Steve Kay's Friday Market Update

FRIDAY AFTERNOON MARKET UPDATE  July 31, 2015

The cash live cattle trade Friday morning was very light up north and inactive down south. USDA’s mandatory price reporting service reported that Nebraska sold 1621 head at $232.00 per cwt dressed for a weekly total of 1936 head.

Iowa-southern Minnesota sold 1517 head for a weekly total of 5668 head. Kansas sold 40 head for a weekly total of 245 head. Texas sold no cattle for a weekly total of 719 head. The totals include negotiated cash and grid sales. Live cattle futures closed lower except for August. It closed up 47 points at $145.70 (versus $143.02 last Friday), October closed down 52 points at $145.92, December closed down 67 points at $147.45, February closed down 80 points at $147.45, April closed down 52 points at $146.65 and June closed down 52 points at $139.72.

The week’s cattle slaughter was an estimated 532,000 head (versus 574,507 head last year), with Friday’s kill 103,000 head and Saturday’s kill 2000 head. Year to date FI slaughter is an estimated 16.434M head, down 6.9% or 1.216M head from 2014’s 17.650 head. Hog slaughter year to date is up 7.5% or 4.594M head on last year. Boxed beef cutout values were steady on light to moderate demand and offerings. The Choice cutout declined $0.09 per cwt from the day before to $233.25 per cwt (versus $230.70 last Friday) and the Select cutout declined $0.03 to $229.29 (versus $228.23 last Friday). The Choice-Select price spread was $3.96, versus $2.47 last Friday. The reported spot boxed beef trade for the week was 510 loads of fabricated cuts, 7.6% higher than the 474 loads the week before. Packer margins for the week were negative by $28.40 per head, compared to a negative $66.76 the week before, according to HedgersEdge.com.

Have a good week,

Steve Kay

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