Cattle Current Daily—Dec. 6, 2019

Cattle Current Daily—Dec. 6, 2019

Negotiated cash fed cattle trade developed in Kansas Thursday, with live prices mostly $1 higher than last week at $119/cwt.; light to moderate trade and moderate demand.

Cattle futures closed marginally mixed.

Live Cattle futures closed an average of 24¢ higher.

Feeder Cattle futures closed an average of 26¢ lower.

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

Choice boxed beef cutout value was $1.35 lower Thursday afternoon at $225.60/cwt. Select was $2.19 lower at $208.12.

Corn futures closed mostly fractionally lower to 2¢ lower.

Soybean futures closed 3¢ to 6¢ higher.

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Major U.S. financial indices closed marginally higher on mixed news Thursday.

The Dow Jones Industrial Average closed 28 points higher. The S&P 500 closed 4 points higher. The NASDAQ was up 4 points.

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Although analysts with Rabo AgriFinance expect fed cattle prices next year to mirror those of the last couple of years, they say there are two possibilities that could give them a boost.

One is a resolution in U.S.-China trade talks, which they say would allow for increased pork exports to China and elevate all protein prices. The other has to do with disruption in global animal protein trade, due to African Swine Fever.

“As a larger share of beef from Australia and New Zealand go to China, it is forcing a reduction in the quantity of manufacturing beef coming to the U.S.,” explain Rabo AgriFinance analysts, in that organization’s RaboResearch Q4 Beef Quarterly. “As a result prices of Australian and New Zealand 90% lean trimmings delivered to the U.S. currently hold a $54/cwt. (USD) premium to domestic lean trimmings. This is forcing U.S. quick service burger restaurants to look for domestic alternatives for supplies, supporting U.S. cattle and beef prices. This situation is not expected to be quickly resolved and will be an interesting market development to watch during the coming year.”

2019-12-05T19:01:49-05:00

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