Cattle Current Daily-Jan. 25, 2019

Cattle Current Daily-Jan. 25, 2019

Negotiated cash fed cattle trade remained undeveloped through Thursday afternoon.

Pressure in Lean Hog futures, undeveloped cash trade and light interest held Cattle futures to minimal gains.

Other than 20¢ and 2¢ lower in the front two contracts, Live Cattle futures closed an average of 28¢ higher.

Feeder Cattle futures closed an average of 50¢ higher.

Corn futures closed mostly fractionally lower to 1¢ lower.

Soybean futures closed mostly unchanged to fractionally mixed. 

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

Choice boxed beef cutout value was 54¢ higher Thursday afternoon at $217.75/cwt. Select was 10¢ higher at $212.14.

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Major U.S. financial indices closed narrowly mixed Thursday, with strong quarterly earnings reports tempered by continued fretting over the ongoing trade dispute between China and the U.S.

The Dow Jones Industrial Average closed 22 points lower. The S&P 500 closed 3 points higher. The NASDAQ was up 47 points.

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“Wholesale beef markets are starting 2019 with a continuation of generally strong prices seen last year,” says Derrell Peel, Extension livestock marketing specialist at Oklahoma State University, in his recent market comments. “For the first three weeks of the year, boxed beef cutout prices are up 2.9% for Choice and 3.4% for Select compared to the same period last year.” 

Week to week on Thursday, Choice boxed beef cutout value was $5.25 higher at $217.75/cwt. Select was at $4.50 higher at $212.14.

“In 2018, weekly boxed beef prices averaged 2.2% higher year over year compared to 2017,” Peel explains. “Wholesale beef prices were higher in 2018 despite a projected 2.8% increase in beef production and larger pork and poultry supplies.”

Middle meats provided the most support to cutout values in recent months, according to Peel. He explains, “Current Choice rib primal price is $344.79/cwt., up 9.8% year over year. Last year, rib primal prices averaged 6.2% higher compared to 2017. Choice loin primal price is currently $280.80/cwt., up 4.7% compared to the same week last year. In 2018, Choice loin primal prices averaged 1.5% higher year over year.”

2019-01-24T19:13:19-05:00

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