Cattle Current Daily—June 23, 2021

Cattle Current Daily—June 23, 2021

Negotiated cash fed cattle trade was limited on light demand in the Southern Plains and Western Corn Belt through Tuesday afternoon, according to the Agricultural Marketing Service. In Nebraska, trading was mostly inactive on light demand.

Last week, live prices were at $122/cwt. in the Southern Plains and $124 in the North. Dressed prices were at $195.

Softer Corn futures helped Feeder Cattle futures gain Tuesday, while apparently oversold conditions and reports of higher cash prices in the North spurred Live Cattle.

Live Cattle futures closed an average of $1.65 higher, from $2.12 higher at the front to 65¢ higher at the back.

Feeder Cattle futures closed an average of $2.70 higher, from $3.25 higher at the front to $2.275 higher toward the back.

Choice boxed beef cutout values was $5.45 lower Tuesday afternoon at $315.75/cwt. Select was $1.71 lower at $279.75.

Grain futures were pressured Tuesday by timely rains forecast across the Midwest.

Corn futures closed mostly 11¢ to 18¢ lower through Dec ’22, except for fractionally higher in spot July.

Soybean futures closed mostly 16¢ to 18¢ lower through Nov ’22.

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Major U.S. financial indices closed higher on Tuesday, buoyed by Fed Chief Jerome Powell downplaying recent inflation as transitory.

The Dow Jones Industrial Average 69 points higher. The S&P 500 closed 22 points higher. The NASDAQ up 112 points.

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Total pounds of beef in freezers as of May 31 were 8% less than the previous month and 1% less than the same time last year, according to USDA’s most recent Cold Storage report.

Frozen pork supplies were up 1% from the previous month but down 1% from last year.

Total red meat supplies in freezers were 4% less than the previous month and 3% less than a year earlier.

Total frozen poultry supplies were up 3% from the previous month, but down 12% percent from a year ago.

2021-06-22T23:06:00-05:00

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