The Cattle Range Home Page
November 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 lost a little traction at the close, but still managed gains of 87.5 cents to $1.30 on Turnaround Tuesday. Feeder cattle futures were also higher, with nearby up Jan $2.075. The CME feeder cattle index on November 20 was down 20 cents to $156.71. Wholesale beef prices were higher on Tuesday afternoon. Choice was up $2.45 at $208.63, with select boxes 60 cents higher at $188.65. USDA indicated FI cattle slaughter at 240,000 head through Tuesday, 5,000 larger than a week ago and 8,000 above the same week in 2016. There were cash sales of $118 reported on Tuesday with a few in KS rumored around $119.50. Wednesday’s FCE auction will show 955 head for sale. With cash trade already developing, the online auction will be fairly insignificant to price trend discovery unless it is at $122!
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Lean hog futures were steady in the back months to $1.525 lower in the nearby contracts on Tuesday. The CME Lean Hog Index for 11/17 was down 59 cents to $64.83. The national base hog average price was 13 cents higher at $56.59 this afternoon. The USDA pork carcass cutout value was $1.40 lower at $80.87 in the Tuesday afternoon report. The picnic and belly were the only cuts reported higher, as the loin was down $4.08. The weekly USDA AMS hog slaughter report showed 924,000 through Tuesday. That is down 5,000 from the previous week but 33,000 more than the same week in 2016.
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Corn futures closed the Tuesday session steady to fractionally mixed. As of Monday night, the average cash corn price in the US was $3.08 1/4 just 2 cents below last year with slower exports and larger carryover. The national basis was at -36 3/4 cents, 2 3/4 stronger than a year ago. Last year at this time showed 6 of the 18 major production states 100% harvested and 5 others with 97% complete. As of Sunday, the USDA showed only a total of 3 states at 97% or more with TN and NC 100% complete. This is not a market factor, with overall stocks levels high. Safras & Mercado estimate that 61% of Brazil’s 2017 second corn crop is sold, compared to 83.3% in the same timeframe last year.

Wheat futures settled Tuesday with most CBT and KC contracts 2 to 4 1/2 cents higher, as MPLS was fractionally to 1 1/2 cents higher. Lower crop ratings could have been supportive, although there is little correlation with final yield at this point. Individual state data shows the winter wheat crop in KS at 90% emerged vs. the average of 95%, as OK was also at 90% compared to the average of 92%. Most SRW states are even with or above the average for crop emergence. Showers across parts of Australia over the weekend slowed the winter wheat harvest there.

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