|
>>> Reminder Producers<<<
Markets are changing particularly
rapidly right now with reaction
to the COVID-19 pandemic. We
are monitoring plant closures and
other factors that may affect you
and your cattle marketing.
Please stay in touch with your
Nexus livestock rep.
Cattle
•August: day 4 of a buy signal. Dec: day 6 of a sell signal. November feeders: day 9 of abuy signal.
•Short term market remains on retreat
•Choice beef break is slowing
•Choice beef was down again, lowest since March 12th.
•Slaughter last week was huge, 680,000 head vs 670,00 head last year
•Extra carcass weights is adding 15,000 to 20,000 head to the 680,000 head, thus 695,000-700,000 head (with added weights).
•Cash cattle traded at $93-97/cwt vs $101/cwt last week
•Kill last week was the largest since March and 3rd largest in history
• Long-term price targets depends on the covid-19 and restraints capacity
•2021 supplies are more bullish as the lower placement number come into play
•Call for updates.
•Feeder Cattle Index: $130.04 vs $129.82 prior.
•Boxed beef: Choice down $1.09/cwt to $207.17, Select down $1.08/cwt to $198.85, C/S spread $8.32, 113 loads.
|
