Cattle Current Daily—Dec. 5, 2022

Cattle Current Daily—Dec. 5, 2022

Negotiated cash fed cattle trade ranged from limited on light demand to mostly inactive through Friday afternoon, with too few to trend, according to the Agricultural Marketing Service.

For the week, live prices were steady to $1 higher in the Southern Plains at $155/cwt., steady to $1 higher in Nebraska at $157-$159 and $1-$2 higher in the western Corn Belt at $157-$158. Dressed prices were $4 higher at $249.

Choice Boxed beef cutout value was $3.64 lower Friday afternoon at $249.93/cwt. Select was 44¢ lower at $224.56/cwt.

Cattle futures gained more ground Friday, led by Feeder Cattle and supported by lower Corn futures.

Feeder Cattle futures closed an average of 88¢ higher (65¢ to $1.37 higher).

Live Cattle futures closed an average of 30¢ higher.

Corn futures closed 9¢ to 15¢ lower through the front four contracts and then mostly 1¢ to 3¢ lower.

Soybean futures closed mostly 8¢ to 11¢ higher.

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Major U.S. financial indices closed little changed Friday after pressure early in the session from a stronger jobs report than expected, elevating concerns it would encourage the Fed to maintain its aggressive interest rate hikes.

Total nonfarm payroll employment increased by 263,000 in November, according to the U.S. Bureau of Labor Statistics. The unemployment rate was unchanged at 3.7%.

Average hourly earnings for all employees on private nonfarm payrolls rose by 18¢ cents in November to $32.82.

The Dow Jones Industrial Average closed 34 points higher. The S&P 500 was unchanged. The NASDAQ was down 20 points.

West Texas Intermediate Crude Oil futures closed 59¢ to $1.24 lower through the front six contracts.

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The U.S. government averted a railroad strike on Friday with President Biden’s signature to legislation passed by the U.S. House and Senate that implemented most of the contract brokered in September.

“A rail shutdown would have had significant and long-lasting effects on American food and agriculture and would have been devastating to the nation’s economy,” said U.S. Agriculture Secretary, Tom Vilsack,.

Likewise, Colin Woodall, CEO of the National Cattlemen’s Beef Association said in a statement, “A rail shutdown would have been disastrous to our supply chain, and would have interrupted the essential feed, fuel, and fertilizer shipments cattle producers need. We are pleased that this joint resolution was swiftly passed by Congress and signed into law.”

2022-12-04T17:52:28-06:00

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