Cattle Current Daily—Apr. 8, 2019

Cattle Current Daily—Apr. 8, 2019

For the week, through Friday afternoon, negotiated cash fed cattle prices were steady to a touch softer in the Northern Plains at $126/cwt. in Nebraska and at $127-$128 in the western Corn Belt. Dressed trade was reported at $204-$206, compared to $206 the previous week. Prices in the Southern Plains were $1-$2 lower at $124.

Despite early pressure stemming from volatile Lean Hog futures, Cattle futures ended the day mostly narrowly mixed, with most of the pressure ascribed to week-end positioning.

Live Cattle futures closed an average of $1.19 lower in the front three contracts, and then 37¢ lower to 50¢ higher.

Feeder Cattle futures closed narrowly mixed (47¢ lower to 32¢ higher).

Corn futures closed 2¢ to 3¢ lower through Jul ’20 and then mostly 1¢ lower.

Soybean futures closed 5¢ to 7¢ lower through May ’20 and then mostly 4¢ lower.

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

Choice boxed beef cutout value was 19¢ higher Friday afternoon at $226.93/cwt. Select was $1.92 higher at $220.28.

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Major U.S. financial indices closed higher Friday, buoyed by a strong employment report and continued optimism about a U.S.-China trade deal sooner rather than later.

Non-farm payroll employment increased 196,000 in March, according to the U.S. Bureau of Labor Statistics. The unemployment rate remained unchanged at 3.8%.

Average hourly earning for all employees on private non-farm payrolls increased 4¢ in March to $27.70.

The Dow Jones Industrial Average closed 40 points higher. The S&P 500 closed 13 points higher. The NASDAQ was up 46 points.

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Demand for turnout cattle continued to boost calf prices. Overall, steers and heifers traded steady to $3/cwt. higher, according to the Agricultural Marketing Service (AMS).

“Buyers were very critical of excessive flesh, especially on heifers as market activity slowed substantially if they were over-conditioned,” AMS analysts explained. “After the previous week’s downward trend in the futures contracts, early-week sales had cattle buyers more cautious when procuring heavier cattle.”

Feeder Cattle futures closed an average of 81¢ higher week to week on Friday, thanks in large part to a bounce higher Thursday, as traders continue to push Lean Hog futures.

2019-04-07T13:57:00-05:00

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