Cattle Current Daily—Apr. 12, 2019

Cattle Current Daily—Apr. 12, 2019

Cattle futures worked their way higher Thursday, helped along by Lean Hog futures once again (see below). Lean Hogs were buoyed by data from USDA’s Foreign Agricultural Service indicating 77,700 metric tons of U.S. pork sold to China last week. 

Live Cattle futures closed an average of 30¢ higher. 

Feeder Cattle futures closed an average of 63¢ higher (25¢ higher to $1.17 higher in the back contract).

Corn futures closed fractionally lower to 2¢ lower. 

Soybean futures closed mostly 5¢ to 7¢ lower. 

Wholesale beef values were steady on Choice and firm on Select with light to moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 22¢ lower Thursday afternoon at $228.83/cwt. Select was 33¢ higher at $219.95. 

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Major U.S. financial indices closed little changed on Thursday. 

The Dow Jones Industrial Average closed 14 points lower. The S&P 500 closed unchanged. The NASDAQ was down 16 points.

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“African Swine Fever has spread to every province in mainland China and is now affecting an estimated 150-200 million pigs,” says Christine McCracken, RaboResearch animal protein analyst. “The expected 30% loss in pork production is unprecedented. These losses cannot easily be replaced by other proteins like chicken, duck and seafood, nor will larger pork imports be able to fully offset the loss.” McCracken authored the recent Rabobank article, Rising African Swine Fever Losses to Lift All Protein Boats.

According to a media advisory from Rabobank Thursday:

In 2019, Rabobank expects Chinese pork production losses of 25% to 35%. This loss is at least 30% larger than annual U.S. pork production and nearly as large as Europe’s annual pork supply.

Rabobank expects production losses to exceed 10% in Vietnam, the world’s fifth largest pork-producing country and a significant supplier to China.Rabobank believes there will be a net supply gap of almost 10 million metric tons in the total 2019 animal protein supply, which will increase farmgate and consumer prices.

2019-04-11T18:39:52-05:00

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