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Home Daily Market Update  AFTERNOON MARKET UPDATE; July 24
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Thursday, July 24, 2014

AFTERNOON MARKET UPDATE; July 24

by DTN

AFTERNOON LIVESTOCK COMMENTS
John Harrington, DTN Livestock Analyst

GENERAL COMMENTS: Aggressive packer spending surfaced in parts of the North today with light to moderate trade volume evident in Nebraska and Iowa. Most dressed deals were around $257, roughly $10 above last week's weighted average basis Nebraska. Regionals purchased some high-grading cattle as high as $262. Live sales in the South were market at $162, $7 higher than last week. Yet trade volume confirmed in Kansas and Texas was quite light. According to the closing report, the Iowa hog base is $1.18 higher compared with the Prior Day settlement ($122.00-$128.00, weighted average $126.38). Corn futures opened higher but faded through the session to settle a penny or so lower. Equities closed little changed on Thursday with the S&P 500 at another record. The Dow settled 2 points lower with the Nasdaq off 1.

LIVE CATTLE: Futures closed up 5 to 75. Though live contracts finished well below session highs, the trade still closed at record levels. Needless to say, the board was supported by sharply higher feedlot sales as well as further evidence of strong wholesale beef demand. Beef cut-outs: sharply higher (choice, $255.56, up $2.97; select, $252.84, up $4.13) with good demand and light to moderate offerings (88 loads of choice cuts, 41 loads of select, 7 loads of trimmings, 16 loads of ground beef).

FRIDAY'S CASH CATTLE CALL: Steady/firm with Thursday's full advance. Trade volume totals in the North look no larger than moderate and movement in the South remains quite light. Further cash business is certainly possible Friday, though buyers will at least be require to bid fully steady.

FEEDER CATTLE: Futures closed mixed, up 67 to off 55. The feeder pit closed on a mixed basis tied to conflating efforts of further spec buying and profit taking. CME cash feeder index: 07/23: 212.98, up 2.34.

 
 


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Myself and entire family are horse people. from the kids loving their rodeo horses to mom and dad needing their ranch horses... Best supporting sentence of this entire article: “Horses deserve better than to be abandoned, starved, or transported long distances in overcrowded trucks to slaughter in foreign countries”. Since auction yards in Nor Cal have stopped taking horses we have had a disgusting rise in abandoned horses dumped off on back roads, which are sick and hungry. Many get hit, which results in people getting hurt. Not Okay!! If people could haul the horse to slaughter before the health declines, that meat could feed people, or animals rather than cause the horse and people to suffer.
 
Think outside of the pen. The market is moving away from corn and grain by the end consumer. They are being educated to grass finished and the margins are better there using grass or Alfalfa. The key has always been water for the producer to produce hay and breed cattle that gain efficiently on forage.
 
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