Cattle
- February: day 9 of a sell signal. June: day 6 of a buy signal. March feeders: day 11 of a sell signal.
- Cattle trends mixed.
- Higher feed grains pressed cattle prices Thursday.
- Cutout higher.
- Technical price targets $120-121/cwt in April.
- Cattle waiting for corn to find the top before finding support.
- Asking prices $111-112/cwt live in the south, $175/cwt dressed.
- South cash trade $108-111/cwt this week, mostly $110-111/cwt.
- Dressed trade $171-173/cwt, mostly $172-173/cwt.
- Demand was good for the large calf offering featuring many packages and loads with best demand for light weight, green calves.
- Boxed beef closed sharply higher on good demand for moderate offerings.
- China was a huge market US pork in 2020, but there’s also been solid growth in demand for US beef. In fact, November trade data shows beef exports to China actually grew more than pork exports.
- Data suggests the US is now China’s number one grain-fed beef source.
- Open interest in cattle is the highest since March.
- Slaughter 120,000, 119,000 wk ago, 123,000 yr ago.
- Feeder Cattle Index: $135.49 vs $136.15 prior.
- Boxed beef: Choice up 2.37 /cwt to $213.37, Select up 2.01/cwt to $201.07, C/S spread $12.30, 137 loads
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