Cattle Current Daily—Dec. 20, 2019

Cattle Current Daily—Dec. 20, 2019

Negotiated cash fed cattle trade was $1 higher at $120/cwt. in Kansas through Thursday afternoon. Although too few to trend, live sales were generally $1-$2 higher at $120-$121 in Nebraska and at $121 in the western Corn Belt. Early dressed sales were $2-$4 higher at $192.

Cattle futures were mixed on Thursday but closed mostly slightly higher, supported by stronger cash prices and sluggish trade.

Live Cattle futures closed mixed, from an average of 34¢ lower across the front four contracts to an average of 27¢ higher. 

Other than 7¢ lower in Mar, Feeder Cattle futures closed an average of 40¢ higher (7¢ to 85¢ higher).

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

Choice boxed beef cutout value was 58¢ lower Thursday afternoon at $208.99/cwt. Select was also 58¢ lower at $200.99.

Corn futures closed fractionally mixed through Jul ’21 and then unchanged to 4¢ higher.

Soybean futures closed 3¢ to 4¢ lower through Aug ’20 and then mostly 1¢ lower.

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Major U.S. financial indices closed higher Thursday, as investors seemed to ignore mixed economic news and the House vote to impeach president Trump.

The Dow Jones Industrial Average closed 137 points higher. The S&P 500 closed 14 points higher. The NASDAQ was up 59 points.

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The U.S. House of Representatives approved implementing legislation for the U.S.-Mexico-Canada Agreement (USMCA), by a vote of 385-41.

“Ratification of USMCA is an important step in solidifying trade relations with Mexico and Canada, which are critical destinations for U.S. pork, beef and lamb,” says Dan Halstrom, president and CEO of the U.S. Meat Export Federation. “This agreement will bolster the United States’ position as a reliable supplier to two leading markets that currently account for about one-third of all U.S. red meat exports.”

“Today was a crucial win for all U.S. beef producers and a reassurance that U.S. beef will continue to have duty-free access to Canada and Mexico,” says Jennifer Houston, president of the National Cattlemen’s Beef Association (NCBA).

Now, it’s up to the Senate to pass the legislation and President Trump to approve.

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Red meat and pork production were record high in November at 4.74 billion lbs., which was 1% more than the previous year, according to USDA’s monthly Livestock Slaughter report. For January through November, it was 3% more at 50.3 billion lbs.

Beef production in November of 2.30 billion lbs. was 1% less than the previous year. Cattle slaughter of 2.77 million head was also 1% less. Through November, beef production was 129.3 million lbs. more (+0.50%) than the same period last year at 24.89 billion lbs.

More recently, average steer carcass weights for the week ending Dec. 7 were 5 lbs. lighter than the previous week at 906 lbs., according to USDA’s most recent weekly Actual Slaughter Under Federal Inspection report. That was 10 lbs. heavier than the prior year. The average heifer carcass weight of 840 lbs. was even with the prior week and 5 lbs. heavier than the prior year. Total cattle slaughter for the week of 682,077 head was the most in more than two years. Fed cattle slaughter of 536,210 head was the most since June. Total beef production for the week was 564.8 million lbs., the most in more than two years.

Pork production totaled 2.43 billion lbs. in November, up 3% from the previous year. Hog slaughter of 11.3 million head was 3% higher year over year. For January through November, pork production was 5% more than the same period last year.

2019-12-19T20:10:03-05:00

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