After holding steady all week, cattle traders may be a little more anxious Friday, awaiting the next round of cash sales and USDA’s Cattle on Feed report.
Cattle: Steady Futures: Mixed Live Equiv: $135.54 +0.29*
Hogs: Steady to $1 higher Futures: Mixed Lean Equiv: $ 83.95 +0.56**
* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue
After Thursday saw light trade in Nebraska and Iowa around $175, some cash business may trickle in early Friday, but it also seems likely that more will develop after USDA’s Cattle on Feed report at 2 p.m. CDT. Dow Jones survey is expecting the Sept. 1 inventory to be up 5.3% from a year ago, based on a 4% increase in placements and even marketings.
December cattle have been holding near $118 this week, just a dollar shy from their highest price of the year, helped by active demand and in spite of consistently higher on-feed numbers like the one expected later Friday.