© Debra L Ferguson Stock Photography
It was difficult to find something to admire in the livestock complex. Futures are trading in a fairly narrow range. Pigs could not be restrained when futures pushed to new highs. The expressions were incredibly strong.
Cattle: Steady. Futures: mixed. Live equivalent: $ 203.22 – $ 0.27 *
Pigs: Steady. Futures: mixed. Lean equivalent: $ 124.01 + $ 10.02 **
* Based on a formula that estimates the livestock equivalent of a packer’s gross income. (Live cattle equivalent index has been updated to reflect recent changes in live cattle weight and cooking percentages.)
** based on a formula that estimates the gross income equivalent of the packer.
The hype of the cash cattle trade went its course on Wednesday with prices up $ 2.00 higher. The cash business on Thursday followed the same course, leaving futures trading sluggish. Traders received some positive news from the weekly export sales report, which shows sales of 23,000 tons, but this was not enough to stimulate a strong buying interest in futures.
The fatteners have now targeted next week with some apprehension due to the fact that packers already have a contract to supply cattle for the next few weeks and continue to weaken beef prices in the box. The electoral reduction decreased by $ 0.03 and the individual reduction by $ 1.23.
However, with high demand and increasing slaughter rates this may not matter much. It is likely that futures will continue over the holiday weekend. Markets are closed on Monday, President’s Day.
https://agfax.com/2022/02/18/dtn-livestock-open-cattle-consolidation-ahead-of-extended-weekend/ Consolidation of cattle before the long weekend – AgFax