In this file:
· Cattle futures supported by higher cash trade
· CME live cattle futures touch 7-month peak on U.S. weather woes
Cattle futures supported by higher cash trade
By Meghan Grebner, Brownfield
November 26, 2019
At the Chicago Mercantile Exchange, live cattle closed higher on support from the higher cash trade and the recent strength in wholesale values. Feeder cattle were mostly higher on the same factors with additional support from the day’s weak move in corn. December live cattle closed $.70 higher at $120.40 and February contracts closed $.52 higher at $125.67. January feeders closed $.35 lower at $141.62 and March feeders closed $.12 lower at $142.22.
A light direct cash cattle trade is underway. Just a handful of deals have been reported in Iowa at $117 live, $1 higher than last week’s weighted averages. A few dressed deals have also been reported at $184. Asking prices are still sitting at $118 to $119 live in the South and $188 to $190 dressed in the North. Business is underway early due to the shortened holiday week. The Fed Cattle Exchange is off this week because of the holiday.
At the Joplin Regional Stockyards in Missouri, compared to last week, steer and heifer calves were $3 to $5 lower, yearling steers were evenly steady, and yearling heifers were steady to $3 higher. The USDA says demand was moderate to good with a heavy supply. Receipts of 13,045 head were up on the week and the year. Feeder supply included 69 percent steers and 79 percent of the offering was over 600 pounds. Medium and Large 1 feeder steers 700 to 747 pounds brought $138 to $154 and feeder steers 802 to 849 pounds brought $139.75 to $152. Medium and Large 1 feeder heifers 710 to 749 pounds brought $132.50 to $145.25 and feeder heifers 803 to 835 pounds brought $134 to $138.50.
Boxed beef closed mixed – lower on Choice and firm on Select – on light to moderate demand and offerings. Choice closed $1.40 lower at $231.84 and Select closed $.38 higher at $212.29. The Choice/Select spread closed at $19.55. Estimated cattle slaughter is 110,000 head – down 8,000 on the week and down 10,000 on the year...
CME live cattle futures touch 7-month peak on U.S. weather woes
Julie Ingwersen, Reuters
via Financial Post - November 26, 2019
CHICAGO — U.S. live cattle futures closed higher on Tuesday, recording a seven-month high on expectations that a winter storm this week would slow the movement of cattle to beef packing plants and possibly curb the ability of feedlot cattle to gain weight, traders said.
A powerful snowstorm swept across Colorado and into the U.S. Midwest on Tuesday, blocking roads and causing hundreds of flight cancellations. The storm dumped a foot (30 cm) of snow in parts of Colorado and buffeted the Denver area with wind gusts of 45 miles per hour (72 kph).
“It’s difficult to move cattle around. If you are a packer and you have to get cattle bought, it makes it more difficult to get that done, so you have to pay up a little more,” said Altin Kalo, agricultural economist for New Hampshire-based Steiner Consulting.
February live cattle futures on the Chicago Mercantile Exchange (CME) settled up 0.525 cent at 125.675 cents per pound after reaching 126 cents, the contract’s highest since April 18. Front-month December ended up 0.700 cent at 120.400 cents.
CME January feeder cattle...