![]() ![]() On the other hand, feeder cattle prices will be moderated by two factors in 2022: sustained demand for beef under the current inflationary conditions and continued weekly slaughter totals supportive of current beef harvest. Weather conditions and continued high grain and forage prices will result in greater annual cow costs in 2022. Prediction models of precipitation for May to July place most of Nebraska counties at leaning below normal probability with probability of temperatures likely above normal. This raised projected 2022 production slightly, however, lower weights were carried into first-quarter 2023, marginally reducing next year’s production.Presently, despite timely rains in certain areas of Nebraska, the threat of drought for the summer of 2022 is not dissipated. “Lower expected carcass weights in second-half 2022 are more than offset by higher expected fed cattle slaughter in the fourth quarter. “Conditions continue to elevate beef cow culling rates and placement of calves on feed at a faster than expected pace,” ERS analysts say. Next year’s annual average price was forecast at $153. in the third quarter and at $141.30 for the annual average. The fed steer price was projected at $139/cwt. Next year’s annual average price is $199.25.Īs for fed steer prices, ERS analysts point out the five-area average price July 10 was $22 higher year over year at $144.35/cwt., supported by the faster slaughter pace, lighter carcass weights and strong beef prices. Likewise, the expected first-quarter price increased $1 to $169. In the latest Livestock, Dairy and Poultry Outlook, ERS forecast the average feeder steer price $2 higher for the third quarter at $168/cwt., $1 higher in the fourth quarter at $171 and $1 higher for the annual average price at $163. USDA’s Economic Research Service (ERS) raised the expected feeder steer price (750-800 lbs., Oklahoma City) for the remainder of this year based on stronger than expected placements in May, current price data and tighter supplies than expected. West Texas Intermediate Crude Oil futures on the CME closed 73¢ to $1.62 higher through the front six contracts. The Dow Jones Industrial Average closed 754 points higher. financial indices rallied Tuesday, with various analysts attributing the surge to investors betting the bottom is in or near. Dressed prices were $230 in Nebraska and $228-$230 in the western Corn Belt. Last week, live prices were $137 in Kansas, $140-$145 in Nebraska and $143.50 to $145.00 in the western Corn Belt. with moderate trade and light to moderate demand.Įlsewhere, trade was mostly inactive on light demand with too few transactions to trend, according to the Agricultural Marketing Service. Negotiated cash fed cattle trade was $1 lower in the Texas Panhandle on Tuesday at $136/cwt. Positive outside markets, Feeder Cattle and higher wholesale beef values helped pull Live Cattle futures an average of 48¢ higher.Ĭhoice Boxed beef cutout value was $2.02 higher Tuesday afternoon at $272.57/cwt. Soybean futures closed 17¢ to 22¢ lower through Jly ‘23 and then mostly 9¢ to 12¢ lower. Feeder Cattle futures rallied an average of $2.13 higher Tuesday, propelled by lower Corn futures and ongoing cash demand strength.Ĭorn futures closed 13¢ to 15¢ lower through new-crop contracts on weather pressure and then mostly 7¢ to 8¢ lower. ![]()
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