July 30, 2014: CattleFax Daily Market Outlook and Analysis
Futures Market Summary
|
Nearby Elec. Contract |
Close |
Change |
High |
Low |
|
Live Cattle |
$159.850 |
$1.075 |
$160.050 |
$159.450 |
|
Feeder Cattle |
$223.025 |
$1.600 |
$223.100 |
$222.500 |
|
Lean Hogs |
$119.150 |
($2.300) |
$121.350 |
$118.650 |
|
Class III Milk |
$21.60 |
$0.06 |
$0.00 |
$0.00 |
|
Corn |
$3.6175 |
$0.0025 |
$3.6400 |
$3.5900 |
|
Soybean |
$12.2050 |
($0.0600) |
$12.3000 |
$12.1700 |
USDA Beef Complex
|
Item |
Price |
Change |
|
Choice |
$262.86 |
$1.52 |
|
Select |
$260.83 |
$1.80 |
|
Drop Credit |
$16.20 |
($0.11) |
Wednesday Recap
Live cattle and lean hog futures continued to trade in opposite directions. Cattle markets continued to be supported by reports of strong interest for beef and generally optimistic cash market expectations. Hog markets were burdened with mostly bearish cash market news. Live cattle-to-lean hog spreads continue to trade at relatively high levels, especially regarding the April through June contracts. August live cattle futures closed $1.075/cwt higher, while the actively traded October contract added $0.850. August feeder cattle futures closed $1.600/cwt. higher. The CME reported the seven-day average Feeder Index at another all-time high of $224.95/cwt., up $0.76/cwt. Wholesale boxed beef values ended the day $1 to $2/cwt. higher. The USDA estimated hide and offal value continued its volatile trend by ending the day $0.11 weaker at $16.20/cwt. Corn futures closed mostly steady. Soybean futures prices pulled back $0.06 to $0.20/cwt. Chicago wheat futures closed around $0.04/bu. higher, while Kansas City wheat added $0.05.
For recent market news and analysis, visit CattleFax.com