The Cattle Range Home Page
September 21, 2017
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. .Closing Cattle & Grain Futures Summary

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Closing Futures Summary
Brugler Marketing & Management LLC
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Live cattle futures ended the day with nearby Oct 85 cents lower and back months higher. Feeder cattle futures were mostly lower on Thursday, with nearby Sep down 80 cents. The CME feeder cattle index was up 65 cents from the previous day at $151.11 on September 20.Wholesale beef prices were lower in the Thursday afternoon report. Choice was down 53 cents at $191.51, while select boxes were 11 cents lower at $188.41. FI cattle slaughter was estimated at 464,000 through Thursday, which is 4,000 fewer than last week and 8,000 larger than the same week in 2016. Cash bids of $104 in NE were reported this morning, following yesterday $106+ trade on the FCE. They were mostly passed. Friday’s Cattle on Feed report is expected to show August placements 3.2% lower than last year, with August marketings 6% ahead of 2016 marketi ngs. The USDA reported 2017 beef export sales for the week of Sept 14 at 12,474 MT, with 496 MT of 2018 export business. Beef shipments came in at 15,367 MT, 19.95% larger than last week.
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Lean hog futures were down $1.025 to $2.125 in the front months, with deferred contracts lower. The CME Lean Hog Index for 9/19 was 96 cents lower than the previous day at $61.92. The USDA pork carcass cutout value was $3.28 lower at $73.04 in the Thursday afternoon report. All cuts were reported lower, with the rib down $9.58 and the ham $5.23 lower. The national base hog carcass was down $ 1.12 in the AM report at $49.09. Estimated week to date FI hog slaughter was 1,816,000 through Thursday, 10,000 head larger than last week and 60,000 larger than the same week in 2016. This morning’s USDA report indicated 2017 pork export sales of 20,113 MT for the week of 9/14, 33.5% larger than a week ago and 38% above this time last year. Exports of pork during that week were reported at 22,193 MT, 24.2% greater than last week.
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Corn futures closed Thursday with most contracts steady to a penny higher. The USDA indicated new crop corn export sales of just 526,867 MT for the week of 9/14 in this morning’s Export sales report. That was well short of expectations, and just half of what was reported last week. Mexico was the lead buyer, purchasing nearly half of the total sales at 264,100 MT. Weekly shipments hit 703,696 MT, down slightly from a week ago and 37.64% lower than the same time a year ago. China sold 804,412 MT of the 952,771 MT of 2013 and 2014 corn offered at their auction of state reserves on Thursday.

Wheat futures ended Thursday with most contracts steady to 3 cents higher. All wheat export sales for 17/18 during the week of September 14 edged into the range of expectations at 307,214 MT, 3% lower than the previous week and 45.2% behind this time a year ago. The lead buyer was the Philippines, with 77,900 MT purchased. Wheat shipments during that week were reported at 427,688 MT, lagging a week ago by 2.63% and 22.47% lower than last year. A trade delegation from Taiwan agreed to purchase $576 million in US wheat, with most of that expected to come from ID, MT and ND. That helped Minneapolis a little bit.

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