Cattle Current Daily—Apr. 10, 2019

Cattle Current Daily—Apr. 10, 2019

Sluggish trade, pressure in Lean Hog futures and softer outside markets weighed on Cattle futures Tuesday.

Other than 10¢ and 90¢ higher at either end of the board, Live Cattle futures closed an average of 20¢ lower. 

Feeder Cattle futures closed mixed, from and average of 23¢ lower to an average of 42¢ higher.

Corn futures closed unchanged to 1¢ higher. 

Soybean futures closed unchanged to fractionally mixed. 

Wholesale beef values were weak to lower on light demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 35¢ lower Tuesday afternoon at $228.32/cwt. Select was $2.08 lower at $218.80. 

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Major U.S. financial indices closed lower Tuesday, with investors apparently fretting over protracted trade negotiations with China and an expected rough patch for quarterly earnings. 

The Dow Jones Industrial Average closed 190 points lower. The S&P 500 closed 17 points lower. The NASDAQ was down 44 points.

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“The beef production forecast is reduced from the previous month, primarily on lower carcass weights, but higher total cattle slaughter for 2019 is expected to partially offset declines in carcass weights,” say analysts with USDA’s Economic Research Service (ERS), in the latest 

World Agricultural Supply and Demand Estimates (WASDE).

Estimated beef production for this year of 27.280 billion lbs. is 20 million lbs. less than the previous month’s projection.

Projected fed steer prices (5-area Direct) were lowered slightly based on a lower price in the first quarter. The 5-area Direct fed steer price is projected at $122-$126/cwt. in the second quarter; $111-$119 in the third and $109-$119 in the fourth.

 Incidentally, total red meat and poultry production for this year was reduced by 212 million lbs. to 104.245 billion lbs.

“Pork production is lowered on a slower pace of slaughter throughout the

year, but is partially offset by slightly higher hog weights,” say ERS analysts. “Broiler production was reduced based on recent hatchery data and slowing weight growth, while turkey production was raised slightly.”

2019-04-09T21:21:01-05:00

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