Cattle Current daily-Feb. 5, 2019

Cattle Current daily-Feb. 5, 2019

Negotiated cash fed cattle prices ended up last week at steady money to a little higher with moderate trade and demand on Friday. Live prices were $1 higher at $124/cwt., except for steady in the western Corn Belt at $123-$126. Dressed sales were steady to $3 higher at $197-$200.

Cattle futures closed higher Monday, led by Feeder Cattle and supported by higher cash prices and resurgent wholesale beef values.

Live Cattle futures closed an average of 67¢ higher.

Feeder Cattle futures closed an average of $1.46 higher ($1.12 to $1.82 higher).

Corn futures closed mostly unchanged to fractionally mixed.

Soybean futures closed mostly fractionally higher to 1¢ higher.

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

Choice boxed beef cutout value was $3.39 higher Monday afternoon at $217.65/cwt. Select was 26¢ higher at $213.41.

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Major U.S. financial indices closed higher Monday, supported by tech stocks and positive quarterly earnings reports.

The Dow Jones Industrial Average closed 175 points higher. The S&P 500 closed 18 points higher. The NASDAQ was up 87 points.

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“Total commercial beef production for 2018 is projected at 26.9 billion lbs., up 2.6% from one year ago and just fractionally smaller than the record U.S. beef production of 27.1 billion lbs. in 2002,” says Derrell Peel, Extension livestock marketing specialist at Oklahoma State University, in his weekly market comments. “Beef production in 2019 is forecast at a record 27.4 billion lbs, up 1.8% year over year. Total beef production is likely to grow through 2020 at least.”

Along the way, Peel says total cattle slaughter last year was 2.5% more, with steer slaughter 0.7% less than in 2017 and heifer slaughter 6.5% more. Total cow slaughter was 6.5% more year over year, including 8.6% more beef cows.

2019-02-04T18:43:08-05:00

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