Sort & Cull

PHEW! I was personally concerned that, after seeing Thursday's USDA Cattle on Feed report, the market would see the conflicting report details and send the market trailing lower. But once again, this time around the traders seem to only be concerned about how the actual report numbers differed from the pre-report estimates -- and because on Thursday there was a mere 0.3% difference on the total number of cattle on feed as of June 1 -- traders deemed that enough of a bullish reason to allow the contracts to trade higher throughout Monday's market.

But along with the Cattle on Feed report that came out June 18, the recent increased strength of the equity markets has helped drive the live cattle contracts higher -- to the point they're currently challenging the resistance levels scored back in April. And, last but certainly not least, it would be remiss of me to not mention that last week's fed cash cattle market has also greatly influenced traders early this week. It's as although packers and feedlot managers waited until the week's bitter end to trade cattle: Prices were indeed higher. Both live and dressed deals waited to develop until the end of the week, but Southern live cattle traded at mostly $258 to $260, which is $2 to $5 higher than the previous week's weighted average, and Northern dressed cattle traded anywhere from $408 to $410, but mostly at $408 which is $3 higher than the prior week's weighted average.

It never ceases to amaze me how the market can pick up momentum and scale to higher prices when the stars align and key core market fundamentals turn bullish. But, if the chaotic marketplace seems hard to keep track of, don't worry, you're not alone!

Which is why we want to welcome you to join us this upcoming Wednesday, June 24, for the DTN Beef Industry Exchange.

I personally am looking forward to this free webinar to present to you a recap of what the market has accomplished thus far this year, pinpoint some factors to watch for moving ahead, and provide a detailed recap of last week's Corn Belt Classic feeder cattle sale.

DTN Ag Meteorologist John Baranick will share his thoughts on the weather outlook for summer and fall including the predicted impact of a Super El Nino, and how that may affect pasture conditions. And University of Nebraska Lincoln Beef Systems Extension Educator Aaron Berger will share different strategies to set up cow herd rebuilding following drought. The webinar will be moderated by DTN Livestock Editor Jennifer Carrico and the livestreamed event includes time for questions and answers. If you can't participate in it that day, you can still register and watch it for free later.

Click the link here to register: https://dtn.link/…

Watch Carrico give more details about the upcoming webinar in this Reporter's Notebook video: https://www.dtnpf.com/…

To read DTN's coverage of the recent USDA Cattle on Feed report, see https://www.dtnpf.com/…

ShayLe Stewart can be reached at shayle.stewart@dtn.com

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