export demand after cattle supplies tightened. Boxed beef prices rose for choice cuts by $1.24, to $312.90/cwt, USDA said separately. Packers slaughtered an estimated 125,000 cattle, compared to 122,000 cattle a week ago and 128,000 cattle a year ago, the U.S. On Friday, their estimated margins were $59 per head of cattle, down from $72.45 on Thursday and $59.35 a week ago, said. Meatpackers are earning money processing cattle, which helps to support demand, brokers said. They added that producers are willing to delay sales to processors to wait for higher prices. Gains this week signal expectations for higher cash cattle prices, brokers said. Nearby October live cattle ended down 0.425 cent at 183.225 cents/lb., a day after touching their highest price since July 20. Live cattle set highs in the June 2024 and August 2024 contracts. at the Chicago Mercantile Exchange and reached a contract high of 259.65 cents (all figures US$). October feeder cattle futures finished up 0.275 cent at 259.15 cents/lb. “It’s a bull market,” said Scott Varilek, broker at Kooima Kooima Varilek Trading. cattle dwindled to their lowest levels in decades after producers reduced their herds over the last year because drought reduced the availability of pastures for grazing. feeder cattle futures and deferred live cattle futures climbed to new peaks on Friday, as limited U.S. N.a.-Not published due to insufficient responses but included in totals for Texas and district.Chicago | Reuters - U.S. Percent change in value from previous year 3Ģ Prices are dollars per acre, not adjusted for inflation.ģ Not adjusted for inflation and calculated using responses only from those banks reporting in both the past and current quarter. The credit standards index was positive, indicating a tightening of standards on net ( Chart 4). The anticipated trend in farmland values index came back to positive territory, suggesting respondents expect farmland values to increase. In third quarter 2023, ranchland, irrigated cropland and dryland values rose at least 13 percent year over year in Texas, with cropland seeing much higher increases ( Table 1). Ranchland, irrigated cropland and dryland values increased this quarter ( Chart 2). Loan volume was down for all categories compared with a year ago ( Chart 1). Loan renewals or extensions fell after increasing the previous quarter, while the rate of loan repayment dropped but at a lower rate than the second quarter. Conventional agricultural use of land in our county and surrounding counties is on its way out,” another noted.ĭemand for agricultural loans decreased in the third quarter for the seventh straight quarter. “Land in our area is selling at $50,000 to $100,000 per acre for 30-to-50-acre tracts …. Prices are at all-time highs, but liquidations will start soon due to lack of grass and water,” one survey participant said. Cattle are doing good considering conditions. Cotton, grain sorghum and summer hay are very weak in most of our area. “The combination of extreme heat and wind have dried out our area. ![]() They noted good prices for cattle and agricultural land. Extreme dry conditions are putting a strain on agricultural production. Bankers responding to the third-quarter survey reported overall weaker conditions across most regions of the Eleventh District.
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