AgriCharts Market Commentary

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Cattle Close Higher, USDA Shows Herd Size UNCH

Live cattle futures posted 20 to 77.5 cent gains in most contracts on Friday. Feeder cattle futures were up 30 to 55 cents. NASS reported all cattle and calves at 103 million head, unch from last year. Beef cows were also steady at 32.4 mil head, with replacement heifers at 4.4 mil head, down 4.3% from last year. July 1 cattle on feed were shown up 1.75% from last year at 11.485 mil head, with June placements down 2.34% at 1.756 mil head and marketings down 3.04% at 1.945 mil head. The CME feeder cattle index was down $1.33 @ $138.67 on July 18. Wholesale boxed beef prices were higher on Friday afternoon with Choice boxes up 8 cents per cwt at $213.42 and Select boxes 90 cents higher @ $189.51. USDA estimated week to date FI cattle slaughter at 651,000 head through Saturday. Cash trade this week has been around $111 in the South and $182-185 dressed in the North. After 11 weeks of liquidation, managed money added back 3,690 contracts to their net long position at 25,443 contracts on Tuesday.

AUG 19 Cattle closed at $107.600, up $0.200,

OCT 19 Cattle closed at $108.500, up $0.250,

DEC 19 Cattle closed at $113.175, up $0.375,

AUG 19 Feeder Cattle closed at $139.975, up $0.550

SEP 19 Feeder Cattle closed at $139.800, up $0.325

OCT 19 Feeder Cattle closed at $140.025, up $0.300

--provided by Brugler Marketing & Management

Cattle Slightly Higher Ahead of Reports

Live cattle futures are up a nickel to 55 cents at midday. Feeder cattle futures are up 25 to 55 cents on Friday. The biannual Cattle Inventory will be released this afternoon, along with the monthly COF report. The CME feeder cattle index was down $1.01 @ $140.00 on July 17. Wholesale boxed beef prices were higher on Friday morning with Choice boxes up 8 cents per cwt at $213.42 and Select boxes 63 cents higher @ $189.24. USDA estimated week to date FI cattle slaughter at 481,000 head through Thursday. That was up 3,000 head from the previous week and 7,000 larger than the same week last year. Cash trade this week has been around $111 in the South and $182-185 dressed in the North.

AUG 19 Cattle are at $107.450, up $0.050,

OCT 19 Cattle are at $108.325, up $0.075,

DEC 19 Cattle are at $113.025, up $0.225,

AUG 19 Feeder Cattle are at $139.975, up $0.550

SEP 19 Feeder Cattle are at $139.850, up $0.375

OCT 19 Feeder Cattle are at $140.000, up $0.275

--provided by Brugler Marketing & Management

Cattle Market Settles In For USDA Reports

Live cattle futures were down 50 to 75 cents in most nearby contracts on Thursday. Feeder cattle futures were down $1.15 to $1.35, ignoring losses in corn. The biannual Cattle Inventory will be released this afternoon, along with the monthly COF report. The CME feeder cattle index was down $1.01 @ $140.00 on July 17. Wholesale boxed beef prices were higher on Thursday with Choice boxes up 77 cents per cwt and Select boxes 27 cents higher. USDA estimated week to date FI cattle slaughter at 481,000 head through Thursday. That was up 3,000 head from the previous week and 7,000 larger than the same week last year. A few cattle exchanged hands at $111 in the South on Wednesday, with $113-113.50 live and $182-185 dressed in the North as reported by USDA. Beef export sales in the week of July 11 totaled 19,792 MT for 2019, with weekly shipments at 17,959 MT.

--provided by Brugler Marketing & Management

Cattle See Weakness on Thursday

Live cattle futures were down 50 to 75 cents in most nearby contracts on Thursday. Feeder cattle futures were down $1.15 to $1.35, ignoring losses in corn. The biannual Cattle Inventory will be released Friday afternoon. The dairy cow herd is expected to be smaller, with more debate about whether the beef cow herd is still expanding or contracting. The CME feeder cattle index was down $1.01 @ $140.00 on July 17. Wholesale boxed beef prices were higher on Thursday afternoon with Choice boxes up 77 cents per cwt and Select boxes 27 cents higher. USDA estimated week to date FI cattle slaughter at 481,000 head through Thursday. That was up 3,000 head from the previous week and 7,000 larger than the same week last year. A few cattle exchanged hands at $111 in the South on Wednesday, with $113-113.50 live and $182-185 dressed in the North as reported by USDA. Beef export sales in the week of July 11 totaled 19,792 MT for 2019, with weekly shipments at 17,959 MT.

AUG 19 Cattle closed at $107.400, down $0.725,

OCT 19 Cattle closed at $108.250, down $0.50,

DEC 19 Cattle closed at $112.800, down $0.55,

AUG 19 Feeder Cattle closed at $139.425, down $1.15,

SEP 19 Feeder Cattle closed at $139.475, down $1.30,

OCT 19 Feeder Cattle closed at $139.725, down $1.35,

--provided by Brugler Marketing & Management

Cattle Showing Weakness on Thursday

Live cattle futures are down 20 to 60 cents at midday. Feeder cattle futures are 45 to 75 cents lower on Thursday, ignoring losses in corn. The biannual Cattle Inventory will be released Friday afternoon. The dairy cow herd is expected to be smaller, with more debate about the beef cow herd. The CME feeder cattle index was down 8 cents @ $141.01 on July 16. Wholesale boxed beef prices were higher on Thursday morning with Choice boxes up 62 cents per cwt and Select boxes 48 cents higher. USDA estimated week to date FI cattle slaughter at 360,000 head through Wednesday. That was even with the previous week and 6,000 larger than the same week last year. A few cattle exchanged hands at $111 in the South on Wednesday, with $113-113.50 in the North as reported by USDA. Bids of $113 are showing up in the North at midday. Beef export sales in the week of July 11 totaled 19,792 MT for 2019, with weekly shipments at 17,959 MT.

AUG 19 Cattle are at $107.850, down $0.275,

OCT 19 Cattle are at $108.525, down $0.225,

DEC 19 Cattle are at $112.900, down $0.450,

AUG 19 Feeder Cattle are at $140.100, down $0.475

SEP 19 Feeder Cattle are at $140.175, down $0.600

OCT 19 Feeder Cattle are at $140.350, down $0.725

--provided by Brugler Marketing & Management


Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com