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Cattle

Choice Fed Steers  -1 to 3117 - 118
Week of July 17, 2017 Trend
120
Dressed Basis 
Steady to -2188


190
Boxed Beef Cutout -0.55207.07
144 loads
Wed PM

Hogs

Western Cornbelt-0.2382.49
Iowa Lean Average-0.13

82.79

Sheep/Goats

Finished Lambs (Newell, SD 7/20)
151 - 155
60-80 lb Feeder (Newell, SD 7/20)177 - 195
80-100 lb Feeders (Newell, SD 7/13)
173- 178
Sl. Ewes (Newell, SD 7/20)
51 - 55

Livestock Market News

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Market Commentary

Market Commentary from the Northern Ag Network:

 7/26/2017 3:00 PM

DTN reports: 

Strong buyer support quickly moved into live cattle futures in the final minutes of trade Wednesday. This helped to push front month futures to triple-digit gains, despite moderate pressure through much of the session. Cash cattle activity is starting to develop during the day Wednesday with prices $2-$3 per cwt lower than last week.


LIVE CATTLE:

Late day buying flooded the market near the closing bell, offsetting pressure that had held through most of the trading session ($0.12 to $1.12 Higher). Trade volume during the first hour and last hour of trade Wednesday remained extremely light, allowing buyers to quickly step into the complex with very little resistance, and moving prices quickly and effortlessly higher. August futures posted a $1.12 per cwt rally in the closing minutes of trade, settling at $114.30 per cwt. It is uncertain just how much support will redevelop at these price levels early Thursday based on the end of the day price moves seen Wednesday, and cash cattle movement development seen already in the week. Beef cut-outs: lower, $1.06 lower (select, $197.87) to down $0.55 (choice, $207.07) with light to moderate demand and offerings (75 loads of choice cuts, 32 loads of select cuts, 1 load of trimmings, 36 loads of coarse grinds).

THURSDAY'S CASH CATTLE CALL:

Steady to $2 lower. The development of light to moderate trade in parts of the North at $2 lower than last week, has started out market activity Wednesday afternoon. This could help to draw additional support, although it is uncertain if feedlot managers will settle for this level given the last day bounce in futures prices seen at the end of the session. No sales have developed in the South, but bids have been seen at $117 through much of the day.

FEEDER CATTLE:

Moderate to wide trading ranges seen early Wednesday quickly shifted into a narrowly mixed price range following strong late day buying in live cattle futures ($0.15 lower to $0.40 higher). Strong pressure was seen in nearby feeder cattle futures at midday, focusing on an underlying lack of support through the entire cattle market and sluggish trade, quickly regained market composure at closing bell. This allowed prices to close within a narrow trading range, as August and September futures posted single-digit losses, while the rest of the complex posted moderate gains. Firm gains in front month live cattle futures is helping to draw additional buyer support back into the complex midweek. CME cash feeder index: 7/25: $151.57, unchanged.

Strong price support has quickly moved into livestock trade despite a sluggish start. The aggressive price move across the complex has been led by triple digit moves in feeder cattle markets, moving above $131 per cwt in nearby contracts
Live and feeder futures exploded higher with most months settling at new contract highs. Lean hog issues closed lower, pressured by long liquidation and the reassertion of cattle/hog spreads.

Livestock Futures