Cattle Current Daily—Dec. 4,2020

Cattle Current Daily—Dec. 4,2020

Negotiated cash fed cattle prices continued steady to lower on Thursday with live trade in Kansas $1 lower at $110, steady to $1 lower in Nebraska at $109-$110. Dressed trade in Nebraska was steady to $2 lower at $172-$174.

Cattle futures closed lower on Thursday, pressured by softer cash prices, lower wholesale beef values and another day of higher front-month corn futures.

Live Cattle futures closed an average of 82¢ lower.

Feeder Cattle futures closed an average of $1.36 lower from 95¢ lower to $2.00 lower in spot Jan.

Choice boxed beef cutout value was $1.70 lower Thursday afternoon at $239.19/cwt. Select was $3.02 lower at $219.93.

Corn futures closed 2¢ to 3¢ higher.

Soybean futures closed 10¢ to 16¢ higher through Sep ’21 and then mostly 7¢ to 8¢ higher.

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Major U.S. financial indices closed narrowly mixed Thursday. Positive news on the day included fewer unemployment claims than traders were expecting.

Initial weekly unemployment insurance claims the week ending Nov. 26 totaled 712,000, which was 75,000 fewer than the previous week, according to the U.S. Department of Labor.

The Dow Jones Industrial Average closed 85 points higher. The S&P 500 closed 2 points lower. The NASDAQ was up 27 points.

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Ranchers and farmers scored high marks with consumers in trust and sustainability efforts, according to a recent national public opinion poll from the American Farm Bureau Federation (AFBF).

Nearly nine in 10 adults (88%) trust agricultural producers, a 4% increase from AFBF’s June 2020 polling, pointing toward public recognition that food supply chain challenges brought on by the pandemic were not within the control of farmers and ranchers.

The survey of 2,200 U.S. adults found that more than half (58%) rate the sustainability practices of U.S. farmers positively, with broad agreement from a majority of adults across demographic groups. 

The survey also explored public attitudes about the environmental sustainability achievements of farmers and ranchers, as well as future direction to advance climate-smart farming. Overall, the public agrees farmers shouldn’t be expected to bear the financial burden alone. More than four in five adults (84%) say environmental sustainability and economic sustainability are both important for farmers, and most adults say both are very important. More than four in five adults also say feeding the world (84%) and farmers passing farms on to future generations (83%) are important. 

“Americans have a high level of trust in farmers, and they understand that we’re committed to protecting the soil, air and water,” said AFBF President Zippy Duvall. “We want to leave the land better than we found it for our children and grandchildren, as well as our nation. Our survey demonstrates that Americans are impressed by advancements in climate-smart farming and we look forward to building on that success.”

Looking to the future, the survey explores how Americans think sustainability efforts on farms and ranches should be funded. Seventy percent of adults say government incentives to encourage farmers to adopt additional sustainable agricultural practices would be effective. More than three-quarters of adults believe it is important for the government to fund science-based research (76%) and improve infrastructure (78%) to support agriculture.

At a time when some corporations are making sustainability commitments that include or impact agricultural production, a bipartisan majority of adults (62%) say corporations should compensate agricultural producers for the additional cost of implementing environmental practices to help achieve sustainability goals.

2020-12-04T12:24:08-06:00

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