Cattle Current Daily—June 14, 2019

Cattle Current Daily—June 14, 2019

Although too few transactions to trend, negotiated cash fed cattle trade for the week wobbled from the blocks at steady to lower prices. There were some early sales in the Texas Panhandle at $112/cwt., a few in Kansas at $110, as well as some early dressed sales at $185 in Nebraska and the western Corn Belt.

Feeder Cattle futures closed sharply lower Thursday but off of session lows, under continued pressure from rising grain prices. Live Cattle closed lower, to a lesser degree.

Live Cattle futures closed an average of 67¢ lower (22¢ to $1.10 lower).

Feeder Cattle futures closed an average of $1.68 lower.

Wholesale beef values were steady on Choice and sharply lower on Select with light to moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 5¢ lower Thursday afternoon at $222.10/cwt. Select was $2.02 lower at $204.71.

Corn futures closed 7¢ to 12¢ higher in the front three contracts and then mostly 1¢ to 4¢ higher.

Soybean futures closed mostly 5¢ to 10¢ higher through Sep ‘20 and then mostly 2¢ to 4¢ higher.

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Major U.S. financial indices closed higher Thursday, buoyed in part by a bounce to recently struggling oil prices.

The Dow Jones Industrial Average closed 101 points higher. The S&P 500 closed 11 points higher. The NASDAQ was up 44 points.

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Carcass weights continue to suggest currentness of feedlot marketing.

Average dressed steer weighing of 842 lbs. (week ending June 1) was even with the previous week and 9 lbs. less than the previous year, according to the most recent Actual Slaughter Under Federal Inspection report from USDA. Average dressed heifer weight was 6 lbs. lighter than the previous week at 779 lbs. and 7 lbs. lighter than the previous year. With 3,413 head more total cattle slaughter for the week than the previous year (1,810 head more fed slaughter), beef production for the week was 900,000 lbs. less at 463.8 million lbs.

Although 0.89% more carcasses graded Prime for the week ending May 31, carcasses grading Choice and Prime were 0.12% less with 0.80% fewer grading in the upper two-thirds of Choice.

2019-06-13T18:36:01-05:00

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