Cattle Current Daily—March 11, 2019

Cattle Current Daily—March 11, 2019

There were a few negotiated cash fed cattle trades in Nebraska and the western Corn Belt on Friday at $127-$128/cwt. on a live basis, and a few in the beef at $205; too few to trend.

For the week, trade was generally steady at $128 in the Southern Plains and Nebraska. Dressed trade was also steady at $205.

A rally in Lean Hogs and expectations for fewer feedlot placements helped underpin Cattle futures on Friday.

Live Cattle futures closed an average of 52¢ higher (15¢ higher in the back contract to 75¢ higher).

Feeder Cattle futures closed an average of $1.03 higher (72¢ to $1.70 higher).

Corn futures closed mostly fractionally lower to 1¢ lower.

Soybean futures closed 5¢ to 7¢ lower through Jan. ’20 and then mostly 3¢ to 4¢ lower.

Wholesale beef values were steady on light to moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 9¢ higher Friday afternoon at $226.13/cwt. Select was 24¢ higher at $218.78.

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Major U.S. financial indices closed lower Friday, but well off of session lows. Pressure came early with the monthly jobs report, indicating significantly few new jobs last month than expected. That and the bleaker outlook from the European Central Bank a day earlier bolstered angst about an economic slowdown.

Total non-farm employment grew by only 20,000 in February, according to the Bureau of Labor Statistics.

Average hourly earnings for all employees on private nonfarm payrolls rose by 11¢ in February to $27.66. Hourly earnings increased by 3.4% over the past year.

The Dow Jones Industrial Average closed 22 points lower. The S&P 500 closed 5 points lower. The NASDAQ was down 13 points.

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Feedlot placements continued lower month to month in January, according to Friday’s Cattle on Feed report. Placements of 1.96 million head were 5.27% less (-109,000 head) than a year earlier. Keep in mind the report reflects feedlots with 1,000 head or more capacity. Most analysts expected the decline to be a touch steeper, but the report likely will be gauged as neutral.

As for placement weights: 41.61% went on feed weighing up to 699 lbs.; 49.72% weighed 700-899 lbs.; 8.67% weighed 900 lbs.  

Marketings in January of 1.91 million head were 2.80% more (+52,000 head) than the previous January.

Cattle on feed Feb. 1 were 11.68 million head, which was 0.41% more (+48,000 head) than a year earlier.

2019-03-10T16:07:27-05:00

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