Cattle Current Daily—Dec. 2, 2019

Cattle Current Daily—Dec. 2, 2019

Negotiated cash fed cattle trade for the week was mainly $2-$3 higher on a live basis at $118/cwt. in Kansas, $118-$120 in Nebraska and $117-$118 in the western Corn Belt. Dressed trade was $3 higher at $187.

Cattle futures softened Friday, amid light holiday trade and month-end positioning.

Other than unchanged to 10¢ higher in the last three contracts, Live Cattle futures closed an average of 28¢ lower.

Feeder Cattle futures closed an average of 53¢ lower (15¢ lower at the back to $1.05 lower in spot Jan).

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

Choice boxed beef cutout value was 12¢ lower Friday afternoon at $232.12/cwt. Select was 30¢ lower at $210.34.

Corn futures closed 4¢ to 8¢ higher through Sep ’20 and then mostly fractionally higher to 1¢ higher.

Soybean futures closed 3¢ to 5¢ lower through Jan ’21 and then most unchanged to fractionally lower.

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Major U.S. financial indices closed lower Friday, amid holiday-shortened trade and likely month-end profit taking and book squaring.

The Dow Jones Industrial Average closed 112 points lower. The S&P 500 closed 12 points lower. The NASDAQ was down 39 points.

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The European Parliament approved the previously announced plan granting the United States a country-specific share of the European Union’s (EU) duty-free high-quality beef quota, according to the US. Meat Export Federation (USMEF).

Specifically, the U.S. will be able to nearly triple its annual duty-free exports of beef to the EU over the next seven years, with annual duty-free exports expected to grow from $150 million to $420 million when the agreement is fully implemented.

“Approval by the European Parliament keeps this agreement on track for implementation in early 2020, which is outstanding news for the U.S. beef industry and our customers in Europe,” according to a USMEF statement. “Lack of capacity in the duty-free quota has been a source of frustration on both sides of the Atlantic, and a U.S.-specific share of the quota will help ensure that U.S. beef can enter the European market 52 weeks per year, without delay or interruption.”

The EU is one of the world’s highest value destinations for U.S. beef.

2019-11-30T17:51:41-06:00

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