Cattle Current Daily—Feb. 19, 2020

Cattle Current Daily—Feb. 19, 2020

Cattle futures on Tuesday picked up where they left off last week, gaining more ground, albeit with light and two-sided trade.

Live Cattle futures closed an average of 31¢ higher.

Feeder Cattle futures closed an average of 74¢ higher (30¢ to $1.10 higher).

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

Choice boxed beef cutout value was $1.13 lower Tuesday afternoon at $206.13/cwt. Select was $2.45 lower at $203.73.

Corn futures closed 4¢ to 5¢ higher through Jly ’21 and then 1¢ to 2¢ higher.

Soybean futures closed 1¢ to 2¢ lower.

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Major U.S. financial indices mainly softened Tuesday, with most of the pressure attributed to continued worries about the impact of novel coronavirus on global economic growth.

The Dow Jones Industrial Average closed 165 points lower. The S&P 500 closed 9 points lower. The NASDAQ was up 1 point.

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“The lower year-over-year 2019 calf crop will reduce the number of steers and heifers available for slaughter in the second half of the year and place upward pressure on feeder steer prices,” say analysts, with USDA’s Economic Research Service (ERS), in the latest monthly USDA Livestock, Dairy and Poultry Outlook.

Based on current prices, ERS increased the annual expected feeder cattle price (basis Oklahoma City) by $1 to $146/cwt. By quarter, feeder steers prices are projected at $145 in the first and second quarters, at $148 in the third quarter and at $146 in the fourth quarter.

ERS increased anticipated U.S. beef production for the first half of 2020, reflecting a faster pace of slaughter, but lowered second-half expectations on the anticipation of fewer steers and heifers available for slaughter, due to a slower pace of placements during 2020.

ERS lowered its expected first-quarter fed steer price to $123/cwt. on recent price weakness.

2020-02-18T18:41:00-05:00

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