Cattle Current Daily—March 12, 2019

Cattle Current Daily—March 12, 2019

Short covering and profit taking seemed to be the order of the day in Cattle futures to start the week as follow-through buying to the previous session’s gains failed to materialize.

Live Cattle futures closed an average of 46¢ lower, except for unchanged to 17¢ higher in the back three contracts.

Feeder Cattle futures closed an average of $1.49 lower through the front three contracts and then an average of 28¢ lower.

Grain futures turned lower Monday, presumably on continued response to last weeks World Agricultural Supply and Demand Estimates indicating increased ending stocks for wheat and corn.

Corn futures closed mostly 1¢ to 2¢ lower.

Soybean futures closed 3¢ to 6¢ lower, with chatter that delayed planting conditions this year could force more acres into soybeans.

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

Choice boxed beef cutout value was $1.23 higher Monday afternoon at $227.36/cwt. Select was 85¢ higher at $219.63.

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Major U.S. financial indices closed higher Monday, boosted by tech stocks, including Apple.

The Dow Jones Industrial Average closed 200 points higher. The S&P 500 closed 40 points higher. The NASDAQ was up 149 points.

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National Beef Packing Company, LLC (National Beef), announced on Monday that it has approved a transaction that will result in 100% ownership interest in Iowa Premium, LLC, (IP) at Tama, IA.

IP began operations in November 2016. It employs more than 800 people and processes approximately 1,100 head of Black Angus fed cattle per day.

“I am excited to expand our beef operations with a processing facility in Iowa and we look forward to strengthening IP’s relationships with the family farmers who produce the highest quality Black Angus cattle in the U.S.,” says Tim Klein, National Beef president and CEO. “Iowa Premium fits perfectly with our value-based marketing strategy as we continue to provide our customers with the very best beef products and programs.”

The transaction is subject to customary conditions, including the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, and is expected to close in the second quarter of 2019.

2019-03-11T18:09:41-05:00

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