Cattle Current Daily-June 12

Cattle Current Daily-June 12

Negotiated cash fed cattle trade was limited on light demand in Nebraska and the western Corn Belt through Friday afternoon. There were a few live sales in both regions at $136/cwt. and a few in the beef at $218, but too few transactions to trend.

Cattle futures closed narrowly mixed in sluggish, light trade.

Except for 37¢ higher in Apr, Live Cattle futures closed an average of 25¢ lower.

Feeder Cattle futures closed an average 53¢ higher (22¢ to 67¢ higher).

Choice boxed beef cutout value was 82¢ higher Friday afternoon at $251.21/cwt. Select was 28¢ higher at $220.29.

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Major U.S. financial indices closed in opposite directions on Friday, with Goldman Sachs contributing to Dow Gains, while slipping prices in leading tech stocks like Apple and Amazon pressured the NASDAQ.

The Dow Jones Industrial Average closed 89 points higher. The S&P 500 closed 2 points lower. The NASDAQ closed 113 points lower.

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“Beef production for 2017 is lowered primarily on lighter carcass weights, which more than offsets higher expected slaughter in the later part of 2017,” say analysts with USDA’s Economic Research Service, in the monthly World Agricultural Supply and Demand Estimates released Friday. “Higher expected placements support a higher 2018 beef forecast…The forecast for total meat production is lowered from last month per 2017 but is raised for 2018”

The projected 5-area fed steer price for the year increased $2 on the low end of the range and $1 on the high end to $122-$126/cwt. Price projections are $132-$135 for the second quarter, $118-$124 in the third quarter and $113-$123 in the fourth quarter.

2017-06-11T19:31:36-05:00

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