Cattle Current Daily-June 13

Cattle Current Daily-June 13

Markets got the week off to a dreary start on Monday.

Although limited on light demand early cash fed cattle sales in Nebraska were $3-$5 lower than last week at $132/cwt.

By way of review, given the lateness of fed cattle trade last week, prices were $1 lower to $1 higher on a live basis at mostly $137. Dressed trade was $1-$4 higher at $216-$220.

Cattle futures closed sharply lower on Monday, though up from session lows, with a growing sense in the market that the seasonal top is near or already in for cash fed cattle and wholesale beef values.

Live Cattle futures closed an average of $1.92 lower ($1.32 to $2.90 lower).

Feeder Cattle futures closed an average $2.38 lower ($1.92 to $2.80 lower).

Choice boxed beef cutout value was $1.31 higher Monday afternoon at $252.52/cwt. Select was $1.48 higher at $221.77.

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Major U.S. financial indices closed lower on Monday, with tech stocks leading the way once again. There didn’t seem to be any overriding fundamental reason for the move. Part of it could have been investors playing defense against the Federal Reserve meeting scheduled for today and tomorrow.

The Dow Jones Industrial Average closed 36 points lower. The S&P 500 closed 2 points lower. The NASDAQ closed 32 points lower.

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The U.S. Department of Agriculture reached agreement with Chinese officials on final details of a protocol to allow the U.S. to begin beef exports to China, according to a USDA announcement yesterday.

USDA’s Agricultural Marketing Service posted the requirements for its Export Verification program for U.S. establishments shipping to China, which will enable packers to apply for approval to export to China. The Food Safety and Inspection Service also updated its online Export Library specifying China’s requirements.

Until being banned in 2003, the U.S. was China’s largest supplier of imported beef, providing 70% of their total intake, according to USDA. Chinese beef imports grew from $275 million in 2012 to $2.5 billion last year.

2017-06-12T20:14:54-05:00

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