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Greater Ozarks MFA Agri ServicesOzark, AshGrove, Marshfield, Springfield.

 

 
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DTN Early Word Opening Livestock       10/11 08:27
   Late-Week Cash Cattle Trade Needed

   It is time to get down to business for cattle buyers, with limited overall
activity until now. Trade is expected to slowly develop through the day,
although it could be late afternoon or evening before the dust settles.

By Rick Kment
DTN Livestock Analyst



Cattle: Steady to Higher   Futures: Mixed   Live Equiv: $137.47 +0.53*
Hogs:   Higher             Futures: Mixed   Lean Equiv: $ 81.64 +0.90**

*   based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue

GENERAL COMMENTS:

   Cash business has turned into a Friday affair once again with limited
overall packer interest developing the last couple of days. Although a few
cattle sold on a dressed basis at $170 to $171 per cwt through the afternoon
Thursday, there likely will not be enough cattle traded at this level to
establish a good market trend. Generally, bids have been sluggish in all areas
through most of the week, although feeders have been holding onto elevated
asking prices as they focus on establishing underlying support following the
recent market shift higher the last few weeks. The ability to move prices even
$1 per cwt higher will go a long way in maintaining overall market optimism
going into the heart of October. Futures trade is expected mixed following a
sluggish market move, which contained live cattle futures in a narrowly mixed
range Thursday. Traders continue to focus on outside market direction as the
overall trade talks going on in Washington, D.C., continue to create hope but
uncertainty on further market direction. The trade talks and potential deals
have less direct impact to the beef industry and price levels, but it will
heavily impact overall economic health of domestic and global markets. This
will impact the overall direction of the market long term. Market reaction to
the winter storms moving through the upper Midwest has been limited at best as
these storms are expected to leave local and regional messes over the next few
weeks, but overall impact on cattle prices and cattle numbers are still
expected to be minimal. Friday slaughter runs are expected at 116,000 head.
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