July 31, 2014: CattleFax Daily Market Outlook and Analysis
Provided by CattleFax
Futures Market Summary
|
Nearby Elec. Contract |
Close |
Change |
High |
Low |
|
Live Cattle |
$157.925 |
($1.925) |
$159.600 |
$157.600 |
|
Feeder Cattle |
$220.675 |
($2.350) |
$222.250 |
$220.600 |
|
Lean Hogs |
$118.025 |
($1.125) |
$120.500 |
$117.700 |
|
Class III Milk |
$21.44 |
$0.06 |
$21.60 |
$21.43 |
|
Corn |
$3.5700 |
($0.0475) |
$3.6125 |
$3.5675 |
|
Soybean |
$12.2450 |
$0.0400 |
$12.2700 |
$12.2550 |
USDA Beef Complex
|
Item |
Price |
Change |
|
Choice |
$263.66 |
$0.74 |
|
Select |
$260.60 |
($0.23) |
|
Drop Credit |
$16.22 |
$0.02 |
Thursday Recap
Cash market remained quiet today, any rumored early bids have been for steady cash. A strong round of profit taking in futures markets led to loses across both live and feeders. The august live cattle contract continues to test the $160/cwt resistance point. Several feeder contracts closed limit down. Weather continues to put downward pressure on corn, which has traded sideways for about 10 days. August live cattle futures closed $1.92/cwt lower, while the actively traded October contract dropped $2.60. August feeder cattle futures closed $2.35/cwt. lower. The CME reported the seven-day average Feeder Index at the next in line of daily record highs, $225.06/cwt., up $0.11/cwt. Wholesale boxed beef values ended the day $1 to $2/cwt. higher. Corn futures closed around $0.04/bu lower. Soybean futures prices finished mixed, plus or minus a few cents. Nearby Chicago wheat futures closed around $0.03/bu. higher, while Kansas City wheat added $0.0875.
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