Cattle Current Daily-June 15

Cattle Current Daily-June 15

So far this week, negotiated cash fed cattle trade is running $1-$7 lower than last week at $130-$133/cwt., except for $135 in the western Corn Belt. Dressed trade so far is reported at $208-$215, which is $5-$8 less than last week. There were some trades reported in Kansas and Nebraska yesterday—as low as $128 live and as low as $205 in the beef—but too few transactions to trend.

Although wholesale beef values have yet to make a major break to the downside, the lower cash fed cattle prices and fretting over demand as summer heat intensifies weighed heavy on Cattle futures.

Live Cattle futures closed an average of $2.45 lower ($1.87 lower to limit-down $3.00).

Feeder Cattle futures closed an average of $3.77 lower ($3.00 to $4.40 lower).

Choice boxed beef cutout value was 16¢ lower Wednesday afternoon at $251.03/cwt. Select was 79¢ lower at $220.66.

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Major U.S. financial indices closed mixed on Wednesday, amid lower oil prices and the expected increase in federal interest rates. The Federal Open Market Committee raised the target range for the federal funds rate by 0.25% to 1.00% to 1.25%.

The Dow Jones Industrial Average closed 46 points higher for a new record high. The S&P 500 closed 2 points lower. The NASDAQ closed 25 points lower.

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“Food sector sales growth has run below trends for the economy since last October, mostly due to a plateau in foodservice and restaurant sales,” say analysts with the Livestock Marketing Information Center (LMIC) in the most recent Livestock Monitor. “In April, food service, restaurant and drinking place sales were up 2.2% from the prior April. Grocery store sales were up 3.3%. This was the first time that grocery store sales growth outpaced that of foodservice, restaurant, and drinking places since April 2014.”

Overall, U.S. food sector retail sales were up 2.7% in April, compared to a year earlier, according to LMIC. Retail sales across the entire economy for April were up 3.1%.

2017-06-14T20:31:19-05:00

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