Cattle Current Daily-Dec. 14, 2018

Cattle Current Daily-Dec. 14, 2018

Negotiated cash fed cattle trade remained undeveloped through Thursday afternoon. Although too few to trend, there were some early live sales in the western Corn Belt at $117/cwt., which was $1 higher than last week. Early dressed sales at $187, were at the top of last week’s range for the region.

Live Cattle futures edged mostly higher, while recent pressure on grain prices added lift to Feeder Cattle.

Other than an average of 7¢ lower in near Feb, and Apr, Live Cattle futures closed an average of 27¢ higher.

Feeder Cattle futures closed an average of 60¢ higher.

Corn futures closed mostly fractionally mixed.

Soybean futures closed 10¢ to 13¢ lower through 2019.

Wholesale beef values were steady to weak on moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 22¢ higher Thursday afternoon at $212.47/cwt. Select was 57¢ lower at $201.00.

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Major U.S. financial indices settled mixed Thursday. Support included perceptions that U.S. and China trade talks are progressing, including various reports suggesting China purchased a significant volume of U.S. soybeans.

The Dow Jones Industrial Average closed 70 points higher. The S&P 500 closed fractionally lower. The NASDAQ was down 27 points.

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“There are two overriding themes in livestock markets: generally low feed costs and record meat production,” says David Anderson, Extension livestock economist at Texas A&M University, in the latest issue of In the Cattle Markets. “On the beef side, booming exports and strong domestic beef demand have cushioned the blow of increasing beef production. Record pork production in 2018 and again in 2019 will pressure pork prices lower. The chicken industry has continued to increase production, but prices have fallen to extremely low levels, which is likely to lead to some production restraint in the coming year. On the turkey side, falling demand has led to unprofitable prices for producers.”

2018-12-13T19:52:56+00:00

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