TCR's Weekly Market Summary...
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For the week ending March 22nd:
Compared to last Friday, TCR's 10-Day Cattle/Beef Index closed 1.46% higher than last Friday. Overall, this week’s action was the best of 2019. Cattle futures fed off of the “Hogs Gone Wild” action of lean hog futures with the June contract closing 9.14 higher on rumors that China has a larger swine flu problem than they have disclosed. Additional momentum came from moderating weather, good demand for beef, and from the realization that Mother Nature has diminished beef production. This week’s “Bullish Consensus” chart show a dramatic spike in optimism, pushing it into “excessive optimism” territory. (See chart in the Complete Summary)
Slaughter Cattle: Trade on Friday was at $129 and $208 on a dressed basis, $2 and $4 higher respectively. June and August live cattle futures gained 3.15 and 3.57 points.
CME Feeder Cattle Index: Closed at $141.02, $3.37 higher than last week.
Feeder & Stocker Cattle: Feeder cattle gained over $2 per cwt. with stocker calves gaining nearly $3.00 per cwt. April and May feeder cattle futures gained 4.15 and 7.70.
Boxed Beef Cutouts: The choice cutout closed at $229.09, up $2.10. The select cutout gained $1.30, closing at $218.64.
Cutter Cow Cutout: $0.73 higher at $168.24.
Grain: Both cash prices and futures for corn and wheat were about 5 cents higher.
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