Feeder cattle futures symbol9/27/2023 ![]() Feeder cattle also rallied triple digits, going into the weekend $1.5 to $2 higher on the day and $4.50 stronger for the week’s move. USDA reported cash trading picked up on Friday with sales made mostly near $188 in the North and limited volume near $178 to $179 in the South. August was up the most ahead of Monday’s First Notice Day. All rights reserved.The live cattle futures market ended Friday up by $1.27 to $2.40. Robin Schmahl can be reached at Copyright 2023 DTN, LLC. Also, stay tuned to our Quick Takes throughout the day for periodic updates on the futures markets. Lower cash may put pressure on futures.įor our next livestock update, please visit our Midday Livestock comments between 11 a.m. Packers may not be as aggressive the rest of the week as much of their buying is done. Hog slaughter has been slowing, which may indicate hogs are not as plentiful as they had been. That may be done Thursday if spread trading continues. July hogs tried to move into the chart gap left Tuesday but stopped short of accomplishing it. Higher cash and cutouts yesterday could push futures higher Thursday. Hog contracts did make higher highs Wednesday, keeping the uptrend alive. Traders may have lower cash cattle already factored in, which will leave further downside limited.īoxed beef has been showing some weakness as demand may be slowing due to high prices and seasonality. Lower corn futures overnight might relieve some of the pressure on e feeder cattle, allowing futures to bounce.Įven though corn futures were lower overnight, prices are still the highest they have been since early November. Packers may have purchased much of what they needed for this week, which could result in lower cash. This combination should provide support Thursday. The National Direct Afternoon Hog report showed cash up $0.78 with a weighted average of $96.34. Some pressure may have stemmed from higher grain prices. ![]() The weakness of nearby months was not the result of cash or cutouts but likely some spread-trading activity. Hogs did not quite have the exuberance that has been nearly a daily occurrence since Memorial Day. Placements in May at 101.7% of last year and marketings at 101.6%. The average trade estimate for on-feed numbers on June 1 is 96.8%. USDA will release the Cattle on Feed report Friday. Futures gapped lower on the open and never looked back, moving contracts back to the lowest level since May 11. The large increase in corn futures sent feeder cattle plummeting. Boxed beef has been showing signs of weakening, which will have a negative impact on cattle prices. Boxed beef was lower with choice down $2.66 and select down $3.68. Some light cash trade took place in the South at $180 or $2.00 lower with a few deals in the North at $184, averaging $1.00 to $2.00 lower. Traders seem to have adjusted live cattle futures in line with the potential for lower cash again this week. Live cattle futures closed mixed Wednesday, holding their own considering the substantial pressure put on feeder cattle. ** based on formula estimating lean hog equivalent of gross packer revenue. Index has been updated to depict recent changes in live cattle weights and grading percentages.) *Based on formula estimating live cattle equivalent of gross packer revenue. Hogs: Steady Futures: Higher Lean Equiv: $103.17 +$1.46** Cattle: Lower Futures: Higher Live Equiv: $242.29 -$2.15*
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