The futures markets for live and feeder cattle have not been overly volatile and the forward-looking volatility remains low.
U.S. feedlots unexpectedly bought 4.7 percent fewer cattle in March than a year earlier, as herds declined in Texas, Oklahoma and Washington state, a government report showed.
Average cattle and hog finishing margins are both positive for the third consecutive week, according to calculations in the Sterling Marketing Profit Tracker.
All-fresh retail beef prices were $5.833/lb. in July, up 1.0 percent year over year. All-fresh beef prices have increased each month this year since January.
Meaningful change isn’t accomplished overnight. More often, it happens slowly by chipping away piece by piece until something new suddenly takes shape.
Feedyard margins remained about $150 per head last week despite a $6 per cwt. retreat in cash cattle prices.
Given the significant decrease in plantings and the percentage of corn that has been planted late, corn price may continue to increase.
The 2017 Census of Agriculture was released April 11. While the lag between collecting and reporting the information seems like a long time, the breadth and depth of information is substantial.