Cattle futures broke hard from the outset Tuesday, following the previous session’s strong rally. Apparent short covering by the end lifted futures well off of session lows. Overall, it was the same continued light trade and lack of open interest mired in a months-old range.
Live Cattle futures closed an average of 70¢ lower (40¢ to $1.05 lower).
Feeder Cattle futures closed an average of 88¢ lower.
Wholesale beef values were weak to lower on light to moderate demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $1.10 lower Tuesday afternoon at $212.53/cwt. Select was 44¢ lower at $204.41.
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Major U.S. financial indices edged higher Tuesday, following the previous session’s steep gains. Continued support seemed mostly due to optimism from Monday’s announced trade deal between the U.S. and Mexico.
The Dow Jones Industrial Average closed 14 points higher. The S&P 500 closed fractionally higher. The NASDAQ was up 12 points.
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It might be time to order new earflaps, if the 2019 Farmers’ Almanac (FA) winter forecast is close to reality.
“Contrary to some stories floating around on the internet, our time-tested, long-range formula is pointing towards a very long, cold, and snow-filled winter,” says FA editor, Peter Geiger. FA long-range forecasts are based on a mathematical and astronomical formula developed in 1818.
The Farmers’ Almanac forecasts the coldest weather of this winter season to pour south from Canada and blow into the Northeast, New England, Great Lakes, Ohio Valley, and Southeast during mid-February. Above-normal snowfall is predicted for the Great Lakes states, Midwest, and central and northern New England. The Pacific Northwest and Mid-Atlantic regions of the country are also forecast to have an abundance of snow and wet/icy conditions this winter.