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Cattle

Choice Fed Steers  106
Week of 9/18/17      719 head
106
Dressed Basis 
+1 to 3165 - 168


168
Boxed Beef Cutout -0.07192.04
176 loads
Wed PM

Hogs

Western Cornbelt-0.8550.25
Iowa Lean Average-0.87

50.23

Sheep/Goats

Finished Lambs (Sioux Falls, SD 9/20)-3 to 5 138 - 140
60-80 lb Feeder(Sioux Falls, SD 9/20)146 - 168
80-100 lb Feeders (Sioux Falls, SD 9/20)146 - 158
Sl. Ewes (Sioux Falls, SD 9/20)67 - 82
-2 to 5
-2 to 5

Livestock Market News

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Market Commentary

Market Commentary from the Northern Ag Network:

9/20/2017 3:00 PM

DTN reports: 

Buyer support quickly broke loose through the second half of the trading session Wednesday. This led to strong triple-digit gains seen in live cattle and feeder cattle markets. Even though neither market posted limit gains at closing bell, the market in some nearby contracts came within pennies per cwt of trading limits.

LIVE CATTLE

Strong triple-digit gains have quickly developed Wednesday as widespread buyer support flooded into the entire cattle complex ($1.00 to $2.97 Higher). Aggressive commercial and investment buyer support quickly moved into the complex Wednesday afternoon. This helped to push nearby contracts to near limit gains as October futures fell short of the $3 per cwt trading limit by 3 cents per cwt. The strong move higher has pushed front month spot contracts above $110 per cwt once again. Other nearby contracts are trading at $116 to $121 per cwt based on technical support across the complex. Beef cut-outs: lower, $0.31 lower (select, $188.52) and down $0.07 (choice, $192.04) with light to moderate demand and heavy offerings (73 loads of choice cuts, 28 loads of select cuts, 37 loads of trimmings, 38 loads of coarse grinds).

THURSDAY'S CASH CATTLE CALL:

Steady $2 Higher. Bids have quickly developed midweek following the sharply higher futures trade. But the support in the futures market has increased the expectations of feedlot managers which have increased asking prices. Trade may be delayed until either late Thursday or sometime Friday at this point.

FEEDER CATTLE:

Extremely active price gains quickly flooded through the cattle market. This helped to post triple digit gains in all contracts ($2.37 to $4.47 Higher) at the end of the session. The inability to close markets limit higher will keep contracts from expanded limits Thursday, but the overall bullish tone of the market continues to be seen in the complex. September contracts posted a $2.40 per cwt gain, moving within pennies of $154 per cwt while October and November contracts moved above $157 per cwt as traders take aim at breaking through June highs. A move above $157.50 per cwt in October contracts would set contract highs, and likely spark additional underlying market support over the next few trading sessions. CME cash feeder index: 9/19: $150.46, down $0.01.

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.
Sellers of hog futures finally took a breather at midweek, allowing contracts to settle mostly 30 to 112 higher. The cattle complex settled modestly higher, supported by light short-covering and profit-taking.
Sellers of hog futures finally took a breather at midweek, allowing contracts to settle mostly 30 to 112 higher. The cattle complex settled modestly higher, supported by light short-covering and profit-taking.
Sellers of hog futures finally took a breather at midweek, allowing contracts to settle mostly 30 to 112 higher. The cattle complex settled modestly higher, supported by light short-covering and profit-taking.

Livestock Futures