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CattleFax Daily Market Outlook and Analysis

Tuesday, March 21, 2017

Live cattle futures closed $0.67 to $1.25/cwt. higher today and feeder cattle futures closed $0.17 to $0.85/cwt. higher. Lean hog futures closed $0.45 to $1.17/cwt. lower. The CME feeder cattle index moved $0.25 higher to $129.95/cwt. and the CME lean hog index moved $0.13 lower to $71.61/cwt. Corn futures closed 1-3/4 cent to 2-1/2 cents lower, breaking and sustaining below the technical uptrend. Soybean futures closed 2 cent to 5 cents higher and KC wheat closed 4-1/4 cent to 7 cents lower. Chicago wheat closed 1-1/2 cent to 3-3/4 cent lower as well. The U.S. dollar index moved below 100 points today to 99.7 at the time of writing. The first time below 100 points since Feb 6. At the time of writing, the Dow Jones was down 238 points to 20,668. The 50s trim market pushed higher last week. Now, on top of $100/cwt. and $65 higher than the fall 2016 lows. Risk exists in this market once fed slaughter levels increase seasonally to the summer peak, and a $1/cwt. break in the 50s market is worth about $0.10 to the cutout.

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Futures Market Summary

Nearby Elec. Contract Close Change High Low
Live Cattle $119.900 $1.000 $120.075 $118.500
Feeder Cattle $132.000 $0.525 $132.250 $131.050
Lean Hogs $68.000 ($0.650) $68.875 $67.725
Class III Milk $15.76 $0.04 $15.77 $15.73
Corn $3.6125 ($0.0225) $3.6400 $3.5925
Soybean $10.0150 $0.0200 $10.0800 $9.9500
USDA Beef Complex

Item Price Change
Choice $224.93 $1.17
Select $215.41 $1.44
Drop Credit $11.87 $0.00

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