Cattle Current Daily—June 17, 2019

Cattle Current Daily—June 17, 2019

Negotiated cash fed cattle trade appeared steady to either side of even in two regions through Friday afternoon.

Live sales in the western Corn Belt, was mainly steady at $114-$115/cwt., while dressed sales were steady to $2 higher at $184-$186.

The Texas Cattle Feeders Association reported its members trading at $112, which was $1 less than the previous week.

Cattle futures continued to soften Friday with continued pressure from rising grain prices.

Live Cattle futures closed an average of 56¢ lower.

Feeder Cattle futures closed an average of 88¢ lower amid extremely light trade.

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

Choice boxed beef cutout value was 13¢ higher Friday afternoon at $222.23/cwt. Select was $1.95 lower at $202.76.

Corn futures closed 4¢ to 11¢ higher through Jul ‘20 and then mostly fractionally lower to 3¢ lower.

Soybean futures closed 5¢ to 8¢ higher through May ‘20 (mostly 8¢) and then mostly 1¢ to 3¢ higher.

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Major U.S. financial indices closed lower Friday. Pressure included a decline in chipmakers, tied to U.S. sanctions against China’s Huawei.

The Dow Jones Industrial Average closed 17 points lower. The S&P 500 closed 4 points lower. The NASDAQ was down 40 points.

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With the weather and flooding continuing to wreak havoc across the Northern Plains and Midwest, the Livestock Marketing Information Center (LMIC) reduced  its outlook for hay yield and increased the expected price.

Keep in mind, hay prices were already sharply higher year over year, in the latest USDA Agricultural Prices published at the end of last month. At $199/ton in April, alfalfa was $16 more than the previous year and $15 more than the previous month. At $151/ton, other hay was $27 more than last year and $4 more than in March of this year.

In the latest Livestock Monitor, LMIC notes new seedings of alfalfa in those aforementioned areas—about half of all new seedings—are likely struggling.

“Winterkill was also potentially an issue in these areas, as this winter was not the kindest either,” say LMIC analysts. “It is unknown how many of those fields face irrecoverable situations, but for now, we assume that, should the fields dry out, those acres will still be harvested, but may lose a cutting.”

2019-06-16T13:23:28-05:00

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