Cattle Current Daily-Jan. 30, 2019

Cattle Current Daily-Jan. 30, 2019

Negotiated cash fed cattle trade was undeveloped through Tuesday afternoon.

Higher wholesale beef values and likely less beef production than anticipated so far this year, due to weather helped Cattle futures mostly edge higher.

Live Cattle futures closed an average of 17¢ higher (7¢ to 42¢ higher).

After 82¢ and 10¢ lower in the front two contracts, Feeder Cattle futures closed an average of 15¢ higher.

Corn futures closed mostly 1¢ to 2¢ lower.

Soybean futures closed mostly 3¢ to 4¢ lower. 

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

Choice boxed beef cutout value was 73¢ higher Tuesday afternoon at $218.13/cwt. Select was 96¢ higher at $212.57.

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Major U.S. financial indices closed mixed Tuesday as investors fretted about looming Apple quarterly earnings and the Fed meeting on Wednesday.

The Dow Jones Industrial Average closed 51 points higher. The S&P 500 closed 3 points lower. The NASDAQ was down 57 points.

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Heading into Wednesday’s Fed meeting, few analysts expect another increase in interest rates, given recent market volatility and the apparent drag lingering trade issues are having on global and domestic GDP.

In the recent 2019 outlook report from CoBank’s Knowledge Exchange Division, analysts say, “The FOMC is no longer locked into a tightening cycle aimed at returning to ‘neutral’ conditions. Instead, we expect the Fed to lean dovish as it

attempts to take its foot off the gas and coast safely through 2019. The greatest threat to this approach will be the risk of stagflation–a slowing economy and

a resurgence in inflation. Under such circumstances, the Fed may allow inflation to move higher than 2% if longer run inflation expectations remain anchored and their economic projections indicate that inflation is likely to normalize back to 2% over the intermediate term.”

2019-01-29T23:13:37+00:00

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