Cattle Current Daily—Aug. 27, 2021

Cattle Current Daily—Aug. 27, 2021

Negotiated cash fed cattle trade was mostly inactive on light demand in Kansas through Thursday afternoon, according to the Agricultural Marketing Service. Elsewhere, it was slow on light demand.

Live sales in the Texas Panhandle were $1-$2 higher at $123/cwt. Although too few to trend, early live sales were $1-$3 higher in Nebraska at $128 and $1 higher in the western Corn Belt at $127. Early dressed sales were $1-$2 higher at $202 in Nebraska and $202.00-$206.50 in the western Corn Belt.

Weaker outside markets and the lack of follow-through support pressured Cattle futures Thursday.

Feeder Cattle futures closed an average of 95¢ lower, except for 15¢ higher spot Aug.

Live Cattle futures closed an average of 55¢ lower, except for 15¢ higher in the back contract.

Choice boxed beef cutout value was 38¢ higher Thursday afternoon at $347.27/cwt. Select was $3.90 higher at $319.59.

Corn futures closed mostly 1¢ to 6¢ lower, except for 1¢ higher in spot Sept.

Soybean futures closed mostly 6¢ to 10¢ lower, except for 21¢ higher in spot Sept.

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Major U.S. financial indices closed lower on Thursday after explosions in Kabul, outside an airport gate, killed both U.S. service members and civilians. Investors are also uncertain whether the Federal Reserve will give a clear signal this week for timing on tapering emergency support.

The Dow Jones Industrial Average closed 192 points lower. The S&P 500 closed 26 points lower. The NASDAQ was down 96 points.

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USDA increased expectations for U.S. beef exports during the current fiscal year, in the latest Outlook for U.S. Agricultural Trade. Compared to the last quarterly report, projected U.S. beef export value increased $800 million to $8.4 billion on higher unit values and volumes to China, Mexico, and South Korea.

Projected export value for U.S. livestock, dairy and poultry exports increased $2.2 billion to $36.4 billion due to increases in all product groups except pork.

Next year, USDA expects beef exports to be $100 million less than this year due to lower exportable supplies. Fiscal year 2022 livestock, poultry, and dairy exports were forecast $400 million higher than this year at $36.8 billion primarily due to growth in dairy and poultry products.

Forecast total U.S. agricultural export value this year increased $9.5 billion from the previous estimate to $173.5 billion, mainly due to higher livestock, poultry, and dairy exports, as well as the adoption of a new definition of agricultural products.

“Beginning with this publication, the report is adopting the World Trade Organization’s (WTO) definition of ‘Agricultural Products,’ which adds ethanol, distilled spirits, and manufactured tobacco products, among others, while removing rubber and allied products from the previous USDA definition,” according to analysts with USDA’s Economic Research Service (ERS).

U.S. agricultural exports next year were projected $4.0 billion higher than this year at $177.5 billion.

“The global COVID-19 pandemic remains the primary factor affecting economic activity across the globe. The prevalence of the Delta variant has renewed concerns over pandemic-induced pressure on public health infrastructures, softening consumer spending and global supply chain recovery,” say ERS analysts. “Microchip manufacturing and the shipping of physical goods are two aspects of the global economy that continue to observe elevated prices from supply chain disruptions. Despite these economic challenges, employment statistics and consumer confidence have remained strong, pointing to a continued economic recovery through the end of 2021. World real gross domestic product (GDP) is projected to increase by 5.7% in the remainder of 2021, and subsequently increase by 4.6% in 2022.”

Growth projections for real U.S. GDP this year were raised to 6.2% from previous estimate of 5.8%.

2021-08-26T19:38:57-06:00

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