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Market Commentary from the Northern Ag Network:
2/16/2018 3:00 PM
Light-to-moderate gains developed late in the trading session following lackluster interest through most of the morning. Nearby gains were offset by light pressure in deferred contracts ($0.10 lower to $0.82 higher). The inability to establish additional selling pressure early Friday morning allowed the bullish market shift seen over the last couple of days to continue through the entire market. The February futures contract rallied 82 cents to close at $130 per cwt. Although trade volume remained light late in the week, the firmness coming from cash cattle trade seemed to be a welcome sight to most traders. Beef cut-outs: mixed, $0.02 lower (select, $205.12) and up $0.84 (choice, $209.88) with moderate demand and light offerings (94 loads of choice cuts, 13 loads of select cuts, 7 load of trimmings, 18 loads of coarse grinds).
TUESDAY'S CASH CATTLE CALL:
Steady. Following the strong move higher in cash trade in live and dressed basis deals Friday, early week activity is likely to remain sluggish. Show list distribution is expected to be the main order as both sides focus on overall numbers of cattle sold.
Mixed trade in a narrow range left the market looking for additional direction next week ($0.10 lower to $0.55 higher). The strong gains seen over the last couple of days have helped to spark additional longer-term market activity through the complex. This is leading to increased market trade and has the potential to draw commercial and investment trade back to the market. The lack of trade on Monday is keeping some traders out of the market already late Friday, as many are willing to wait until the middle of next week before stepping back into the complex. CME cash feeder index for 2/15 is $148.15, up $0.45.
Settlements on all Ag Futures and Options
Futures Quotes – Montana Market Manager – (AgriCharts)
Ag Center – Cattle Report
Livestock Marketing Information Center
Kansas State – AgManager.info
North Dakota State – Livestock Economics
University of Missouri – Farm Marketing