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July 29, 2014: CattleFax Daily Market Outlook and Analysis

Provided by CattleFax

Futures Market Summary

Nearby Elec. Contract

Close

Change

High

Low

Live Cattle

$158.775

($0.275)

$159.400

$158.500

Feeder Cattle

$221.425

$1.250

$221.450

$220.750

Lean Hogs

$121.450

($2.225)

$122.400

$121.200

Class III Milk

$21.54

$0.01

$21.54

$21.52

Corn

$3.6150

($0.0625)

$3.6525

$3.5875

Soybean

$12.2650

($0.1000)

$12.2700

$12.2300

USDA Beef Complex

Item

Price

Change

Choice

$261.34

$2.04

Select

$259.03

$2.86

Drop Credit

$16.31

$0.13

Tuesday Recap

Trade Tuesday saw mixed live cattle futures with uncertainty about cash trade for the week. Cash is either expected to be strongly up, or weakly down, and the entire market is currently looking for bids. Feeder cattle futures performed well with steadily cheaper corn and bullish sentiment from the feedlot sector. Corn futures lost all of yesterday’s gains, while soybean futures gave back a portion. August live cattle futures closed $0.27/cwt lower, while the actively traded October contract closed unchanged from yesterday’s close. August feeder cattle futures closed $1.25/cwt. higher. The CME reported the seven-day average Feeder Index at yet another all-time high of $224.19/cwt., up $2.24/cwt. Wholesale boxed beef values ended the day $2-3/cwt. higher while the choice select spread narrowed to $2.31. Record highs are becoming a norm as the USDA reported drop credit reaches $16.31/cwt. Corn futures closed around $0.0625/bu. lower. Soybean futures prices fell $0.10/bu. Chicago wheat futures closed around $0.15/bu. lower, while Kansas City wheat dropped $0.14.

For recent market news and analysis, visit CattleFax.com

Written by:
kristin
Published on:
July 30, 2014

Categories: General

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