Cattle Current Daily-Dec. 12, 2018

Cattle Current Daily-Dec. 12, 2018

Last week’s higher fed cattle prices and firmer wholesale beef values appeared to finally offer some spark to Cattle futures on Tuesday, especially Feeder Cattle.

Live Cattle futures closed an average of 77¢ higher.

Feeder Cattle futures closed an average of $1.68 higher ($1.15 higher to $2.27 higher in spot Jan).

Wholesale beef values were lower on Choice and firm on Select with light to moderate demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 96¢ lower Tuesday afternoon at $214.46/cwt. Select was 45¢ higher at $201.39.

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Wild market swings continued on Wall Street Tuesday, apparently driven by continued kneejerk reactions to the headlines. By the end, major U.S. financial indices settled narrowly mixed.

The Dow Jones Industrial Average closed 53 points lower. The S&P 500 closed fractionally lower. The NASDAQ was up 11 points.

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“The 2018 forecast for total red meat and poultry production is raised from last month as higher beef and poultry production forecasts more than offset lower pork production,” according to analysts with USDA’s Economic Research Service, in the monthly World Agricultural Supply and Demand Estimates (WASDE). “The increase in beef production reflects a faster pace of steer and heifer slaughter. However, this is slightly offset by lower carcass weights.”

Fed steer prices (5-area Direct) are projected at $119-$125/cwt. in the first quarter next year, $118-$128 in the second quarter and $109-$119 in the third.

Other WASDE highlights:

Corn

Lower corn used for ethanol, reduced imports and larger ending stocks.

The season-average corn price received by producers was unchanged at a midpoint of $3.60/bu., but the range was narrowed 5¢ cents on each end to $3.25 to $3.95/bu.

Wheat

Unchanged supplies, lower exports, and higher ending stocks.

The projected season-average farm price is up 5¢/bu. at the midpoint with the range narrowed to $5.05 to $5.25.

Soybeans

Supply and use projections for 2018-19 were unchanged. Soybean ending stocks were projected at a record 955 million bu.

The U.S. season-average soybean price for 2018-19 was forecast at $7.85 to $9.35/bu., unchanged at the midpoint. Soybean meal price was unchanged at $290 to $330 per short ton. Soybean oil price was unchanged at 28.0¢ to 32.0¢/lb.

2018-12-11T21:25:15+00:00

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