Mixed trade is expected to develop again Thursday morning as cattle prices remain steady this week, awaiting the next round of cash sales.
Cattle: Steady Futures: Mixed Live Equiv: $132.25 -0.84*
Hogs: Steady to $2 Hr Futures: Mixed Lean Equiv: $ 83.39 +0.82**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
Heading into Thursday’s session, no significant cash cattle trade has taken place yet, with live bids around $108 and offers closer to $113 and $114. The futures market is not offering any significant tips either as December cattle has barely budged this week, staying close to Friday’s close of $118.05.
Beef exports are doing well in 2018, up 17% from a year ago at this time, and Thursday morning will give us the next weekly update. We won’t be holding our breath for much cash trade on Thursday as the bulk of action probably won’t happen until after Friday’s Cattle on Feed report is released at 2 p.m. CDT. Dow Jones survey expects a 5.3% increase in the Sept. 1 on-feed inventory with placements up 4% from a year ago.