Post by Glenn on Mar 21, 2011 10:50:41 GMT -6
MARCH 21, 2011
MARKET REPORT AND ANALYSIS
Sunday night trading saw commodities resume the upward direction. Oil, grain and other commodities were higher. Cattle don't open until 9 this morning but will be influenced by increasing interest from Japan for food product abroad.
Packers will find resistance from both sides this coming week. Cattle feeders shaken by a $5 drop in the cash markets will want back in at higher prices. Retailers who have watched packers buy $5 lower will want to buy the cuts lower. Packers have trimmed the slaughter in an effort to hold the box prices stable. Most beginning asking prices will be at $115.
The rise in box prices last week was $7 cwt.. The choice cuts were quoted Friday at $187.50 with select at $185.50 as prices leveled out.
Feeder futures recovered ground but were restricted by limit up moves in corn. There appears to be a bifurcated placement pattern developing based on size of the feeding facility. Large yards greater than 25,000 head are continuing to place cattle on feed while many smaller yards sell and do not replace. Current prices for 750# steers on the southern plains are $128.
Corn retraced over half of its losses from recent highs. Two 30 cents moves up has corn back hovering below $7. Corn is being offered currently at 20 cents over May corn. Corn is now pricing into most rations at $12.00 cwt..
MARKET REPORT AND ANALYSIS
Sunday night trading saw commodities resume the upward direction. Oil, grain and other commodities were higher. Cattle don't open until 9 this morning but will be influenced by increasing interest from Japan for food product abroad.
Packers will find resistance from both sides this coming week. Cattle feeders shaken by a $5 drop in the cash markets will want back in at higher prices. Retailers who have watched packers buy $5 lower will want to buy the cuts lower. Packers have trimmed the slaughter in an effort to hold the box prices stable. Most beginning asking prices will be at $115.
The rise in box prices last week was $7 cwt.. The choice cuts were quoted Friday at $187.50 with select at $185.50 as prices leveled out.
Feeder futures recovered ground but were restricted by limit up moves in corn. There appears to be a bifurcated placement pattern developing based on size of the feeding facility. Large yards greater than 25,000 head are continuing to place cattle on feed while many smaller yards sell and do not replace. Current prices for 750# steers on the southern plains are $128.
Corn retraced over half of its losses from recent highs. Two 30 cents moves up has corn back hovering below $7. Corn is being offered currently at 20 cents over May corn. Corn is now pricing into most rations at $12.00 cwt..