Report Week for Cattle
It’s report week this week for the cattle. Markets today didn’t do too much, but Virginia McGathey says there is going to be a lot to watch as we close out this week.
McGathey… “Cattle did slip a little bit. The cash market is priced at a $10 discount to futures. And we knew that those markets were going to start to close in and start to catch up a little bit. And that's why the market moved a little bit lower. But keep in mind that this week is really report week where today we're going to have the cold storage report, on Friday cattle on feed and cattle inventory. So once we start to get these numbers and digest them, we'll get a little bit better idea about market direction. Feeders were mixed. They were kind of lower for the good part of the day, but they were able to gain some steam. There's just added supplies that are expected for the first quarter of 2021, and that's limiting long term support.”
In closing markets:
Live Cattle futures were a bit weaker yesterday. Down $0.35 on the August board to $101.50. Feeder Cattle for August up $0.20 to $141.52 ½.
Chicago September Wheat futures closed up $0.06 ½ to $5.34 ½.
Kansas City Hard Red Winter Wheat up $0.06 to $4.48 ½.
September Corn regained most of Tuesdays losses, back up $0.04 ½ to $3.27 ½.
Class III milk yesterday dropped $0.54 which puts the August futures at $22.76.