Schwieterman Cattle Comments
Cash trade was active on Wednesday, with the morning weakness in the futures bringing active sales of mostly $163, a drop of $1-$2 from week ago levels.
Schwieterman Cattle Commentary
Live Cattle
Trend
Short Term: Down
Long Term: Down
Opening Calls: Mixed
Live cattle futures closed moderately lower on Wednesday, as many markets took a defensive approach ahead of the monthly interest rate announcement, released by the FED @ 1pm. They did raise rates a 1/4 of a percent. Cash trade was active on Wednesday, with the morning weakness in the futures bringing active sales of mostly $163, a drop of $1-$2 from week ago levels. Cutouts were mixed, with choice +1.38 and select -1.73. Overnight equities are firmer and the Dollar modestly lower following the reversal lower in equities after the Fed announcement of a .25 increase.
Feeder Cattle
Trends
Short Term: Down
Long Term: Up
Opening Call: Mixed
Feeder cattle futures closed moderately lower on Wednesday, pressured by weakness in the fats and FED uncertainty. Cash index levels slipped modestly to 187.69 on Wednesday. Overnight corn values are up 6 cents in the old crop, ahead of this mornings weekly export sales numbers. The 50 day MA continues to act as major support.
Bret Crotts
620-275-4133
888-437-9131
bret@swbell.net