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.
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