Cattle Current PodcastMarch 29, 2021

Automatic TRANSCRIPT

Cattle futures closed higher week to week on friday agricultural economist. Andrew p griffith expects choice box beef cutout value to test the two hundred and fifty dollar level this spring about twelve dollars more than word ended last week coming up on your kelkar market update with west. How all this is where ishmael with an expanded edition of your current market update for the late weekend and monday morning. The twenty ninth of march negotiated cash cal. Trade was the standstill in the southern plains. Through friday afternoon elsewhere it was limited online demand with too few transactions to trend according to the agricultural marketing service for the week why prices were one to two dollars higher at one hundred fifteen dollars one hundred weight and the southern plains and at one sixteen and the northern plains dress trade was two to three dollars higher in nebraska that one hundred eighty five dollars. Trade had yet to be established in the western core built according to a ms but various reports suggested trade in the region at as much as three dollars higher than the previous week cattle futures continued edge higher friday buoyed by the week stronger cash prices and wholesale beef values live cattle futures close in average of thirty six cents higher on friday except for twenty cents lower in the back contract week to week on friday. They closed an average of two dollars and eight cents higher from seventy five cents higher at the back to three dollars and ten cents higher in his weekly market comments and pe- griffith agricultural economist at the university of tennessee note. The slight progression and fit cattle. Prices provides optimism for further price improvement through april manda. May he adds that. The market continues to trade at a large discount. April live cattle future. That cash prices for finish cattle have the ability to push above the hundred and twenty dollars price level. Meanwhile wholesale beef prices are making seasonal stri tire choice. Box beef value of seven dollars and sixty seven cents higher week to week on friday at two hundred and thirty dollars and sixty six cents one hundred weight select with some dollars in six higher at two twenty seven seventy seven. Plus optimism continues to grow for the steady pace of kobe. Nineteen vaccinations to continue burning backs. Some normalcy to markets in everyday life there is considerable optimism for fed cattle markets. Going forward beginning in the second quarter and especially in the second half of the year says daryl appeal extension livestock marketing specialist at oklahoma state university in his weekly market comment. He lots of been somewhat front loaded so far in twenty twenty one which contributed to the sluggish fit cattle markets. In the first quarter of the year. Buddy says feedlots. Supply should tighten the second half of the year futures optimism and the fast approaching grassi's and help chasm fear cattle trade from steady to mainly higher last week based on the weekly auctions monitored by calcutta according to griffith catherine fear cattle prices are attempting to push our as grasp for heats up and as many feeder cattle futures contracts tested contract highs. During the week he points out. Fear cava futures are offering positive hidden opportunities for cattle be marketed between august and november feeder. Cattle futures closed an average of thirty nine cents higher on friday week to week. They closed an average of three dollars and eighteen. Cents higher from sixty cents higher at the back to five dollars and seventy cents higher in spot april. The cme feeder cattle index was two dollars and seventy cents higher week on thursday at one. Thirty six seventy five consolidating to lower corn futures. Prices added optimism. Cattle market corn futures closed an average of four point six cents lower through the front six contracts week to week on friday. December corn is approaching a key support level of four dollars and sixty cents a bushel. If prices fall below four sixty the next level of support will be four dollars and forty cents says aaron smith crops marketing specialist at the university of tennessee in his weekly market comment smith adds that the perspective plannings report due to be published by. Usda march thirty first could provide a major push up or down for corn prices depending on estimate major us financial indices closed sharply higher friday with a late session surge tied to the federal reserve announcement that banks meeting stress. Criteria can return to normal levels of dividend disbursement and share repurchases. At the end of june data ability had been limited since the beginning of the pandemic investors were likely also encouraged by the latest data from the us bureau of economic analysis suggesting tame inflation. It showed the personal consumption expenditures price index excluding food and energy prices increased just zero point one percent month to month in february and just one point four percent year over year. The dow jones industrial average closed four hundred fifty three points higher and p five hundred closed. Sixty five points higher and the nasdaq was a one hundred and sixty one points now. More be price perspective for andrew griffith. Not so many years ago he points out two hundred dollars. One hundred weight was the primary resistance. Point for weekly choice box. Beef cut out values but now that number appears to be the primary support point as the value has remained above two hundred dollars since october of two thousand seventeen by way of illustration griffith looked at data back through two thousand and four choice box. Beef kit out. Values exceeded two hundred dollars for the first time in may of two thousand thirteen between them in october. Two thousand seventeen. The price fluctuated to either side of two hundred dollars. Choice box beef. Prices have been strong for the first quarter of this year and they are only expected to get stronger in the second quarter as grilling season hits. Full stride griffiths says he add that. Many consumers have apple disposable income because they haven't been travelling the they can spend some of that money on their eating experience. There's no reason to attempt to predict how high box beef prices will go this spring. But he says they're likely to test the two hundred and fifty dollar mark your calendar more update for the late weekend and monday morning. Twenty nine th of march. This is west ishmael. Thanks for listening

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