Cattle Current Daily—Apr. 30, 2019

Cattle Current Daily—Apr. 30, 2019

Early two-sided trading in Cattle futures gave way to continued pressure from last week, tied to volatility in Lean Hog futures, technicals and growing pessimism about increasing fed cattle supplies during a time that domestic demand appears static, while international demand is a bit softer year over year.

Except for 22¢ higher in spot Apr, Live Cattle futures closed an average of 39¢ lower.

Except for 55¢ higher in spot May, Feeder Cattle futures closed an average of $1.48 lower.

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

Choice boxed beef cutout value was 15¢ higher Monday afternoon at $233.14/cwt. Select was $1.69 lower at $217.72.

Corn futures closed mostly fractionally higher.

Soybean futures closed 6¢ to 7¢ lower.

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Major U.S. financial indices edged higher on Monday.

The Dow Jones Industrial Average closed 11 points higher. The S&P 500 closed 5 points higher. The NASDAQ was up 15 points.

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“With the exception of the cull cow market, cattle and beef markets are behaving seasonally with little underlying trend in most markets,” says Derrell Peel, Extension livestock marketing specialist at Oklahoma State University, in his weekly market comments. “All and all, we are seeing the most stable cattle and beef markets in many years. Until or unless outside shocks rise up to impact supply or demand conditions, expect cattle and beef markets to remain pretty calm in the coming months.”

Peel points out strong demand for grazing cattle kept calf and stocker prices near a seasonal peak through April. He believes prices are currently at or just past the seasonal peak.

“From a forage perspective, excellent moisture conditions suggest tremendous pasture and hay potential,” Peel says. “The latest Drought Monitor shows the least amount of dry conditions across the country since the Drought Monitor began in 2000. The upcoming May Crop Production report from USDA-NASS will likely show that May 1 hay stocks are low following reduced December 1 hay stocks and cold, wet conditions affecting cattle production this past winter. However, good hay production prospects for 2019 alleviate much of the concern about end of crop year stock levels as the 2019 hay crop year begins.”

2019-04-29T19:37:00-05:00

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