Cattle Current Podcast-June 4, 2018

Negotiated cash fed cattle trade for the week ended up steady to either side of steady with extremely light trade.

There were some live sales at $111/cwt. in Nebraska, compared to $109.00-$110.50 the previous week. A few sold in the beef at $177, compared to $176-$180 the previous week. Scattered sales in the Southern Plains were generally steady at $110. In the western Corn Belt, dressed sales were mostly $2-$4 lower than the previous week at $178.

Cattle futures meandered lower.

Except for 2¢ higher in away Jun, Live Cattle futures closed an average of 54¢ lower (15¢ lower in spot Jun to $1.12 lower).

Feeder Cattle futures closed an average of 60¢ lower (22¢ lower at the back of the board to $1.07 lower in spot Aug).

Boxed beef cutout values were weak for Choice and firm for Select Friday on light to moderate demand and offerings, according to the Agricultural Marketing Service (AMS).

Choice boxed beef cutout value was 67¢ lower in the afternoon at $227.53/cwt. Select was 33¢ higher at $204.80.

“Beef demand seems to be hitting on all cylinders with retailers featuring beef, which is promising. With the large supply of fed cattle, demand is exceeding expectations,” say AMS analysts. “The actual federally inspected cattle slaughter for week ending May 19 totaled 667,613, the largest weekly cattle slaughter since August 2011. Steer and heifer slaughter was also running at a pretty good clip for that week as near 540,000 were harvested, the largest total for those classifications since June 2011.”