Cattle Current Daily—Dec. 9, 2024

Cattle Current Daily—Dec. 9, 2024

Cattle futures closed mainly higher Friday, boosted by higher cash fed cattle prices and despite USDA announcing a National Milk Testing Strategy aimed at surveillance of the nation’s milk supply and dairy herds for highly pathogenic avian influenza (HPAI) H5N1.

Feeder Cattle futures closed an average of $1.04 higher. Live Cattle futures closed an average of 39¢ higher, except for an average of 20¢ lower in two contracts.

Week to week on Friday, Live Cattle futures closed an average of $1.84 lower (60¢ to $2.60 lower). Feeder Cattle futures closed an average of $3.15 lower during the same period.

Negotiated cash fed cattle trade ranged from light on light demand in the Texas Panhandle to slow on light demand in other regions through Friday afternoon, according to the Agricultural Marketing Service.

For the week, FOB live prices were $1-$3 higher on a light test in the Texas Panhandle at $191/cwt., $1 higher in Kansas at $191, steady to $1 higher in Nebraska at $191-$192 and steady in the western Corn belt at $190.

Dressed delivered prices in the western Corn Belt were $297, which was from $3 higher to $8 lower. Prices in Nebraska the previous week were $295.

Choice boxed beef cutout value was $4.20 higher Friday afternoon at $312.04/cwt. Select was 37¢ lower at $276.73.

Estimated total cattle slaughter last week of 614,000 head was 24,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 29.4 million head was 1.1 million head fewer (-3.6%). Estimated year-to-date beef production of 24.9 billion pounds was 108.3 million pounds less (-0.4%).

Grain and Soybean futures closed mixed Friday.

Corn futures closed mostly 2¢ to 4¢ higher, supported by weekly export sales and perhaps some betting on favorable adjustments in next week’s monthly World Agricultural Supply and Demand Estimates.

Kansas City Wheat futures closed 1¢ higher through Dec ’25 and then mostly fractionally lower. Soybean futures closed mostly 1¢ to 2¢ lower.

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Major U.S. financial indices closed mixed on Friday with positive news including a positive jobs report.

Total nonfarm payroll employment rose by 227,000 in November, leaving the unemployment rate little changed at 4.2%, according to the U.S. Bureau of Labor Statistics. In November, average hourly earnings for all employees on private nonfarm payrolls rose by 13¢, or 0.4%, to $35.61. Over the past 12 months, average hourly earnings have increased by 4.0%.

The Dow Jones Industrial Average closed 123 points lower. The S&P 500 closed 15 points higher. The NASDAQ was up 159 points.

Through midafternoon, West Texas Intermediate Crude Oil futures on the CME were 70¢ to $1.10 lower through the front six contracts.

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U.S. beef exports were higher year over year in October, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).

October beef exports totaled 105,269 metric tons (mt) in October, up 1% from a year earlier. Value increased 3% to $860.4 million. For January through October, beef export value was 4% above last year at $8.68 billion, despite a 2% decline in volume (1.066 million mt).

“It’s encouraging to see an uptick in demand for U.S. beef in China and Korea, where the economic headwinds have been formidable this year,” says USMEF President and CEO Dan Halstrom. “Our Western Hemisphere markets have been outstanding, and exports have also expanded to the ASEAN region. So, if U.S. beef can regain momentum in these larger Asian destinations, this bodes well for 2025.”

Beef exports to China/Hong Kong totaled 20,493 mt in October, up 16% from a year ago and the largest since June 2023. Export value climbed 17% to $190.6 million, also the highest since June 2023.

October beef exports to Korea — the leading value destination for U.S. beef — were the largest since April at 19,638 mt, up 5% from a year ago, while value climbed 10% to $191.7 million – the highest since March.

Beef export value equated to $380.98 per head of fed slaughter in October, down 2% from a year ago. The January-October average was $411.03, up 4%.

U.S. pork exports in October were 3% more year over year at 252,411 mt.  Value also increased 3% to $710.4 million.

2024-12-08T14:02:53-06:00

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