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Home Daily Market Update  AFTERNOON MARKET UPDATE; Sept. 29
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Monday, September 29, 2014

AFTERNOON MARKET UPDATE; Sept. 29

by DTN

AFTERNOON LIVESTOCK COMMENTS
John Harrington, DTN Livestock Analyst

GENERAL COMMENTS: Activity in cattle feeding country was limited to the distribution of new showlists. The offering of ready steers and heifers appears to be generally larger with only Texas showing more cattle. Preliminary asking prices are around $161-$162 in the South and $250 to $252-plus in the North. According to the closing report, the Iowa hog base 0.46 lower compared with the Prior Day settlement ($100.00-$109.00, weighted average $108.44). The corn market bounced 2-3 cents higher, supported by short covering and early week strength in the bean pit. U.S. stocks closed down on Monday despite encouraging economic data as the Hong Kong protests weighed on global markets. The Dow closed 41 points lower with the Nasdaq off 6.

LIVE CATTLE: Futures closed up 35 to 250. Live contracts momentarily open lower, perhaps pressured by profit taking and spillover selling from the lean hog pit. Yet bullish enthusiasm (which caused the most live issues to lock limit up on Friday) quickly resurfaced to send nearby months sharply higher. It turned out to be a historically strong performance with most contracts finishing with new all-time highs. Beef cut-outs: significantly higher (choice, $238.02, up $0.36; select, $226.83, up $1.35) with moderate to fairly demand and moderate to heavy offerings (81 loads of choice cuts, 57 loads of select, 16 loads of trimmings, 18 loads of ground beef).

TUESDAY'S CASH CATTLE CALL: Steady to $2 higher. While cash action is likely to be typically slow on Tuesday, most packers are thought to be extremely short bought. Furthermore, early week board action will no doubt work to reinforce higher asking prices in all feeding areas.

FEEDER CATTLE: Futures closed up 160 to 290. The feeder pit started the week with an expressive price explosion, one that also rocked contracts to never-seen-before highs. On an estimated run of 6,700 head (down from 7,254 last week and 7,435 in 2013), Oklahoma City sold steers and heifers steady to $2 higher. 09/26 cash index: 233.44, up 2.96.

 
 


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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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