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DTN Early Word Livestock Comments 08/16 06:14 Traders Cautious Ahead of Cash The cattle complex could not find solid support Monday even though corn futures were significantly lower. Feeder cattle tried to rally early in trading but fell back into negative territory, except for the August contract. Hogs were able to close higher after significant pressure early in the day as cutouts were looking very promising. Robin Schmahl DTN Contributing Analyst Cattle: Higher Futures: Mixed Live Equiv: $195.16 +$0.57* Hogs: Higher Futures: Mixed Lean Equiv: $132.09 +$3.08** *Based on formula estimating live cattle equivalent of gross packer revenue. (The Live Cattle Equiv. Index has been updated to depict recent changes in live cattle weights and grading percentages.) ** based on formula estimating lean hog equivalent of gross packer revenue. GENERAL COMMENTS: China has been a large, consistent buyer of beef from the U.S. and the announcement Monday that they were going to ban agricultural imports from Australia and New Zealand rippled through the market. That itself was not the reason for pressure on the market, but it was their weak economic data that went along with the announcement. Their retail sales and production were less than expected, youth unemployment increased, and new home prices fell along with lower refinery output. Although not directly tied to the beef market, it could have an impact. It could result in lower beef exports to China, or it could result in increased exports to the country. This uncertainty rattled the commodity markets. Boxed beef closed slightly higher Monday with choice up $0.14 and select up $0.22. Feedlots will be holding for higher cash again this week. The Commitment of Traders report showed funds as net buyers of 11,068 contracts, bringing their net-long positions to 49,072.