Cattle Current Daily-Dec. 10, 2018

Cattle Current Daily-Dec. 10, 2018

Negotiated cash fed cattle trade remained mostly undeveloped through Friday afternoon, according to USDA reports. There was some light to moderate trade in the western Corn Belt at $115-$117/cwt., which was $1 higher than the previous week. Early dressed sales were steady at $183-$185. By late in the day, AMS reported some dressed trade in Nebraska at $187, which was $2-$4 more than the previous week.

Cattle futures closed narrowly mixed in choppy trade.

Live Cattle futures closed an average of 22¢ higher, except for 5¢ to 27¢ lower at either end of the board.

Other than 17¢ higher in spot Jan, Feeder Cattle futures closed unchanged to an average of 22¢ lower. 

Wholesale beef values were higher to sharply higher on good demand and moderate to heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.62 higher Friday afternoon at $214.29/cwt. Select was $2.28 higher at $200.50.

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Major U.S. financial indices plunged again to end the week.

Pressure included ongoing worries about global economic growth and trade, as well as fewer jobs than expected in the monthly national employment report.

Total nonfarm payroll employment increased by 155,000 in November, according to the U.S. Bureau of Labor Statistics. The unemployment rate remained unchanged at 3.7%. 

Average November hourly earnings for all employees on private nonfarm payrolls rose by 6¢ to $27.35. Over the year, average hourly earnings have increased by 81¢ cents, or 3.1%.

The Dow Jones Industrial Average closed 558 points lower. The S&P 500 closed 62 points lower. The NASDAQ was down 129 points.

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U.S. beef exports continue at a torrid pace, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).

October beef exports totaled 117,838 metric tons (mt), up 6% from a year ago, valued at $727.4 million, which was 10% more year over year and the second-highest monthly total on record.

For January through October, beef exports totaled 1.13 million mt, 9% more than last year, while value was 17% more at $6.92 billion. For beef muscle cuts only, exports increased 12% percent in volume (867,714 mt) and 19% in value ($6.19 billion).

 “Demand for U.S. beef continues to climb in nearly every region of the world, with annual records already falling in some markets,” says Dan Halstrom, USMEF president and CEO. “Per-head export value will also easily set a new record in 2018, which illustrates the strong returns exports are delivering for cattle producers and for the entire supply chain.”

Beef export value equated to $317.53 per head of fed slaughter in October, up 5% from a year ago. For January through October, the per-head average was up 15% to $320.50.

2018-12-08T19:16:19+00:00

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