Cattle Current Daily-June 8, 2018

Cattle Current Daily-June 8, 2018

Early follow-through support faded in Cattle futures yesterday, leading to a marginally lower close. The week’s negotiated cash fed cattle trade remained undeveloped through late afternoon.

Except for 7¢ higher in spot Jun and 2¢ higher in Apr, Live Cattle futures closed an average of 14¢ lower.

Other than 50¢ and 10¢ higher at the back of the board, Feeder Cattle futures closed an average of 39¢ lower

Boxed beef cutout values were weak on Choice and steady on Select, with light to moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 56¢ lower in the afternoon at $226.41/cwt. Select was 24¢ lower at $203.41.

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Major U.S. financial indices closed mixed Thursday.

The Dow Jones Industrial Average closed 95 points higher. The S&P 500 closed 1 point lower. The NASDAQ was down 54 points.

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U.S. beef exports continue at a steamy pace, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).

Beef export volume in April (111,213 mt) was 11% more than a year earlier. Export value was 23% higher at $676.7 million, the fourth-highest on record. Through the first four months of 2018, exports were up 10% in volume (429,286 mt). Export value was 20% more than last year’s record pace at $2.59 billion.

Beef export value averaged $328.46 per head of fed slaughter in April, up 16% from a year ago. Through April, per-head export value averaged $318.91, up 17%.

Even with growth in red meat production, both pork and beef exports accounted for a larger share and contributed more dollars per head, indicating strong international demand, according to USMEF.

U.S. pork exports set a new volume record in April (230,049 mt), which was 13% more than a year ago. Export value was also 13% more ($584.1 million).

While Japan maintained its position as the leading volume and value market for U.S. beef, momentum continued to build in South Korea, where April exports were up 62% from a year ago in volume (19,185 mt) and 72% in value ($134.8 million).

“The enthusiasm for U.S. beef in these markets may be at the highest level I’ve ever seen,” says Dan Halstrom USMEF President and CEO. “In nearly every segment of the retail and restaurant sectors, U.S. beef is attracting new customers with a wider range of cuts and menu items. It’s an exciting trend that’s not just limited to Japan and Korea, with U.S. beef’s popularity also strengthening in other Asian markets and in the Western Hemisphere.”

2018-06-07T18:41:42-05:00

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