Cattle Current Daily—June 25, 2020

Cattle Current Daily—June 25, 2020

Except for in the Texas Panhandle, trendable negotiated cash fed cattle trade continued on Wednesday, according to the Agricultural Marketing Service. Live sales were mostly $5 lower in Kansas at mostly $97/cwt. They were $3-$4 lower in Nebraska at $95-$98 and $1-$4 lower in the western Corn Belt at $98. Dressed trade for the week is $3-$6 lower at mostly $156.

Cattle feeders offered 1,221 head in the weekly Fed Cattle Exchange Auction. Of those, 276 head—four lots from Kansas and Nebraska—sold for a weighted average price of $96.43/cwt. for delivery at 1-17 days.

Choice steers and heifers sold $2.75-$3.00 lower at the fat auction in Tama, IA, where 184 Choice 2-4 steers weighed an average of 1,376 lbs. and brought an average price of $100.95.

At Sioux Falls Regional in South Dakota, slaughter steers and heifers sold $4-$6 lower. There were 372 Choice 2-3 steers weighing an average of 1,429 lbs. and bringing an average of $95.86.

Cattle futures tottered on Wednesday as outside markets eroded, but retained the lion’s share of gains made in the previous session.

Live Cattle futures closed an average of 31¢ lower.

Feeder Cattle futures closed narrowly mixed, from an average of 29¢ lower through the front three contracts to an average of 33¢ higher.

Choice boxed beef cutout value was $2.12 lower Wednesday afternoon at $209.69/cwt. Select was $1.88 lower at $201.69.

Corn futures closed mostly 2¢ to 4¢ lower.

Soybean futures closed mostly 3¢ to 4¢ lower. 

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Major U.S. financial indices dove South on Wednesday, with investors apparently spooked by spiking coronavirus cases in some states and what that could mean to reopening the economy.

The Dow Jones Industrial Average closed 710 points lower. The S&P 500 closed 80 points lower. The NASDAQ closed 222 points lower.

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Total pounds of beef in freezers May 31 were down 13% from the previous month but up 2% from last year, according to the most recent USDA Cold Storage report.

Frozen pork supplies were 24% less than the previous month and down 26% from a year earlier. Stocks of pork bellies were down 27% from last month and down 8% from last year.

Total red meat supplies in freezers were 18% less than the previous month and 13% less than a year earlier.

Total frozen poultry supplies were down 5% from the previous month and down 4% from a year ago.

2020-06-24T18:17:18-05:00

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