down $2.00 to $3.35 in most contracts. The CME feeder cattle index was up 12 cents on February 20 at $147.99. Wholesale boxed beef values were higher on Wednesday afternoon. Choice boxes were up $1.45 at $217.37, with Select boxes $1.52 higher at $211.92. Estimated weekly FI cattle slaughter was 324,000 head through Wednesday. That is down 18,000 from the previous week and 5,000 head fewer than the same week last year. There was light cash trade reported on Wednesday of $128. Analysts are estimating that Friday’s USDA Cattle on Feed report will show January placements of 1.989 million head, up 0.4% from last year. January marketings were seen ~6% larger than 2017 at 1.855 million head in a private survey.

Cattle

Live cattle futures ended the day with most contracts $1.35 to $1.775 lower, as nearby Feb was down 65 cents. Feeder cattle futures were down $2.00 to $3.35 in most contracts. The CME feeder cattle index was up 12 cents on February 20 at $147.99. Wholesale boxed beef values were higher on Wednesday afternoon. Choice boxes were up $1.45 at $217.37, with Select boxes $1.52 higher at $211.92. Estimated weekly FI cattle slaughter was 324,000 head through Wednesday. That is down 18,000 from the previous week and 5,000 head fewer than the same week last year. There was light cash trade reported on Wednesday of $128. Analysts are estimating that Friday’s USDA Cattle on Feed report will show January placements of 1.989 million head, up 0.4% from last year. January marketings are seen at 6% larger than 2017 at 1.855 million head.

Feb 18 Cattle closed at $129.650, down $0.650,

Apr 18 Cattle closed at $126.225, down $1.500,

Jun 18 Cattle closed at $117.050, down $1.775,

Mar 18 Feeder Cattle closed at $146.650, down $3.150

Apr 18 Feeder Cattle closed at $149.100, down $3.350

May 18 Feeder Cattle closed at $150.050, down $3.000


Market Commentary provided by:

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