Cattle Current Daily-Dec. 5, 2018

Cattle Current Daily-Dec. 5, 2018

Negotiated cash fed cattle trade was undeveloped through Tuesday afternoon.

Cattle futures gained some traction, in the face of sharply lower outside markets. Feb Live Cattle led the way. Ultimately, Feeder Cattle tagged along to a lesser degree.

Except for 15¢ lower in the back contract, Live Cattle futures closed an average of 95¢ higher (30¢ to $1.47 higher).

Except for 10¢ lower in spot Jan, Feeder Cattle futures closed an average of 59¢ higher. 

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

Choice boxed beef cutout value was 78¢ higher Tuesday afternoon at $213.86/cwt. Select was $1.67 lower at $197.51.

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Major U.S. financial indices dove lower Tuesday, reportedly pressured by a flattening yield curve, which investors fear portend an economic slowdown.

The Dow Jones Industrial Average closed 799 points lower. The S&P 500 closed 90 points lower. The NASDAQ was down 283 points.

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Agricultural producer sentiment held steady in November with producers remaining optimistic about the state of the agricultural economy, according to results from the Purdue University-CME Group Ag Economy Barometer.

The barometer reading of 134 was 1% lower than in October, but remains similar to levels last spring before trade disruptions began. The barometer utilizes a survey of 400 agricultural producers from across the country.

“Although there was a modest decline in the barometer this month, there was some evidence that producers are becoming more confident regarding the U.S. agricultural economy’s future,” says James Mintert, the barometer’s principal investigator and director of Purdue University’s Center for Commercial Agriculture.

The barometer’s two sub-indices remained mostly unchanged from October. The Index of Current Conditions held at 115, and the Index of Future Expectations dropped 3 points to a reading of 143.

Other Barometer Survey Highlights

50% expect higher farmland values over the next five years, significantly more than a month earlier when 21% said they expected farmland values to increase.

13% expect farm profitability to improve in the next 12 months.

44% expect to see equity diminish in the coming year.

75% said they were either ‘somewhat or very concerned’ that Congress had not passed new farm bill legislation.

2018-12-04T20:14:53+00:00

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