Feedyard
Negotiated cash fed cattle traded $2 higher in the South during the holiday-shortened week. Futures markets appear supportive and asking prices will be higher in the days before New Year’s.
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Cash cattle in the South traded steady, and futures contracts had a decent week but packer needs during the holidays seem to have more of an effect than the futures market.
Fed cattle treaded steady in the South to weaker in the North, with wholesale beef prices posting additional declines for the week. Friday’s cattle on feed report was as advertised and will be viewed as neutral.
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Cash cattle trade began on Tuesday last week, but bids were scarce even at lower money. Some feeders held strong for higher money, but with the decline in the CME board a higher market never surfaced.
Cattle markets limped through a lackluster week for cash sales as wholesale beef prices plummeted. Despite lower cash cattle prices, packer margins likely declined significantly with lower cutout values.
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Negotiated cash cattle traded started at higher money mid-week, but in their rush to move cattle some feeders agreed to lower prices and the week ended on a softer note.
The post-Thanksgiving negotiated trade was mixed, with higher prices mid-week, falling off $1 to $2 by week’s end. Feeder cattle sold uneven, $2 lower to $3 higher.
Cattle feeders were thankful for last week’s $1 advance in cash prices while beef packers continue operating with Texas-size margins.
Feedlot placement weight is related to fed cattle finished weight. For cattle in the typical range of placement weights, a one-pound increase in placement weight results in 0.5 pounds of additional finished weight.
Cash fed cattle began trading early last week, $1 higher than the week before. Packer margins continue to widen with each passing week, and feedyard showlists called manageable.
Feeders in the South hurried to sell cattle on a Tuesday-steady bid. The early trade made it easy on the Packers who seemed more than willing to take on the inventory at steady money.
The Choice beef cutout price has rallied nearly $30 in November while cash fed cattle prices have gained just $5. As a result, packer margins have increased while feeding margins struggle to remain above water.
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Profitability for both cow-calf and feedyards is projected to improve in 2021, Sterling Marketing president John Nalivka told AgriTalk host Chip Flory.
Packers aggressively sought inventory last week and cash fed cattle prices surged $2 per cwt., to instances of $3 higher for the week. Large trade volumes were reported in the North at $107 to $108 per cwt.
Large volumes of cattle traded in all regions at $2 higher prices ahead of Friday’s cattle on feed report which counted 4% more inventory than last September.
Agri Beef, a cattle feeding, farming and beef processing company in business since 1968, announced it plans to open a new beef packing facility in Jerome, Idaho.
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One impact of the coronavirus pandemic on the beef industry has been an increase in the number of carcasses grading Prime, but the shuttering of high-end restaurants that sell Prime beef, however, softened demand.
Montana Senator John Tester and Iowa Senator Chuck Grassley claim American farmers and ranchers face “a grave crisis, and it could hurt every family who buys meat at the grocery store.”
This first full-week following the Memorial Day holiday delivers signals cattle markets may see a second wave of downward pressure, the after-shocks of the COVID-19 earthquake.
Missouri lawmakers told a hearing in Jefferson City last week they hope to form a working group to explore the idea of helping secure a beef harvest and processing facility in the state.
Barring a major setback, it appears that America’s beef markets are moving past the worst of the COVID-19 disruptions that have caused upheaval in recent weeks.
“A lot of folks think we should mandate with a law—a federal LAW, mind you, because those always work out so well—that more feeders sell in the cash market. But tying feeders’ hands like this isn’t the answer.”
Industry analysts say there is a 1 million head backlog of cattle waiting for a harvest slot, and working through those heavy front-end supplies could take months.
Harvest numbers continue to improve as more plants ramp up leading to a steep decline for wholesale beef prices. Feeder cattle saw moderate demand and higher prices.
The South saw another wide trading range last week as prices ranged from $95 to $115 per cwt. for cash fed cattle with just two packers active in the negotiated cash market.