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Feb. 21, 2017: CattleFax Daily Market Outlook & Analysis

Wednesday Recap

There was active fed cattle cash trade today in both the North and the South today at $124-$125/cwt., up $4-$5/cwt. from the week prior. The Fed Cattle Exchange online auction was also held today. Out of the whole list, only two NE lots did not sell, but the only volume was from KS/NE/TX. No other states were represented. 2,886 head trade, out of the 3,350 on the list (86.15 percent sold). The weighted average price from the total auction sales was $122.085 vs $119.025/cwt. last week. Steers (1,225 hd) brought a range of $120.50-$124.50/cwt., heifers (1,661 hd) brought $120.00-$123.25/cwt. As a result of stronger cash news the live cattle futures markets responded by closing $2.20 higher in the nearby contract. the next six contracts closed $0.40 to $0.55/cwt. higher. Feeder cattle futures closed $0.40 to $0.77/cwt. higher. Lean hog futures moved opposite the cattle markets closing $1.80 to $2.60 lower. Corn futures closed slightly higher, soybeans slightly lower and KC wheat 4-1/2 cent to 5-3/4 cents higher.

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Futures Market Summary

Nearby Elec. Contract Close Change High Low
Live Cattle $121.300 $2.200 $121.900 $119.150
Feeder Cattle $125.100 $0.550 $125.300 $123.200
Lean Hogs $67.750 ($2.600) $70.000 $67.525
Class III Milk $16.85 ($0.02) $16.85 $16.84
Corn $3.7100 $0.0175 $3.7275 $3.6925
Soybean $10.2275 ($0.0350) $10.3175 $10.2225

 

USDA Beef Complex

Item Price Change
Choice $194.53 $2.72
Select $190.81 $1.00
Drop Credit $11.87 $0.00

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