Cattle Current Daily—Jan. 10, 2022

Cattle Current Daily—Jan. 10, 2022

Negotiated cash fed cattle trade was limited on light demand in all feeding regions through Friday afternoon, according to the Agricultural Marketing Service, with too few transactions to trend.

For the week, live prices were steady in the Southern Plains at $138/cwt., but steady to $2 lower at $138-$140 in Nebraska and the western Corn Belt. Dressed trade was also steady to $2 lower at $220.

Cattle futures closed narrowly mixed Friday, with support from higher wholesale beef prices, but with continued concern about slower cattle harvest.

Estimated cattle slaughter last week of 620,000 head was 32,000 head fewer than the same week last year.

Feeder Cattle futures closed narrowly mixed, from an average of 36¢ lower to an average of 36¢ higher.

Live Cattle futures closed an average 20¢ higher, except for an average of 29¢ lower in three contracts.

Choice boxed beef cutout value was $3.26 higher Friday afternoon at $271.82/cwt. Select was 46¢ higher at $26.10.

Grain futures gained Friday with ongoing bearish weather in South America and expectations to see corn and soybean estimates in that region trimmed when the monthly World Agricultural Supply and Demand Estimates come out Wednesday.

Soybean futures closed 19¢ to 24¢ higher through the front six contracts and then mostly 11¢ to 14¢ higher.  

Corn futures closed mostly 3¢ higher through Sep ’23 and then mostly 7¢ to 8¢ higher.

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Major U.S. financial indices continued to decline Friday. Pressure included rising treasury yield rates and a monthly jobs report that was less robust than expected.

The non-farm payroll increased 199,000 in December, according to the U.S. Bureau of Labor Statistics. Average hourly earnings for all employees on private non-farm payrolls increased by 19¢ in December to $31.31. Average hourly increased by 4.7% over the previous 12 months.

The Dow Jones Industrial Average closed 4 points lower. The S&P 500 closed 19 points lower. The NASDAQ was down 144 points.

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U.S. beef export value reached another new high in November, topping $1 billion for the second time in 2021, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).

Beef exports for the month of 123,641 metric tons (mt), were 7% more than a year earlier and the fourth largest monthly volume in the post-BSE era. Export value was a record $1.05 billion, up 49% year-over-year and exceeding the previous high set in August 2021.

For January through November, U.S. beef exports were on a record volume pace at 1.32 million mt, up 16% from a year ago. Beef export value, which had already set a new annual record through October, increased more than $2.5 billion from a year ago, soaring 39% to $9.59 billion.

Beef export value per head of fed slaughter equated to a record $480.67 in November, up 42% from a year ago. The January-November average was $402.09, up 35%.

Through November, U.S. pork export value was $7.5 billion, up 7% from a year ago and rapidly approaching the annual record of $7.71 billion set in 2020.

“With one month of results still to be tabulated, it’s very gratifying to see red meat exports setting new annual records and achieving remarkable growth over a wide range of markets,” says USMEF President and CEO Dan Halstrom. “It is important, however, that we do not take this success for granted or allow it to detract from the challenges facing U.S. agriculture. Global demand for U.S. red meat has never been stronger, but labor and transportation obstacles and high input costs across the supply chain make it increasingly difficult to satisfy this demand. USMEF greatly appreciates the effort by lawmakers, maritime regulators and other officials to address the persistent congestion at U.S. ports, but this continues to be a costly and frustrating situation for U.S. exporters and their international customers.”

2022-01-09T20:27:07-06:00

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