The final week of September and the 3rd quarter had dawned and actually the market is feeling optimistic. From last week’s doom and gloom, Monday’s tune has changed to the bright side. Congress is working on getting back to fiscal stimulus talks, economic data is still looking decent in the US and some states are opening back almost to pre-covid levels. Now there is still the looming European lockdowns, a hostile federal government worrying about Supreme Court Nominee’s and possible negative economic data to come.
In the country on on Friday there were scattered bids, but it appeared that the majority of business had concluded for the week. Cash developed different this week than what it has over the past couple of months. Feeders held until Thursday when cash finally developed at $105 live $165 dressed. Both $2 higher than last week’s weighted averages.
For the week ending September 19, 2020, Imported Beef Passed for Entry in the U.S. totaled 43,255, 118.87% of the previous week and 101.14% of the 4-week average.
Expected Slaughter numbers Monday
120,000 hd today 119,000 hd wk ago 116,060 hd yr ago
483,000 hd today 481,000 hd wk ago 485,045 hd yr ago
Midday Carcass Value Monday
Choice dn 1.67 217.67
Select dn 0.58 206.40
C/S Spread 11.27
Carcass up 5.72 97.04
Bellies up 21.12 171.28
- Corn unch up 2 1/2
- Soybeans dn 1 3/4 – 6 1/4
- Chicago Wht up 5 1/2 – 6 1/2
- Kansas City Wht up 6 3/4 – 7 1/2
- Live Cattle dn 0.45 up 0.60
- Feeder Cattle dn 0.25 up 0.95
- Lean Hogs dn 0.77 up 0.95
- Class III Milk dn 0.02 – 0.17
Pre-Opening Market Broker Commentary
Mark Gold, Top Third Ag Marketing, discusses overnight grains and what the trade may see today. Unknown destinations were back in the market for soybean meal. Audio unavailable 9-28
Jerry Stowell, Country Futures, looks at what may impact the livestock futures today. Quarterly hogs and pigs report may prove bearish for the lean hog market . Audio unavailable 9-28
Mike Zuzolo, Global Commodity Analytics, takes a look at the midday trade. The broader market is seeing increased volatility as the US gets closer to election day.
John Payne, Daniel’s Ag Marketing, takes a closer look at today’s grain close. Soybeans finally hit the sellers wall, but it could just be harvest pressure.
Jack Fenske, York Commodities, looks at the closing market numbers. Grains could have put highs in, but Fenske says seasonally grains put highs in next week.