Cattle Current Daily-Aug. 26, 2019

Cattle Current Daily-Aug. 26, 2019

Negotiated cash fed cattle trade was $1 higher in the Southern Plains on Friday at $106/cwt. Although there were too few transactions to trend, early sales were higher in Nebraska at $108 on a live basis and $175-$178 in the beef; $176 in the western Corn Belt.

Cattle futures closed sharply lower Friday beneath the weight of a variety of factors that included record-high July U.S. red meat production, the sharp month-to-month increase in frozen beef supplies and sharply lower outside markets tied to increasingly volatile trade relations between the U.S. and China.

Live Cattle futures closed an average of $1.56 lower, except for 35¢ lower in spot Aug.  

Feeder Cattle futures closed an average of $2.50 lower ($1.05 to $3.17 lower).

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

Choice boxed beef cutout value was $1.76 lower Friday afternoon at $237.52/cwt. Select was $3.20 lower at $212.71.

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

Soybean futures closed mostly 9¢ to 12¢ lower through Jul ’20 and then mostly 2¢ to 8¢ lower.

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Major U.S. financial indices plummeted lower Friday with accelerated tariffs and counter-tariffs between the U.S. and China.

The Dow Jones Industrial Average closed 626 points lower. The S&P 500 closed 75 points lower. The NASDAQ was down 239 points.

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If anything, the monthly Cattle on Feed report should likely be viewed as neutral to slightly bullish, with July placements less than expected, while July marketings and the Aug. 1 inventory were in line with pre-report estimates.

Placements in July of 1.70 million head were 2.12% less than the previous year.In terms of placement weight, 36.36% went on feed weighing 699 lbs. or less; 46.62% weighing 700-899 lbs.; 17.00% weighing 900 lbs. or more.

Marketings in July of 2.00 million head were 6.89% more than the prior year.

Cattle on feed Aug. 1 of 11.11 million head were 0.17% more than the same time last year. “This makes the fourth month in a row that the on-feed number is the largest since the data series started in 1996,” according to the Agricultural Marketing Service. 

2019-08-26T11:18:22-06:00

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