Negotiated cash fed cattle trade on Thursday in Nebraska and the western Corn Belt continued mostly steady with prices established earlier in the week: $128.00-$128.50 and $128-$131, respectively on a live basis. In the beef, prices were $205 in Nebraska and $205-$207 in the western Corn Belt.
Despite steady to higher cash fed cattle trade and strong wholesale beef values, Cattle futures closed solidly lower on Thursday, amid apparent technical selling and continued concern about growing supplies relative to demand.
Live Cattle futures closed an average of $1.09 lower (95¢ to $1.22 lower).
Feeder Cattle futures closed an average of $1.97 lower ($1.42 to $2.17 lower).
Choice boxed beef cutout value was 88¢ higher Thursday afternoon at $224.99/cwt. Select was 70¢ lower at $216.31.
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Major U.S. financial indices closed mixed on Thursday, with worries about a potential trade war with China continuing to cast a pall.
The Dow Jones Industrial Average closed 115 points higher. The S&P 500 closed 2 points lower. The NASDAQ closed 15 points lower.
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Canadian cattle inventories grew last year, according to data recently released by Statistics Canada, but just a little.
There were 37.10 million beef cows in Canada Jan. 1, which was 0.80% more than the previous year, or 29,500 head more. Total cattle and calves in Canada of 11.62 million head were 0.91% (+105,000 head) more than the previous year.
By way of review, beef cows in the U.S. were 1.63% more (+509,800 head) more year over year at 3.71 million head. Total cattle and calves in the U.S. Jan. 1 of 94.40 million head (+694,400 head) were 0.74% more than the previous year.
Combined, the total number of beef cows in the U.S. and Canada Jan. 1 of 35.43 million head was 1.54% (+539,300 head) more than the previous year. The total inventory of cattle and calves for the two countries was 0.76% more (+799,400 head) at 106.02 million head.