Cattle Current PodcastSept. 21, 2020
Cattle futures firmed in Tyre on Friday. The latest data indicates demand for grinding be continues to boost US beef import tire year-over-year coming up I your cal market update, with West. Out All this is West Ishmael with your calcutt market update for the late weekend and Monday morning the twenty first of September. Negotiated cash pick cal trade continued higher on Friday with dress trade in Nebraska at one hundred and sixty, five dollars. One hundred weight, which was two dollars higher than earlier in the week and four to five dollars higher than the prior week. Dress trade was two to three dollars higher in the western corn belt at one sixty three. Live sales for the week ended up a dollar fifty, two dollars higher in the southern plains, at one hundred and three, hundred, thirty dollars and fifty cents, two dollars and Fifty Cents Higher Nebraska Illinois three fifty and two to four dollars higher in the western corn belt at one hundred, four to one, hundred, five dollars. Stronger. Cash prices in the week helped lift cattle futures on Friday. Live cattle futures closed in average of thirty seven cents higher week-to-week they an average of a dollar forty, seven cents higher across a range of a dollar and fifteen cents to a dollar ninety, five higher. Andrew P Griffith agricultural economist at the University of Tennessee notes in his weekly mortgage comments that cattle feeders will be looking for the finished cattle market too slowly gained some steam heading toward the holiday marketing timeframe but that likely will be a slow process. Ask prices are expected to be stagnant the next couple of weeks in the meantime wholesale before is continued their seasonal decline. Choice. Box beef cut out value was four dollars and twenty five cents lower week to week on Friday at two, hundred, fifteen dollars and sixty four cents. One hundred weight. So lacked was three dollars and sixteen cents lower at two or three, ninety four. Moving forward. Griffin says consumers willingness to pay for be will be the main determinant of how fed cal prices move. He doubts pandemic change consumption patterns much but says discretionary spending may continue to be altered. Catherine feeder cattle prices diverged last week as wide temperature. Swain's become the seasonal nor adding stress to cattle. Analysts with Agricultural Marketing Service explained cavs at auction last week or split into two groups. The longtime weaned calves with a vaccination program that. So mostly steady the third with some sales up to five dollars. One hundred weight higher. The other group they say or the unweaned calves fleshy ballers in many cases that traded three to eight dollars lower or sharply lower undertones they add that discount on the cavs than likely increase as we head into fall or until we get a good hard freeze based on Tennessee auction price averages last week Griffiths said five, hundred, twenty, five pounds steer was worse than hundred, twenty, seven dollars. And the same weight heffer was worth six, hundred and forty three dollars. He explains that price level doesn't provide much incentive for producers to purchase bred heifers or to keep more heifers back for breeding at the same time. He says, the prices are low enough to prompt more calling given. The fact that same way steers revalued less at the same time last year and few producers cold much. Longer loans coming off grass continued to command the most buyer attention according to MS selling steady to five dollars higher it mostly eight, hundred, fifty, two, thousand pounds with instances of eight dollars. Higher. Except for twenty, five cents lower in the back contract fear cattle futures closed an average of sixty four cents higher on Friday week to week they closed on average of a dollar fifty three cents higher across a range of fifteen cents higher at the back to two dollars and twenty five cents higher. Major US financial emphasis closed lower on Friday pressured once again by big tech stocks uncertainty over federal pandemic stimulus and political sabre-rattling between the US China. The Dow Jones Industrial? Average close two, hundred, forty, four points lower the S. and P. Five, hundred closed thirty seven points lower and the Nasdaq was down one hundred, seventeen points. Demand for grinding beef continues to boost beef imports to the US higher than last year. Griffith. Explains most beef imported to the US is lean beef meant for grinding to produce ground be hot dog TACO meat in the like he notes US beef imports in July of three hundred, seventy, six, point eight, million pounds represented the largest monthly total in fifteen years that July total was forty one point one percent more than a year earlier pushing imports for the first seven months of the year eight and a half percent higher compared to the previous year with imports up from each of the United States four largest beef import sources according to Daryl Peel Extension lifestock marketing specialists and Oklahoma State University. Peel explains Canada is the largest source of USB import and imports from there were up twelve point, seven percent, July. But refined point eight percent less for the year to date. Imports from Mexico for thirty four point three percent July compared to last year and were up twenty five point five percent so far this year he has Mexico now exceeds Australia is the number to source of US beef imports. Rounding out the top sources peel says imports from Australia were up seventeen point one percent year over year in July. But were down two point seven percent for the year while imports from New Zealand or ninety four point two percent higher in July and up thirteen point three percent for the year to date. He has those four countries represent eighty, two point, four percent of beat imports to the US so far this year. On the other side of the Trade Ledger Griffith points out US beef exports began recovering July compared year-over-year weakness the previous three months. Keel explains currency exchange rates are important factors affecting international beef trade with a strong us, dollar being headwind for beef exports wall favouring beef imports. Since Kobe teen impacts began in mid-march. He says, the US dollar has been significantly stronger compared to the Argentinian Brazilian and mix in currencies and somewhat stronger against the Canadian Australian and New Zealand dollars. He adds that the US dollar has weakened slightly against the Japanese yen and the Hong Kong dollar, which helps support beef exports to those two major market. That your calendar market update for the light weekend and Monday morning. The twenty first September. This sexual thanks for. Long.