Cattle Today

9.29 Markets

Cattle 
•October: day 15 of a buy signal. Dec: day 3 of a buy signal.
•November feeders: day 2 of a sellsignal.
•Cattle trends are mixed, positive October, positive December, negative November Feeders.
•Firmer outlook for cash expected, up $1-2/cwt.
•IA trade $106/cwt. $108/cwt offers in S. Plains and cornbelt.
•Packer margins are $300/head in the black.
•Asia buying is expected in October
•Numbers in October/November are tighter this grow into next year.
•Asia buying is expected in October.
•Numbers in October/November
•Feedlots looking to build off last week’s strength.
•Boxed beef declined but seasonally rallies.
•COF report bearish against trade estimates but was quickly digested by the market on Monday.
•Higher placements would suggest higher slaughter for early 2021.
•Market remains range bound.
•Beef production last week was up 2% vs a year ago.
•Risk management opportunity exists for 4^th and 1^st quarter cattle.
•Feeder Cattle Index: $142.61 vs $142.23 prior.
•Boxed beef: Choice down $1.62/cwt to $217.72, Select down $0.56/cwt to $206.42, C/S spread $11.30, 148 loads.

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