Market Highlights - Thursday, February 21, 2019:
Live cattle futures settled mixed, from $0.70/cwt. lower in the
nearby February contract to $0.12/cwt. higher in the deferreds.
Feeder cattle futures closed the same way, from $0.65/cwt. lower in
the March contract to $0.30/cwt. higher in the November contract.
The CME feeder cattle index ticked up $0.01 to $141.11/cwt. Lean hog
futures finished $1.10 to $2.97/cwt. higher with the near-limit
improvement coming in the nearby contracts. The CME lean hog index
continues its struggles, dropping another $0.30 to $54.13/cwt. The
grain complex got a much needed boost from the potentially positive
trade news. Corn finished up 4-3/4 cents, and soybeans ended up
8-1/2 cents. After making new contract lows for four consecutive
days, KC wheat moved 5-1/4 cents higher.
Friday, February 22, 2019:
Fed Cattle – Trade has not occurred as of press time; however, the
market undertone is $1 to $2 higher. Prices last week were mostly
$125 live and $200 dressed.
Boxed Beef – Traded $1 to $2 higher, as smaller slaughter rates
have kept inventory levels manageable to support the beef complex.
Feeder Cattle – Traded $1 higher to $4 lower on the week.
Calves – Traded steady to $3 higher, with instances of $5 higher.
Market Cows – Traded mixed, from $2 lower to $3 higher versus last
Corn – Ended the week up 1 cent/bushel.