Cattle Current Daily-June 26

Cattle Current Daily-June 26

Cattle futures rallied a bit on Friday, buoyed by apparent short covering and likely a psychological lift from news late the previous day that USDA halted fresh Brazilian beef imports.

Live Cattle futures closed an average of 57¢ higher (32¢ to $1.00 higher).

Feeder Cattle futures closed an average of $1.52 higher ($1.25 to $2.07 higher).

Choice boxed beef cutout value was $3.13 lower Friday afternoon at $239.75/cwt. Select was 20¢ lower at $216.72.

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Major U.S. financial indices closed narrowly mixed on Friday. Higher oil prices provided support, while fewer May home sales than the trade expected added some pressure. The adjusted seasonal rate of new single-family houses (610,000) in May was 2.9% more than April, according to the U.S. Census Bureau and U.S. Department of Housing and Urban Development.

The Dow Jones Industrial Average closed 2 points lower. The S&P 500 closed 3 points higher. The NASDAQ closed 28 points higher.

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If anything, the monthly Cattle on Feed report released Friday will be viewed as a touch bearish, with May placements and the on-feed inventory June 1 at the upper end of estimates.

Feedlot placements in May (2.12 million head) were 12.2% more than a year earlier. That’s about 2% more than the average of some estimates and 2% less than some others. Cattle weighing 700-799 lbs. (529,000 head) and 800-899 lbs. (550,000) comprised 51% of the placements; another 11% for cattle weighing 900-99 lbs. (235,000).

Feedlot marketings in May (1.95 million head) were 8.7% more than a year earlier.

All told, the on-feed inventory June 1 (11.1 million head) was 2.7% more than last year.

2017-06-25T19:58:59+00:00

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