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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

Written by:
kristin
Published on:
July 30, 2014

Categories: General

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