Cattle Current Daily—March 13, 2019

Cattle Current Daily—March 13, 2019

Negotiated cash fed cattle trade was undeveloped through Tuesday afternoon, but futures prices and a few trades in the western Corn Belt hint at steady to softer prices.

Although too few to trend, there were a few live sales in the western Corn Belt at $126-$128/cwt., and a few in the beef at $204-$205.

Live Cattle futures closed an average of $1.14 lower (47¢ lower in the back contract to $2.35 lower in spot Apr). Trade volume was the heaviest since the first part of January.

Feeder Cattle futures closed an average of $1.19 lower.

Bears, no doubt, will likely make the case that the decline in Cattle futures signals the seasonal top is in the books.

Corn futures closed 3¢ to 5¢ higher.

Soybean futures closed 6¢ to 7¢ higher.

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

Choice boxed beef cutout value was 86¢ higher Tuesday afternoon at $228.22/cwt. Select was 72¢ higher at $220.35.

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Major U.S. financial indices closed mixed Tuesday.

Primary pressure came from Boeing stocks, beaten lower following the Ethiopian Airlines crash involving one of that company’s popular models; the EU and Indonesia grounded the plane from use by their airlines.

Support included continued inflation sloth, revealed by the monthly Consumer Price Index (CPI). It increased by 0.2% in February, after no change the prior month, according to the Bureau of Labor Statistics. Before seasonal adjustment the CPI for the last year increased 1.5%. Leave out food and energy expenditures and the February CPI increased by 0.1%.

The Dow Jones Industrial Average closed 96 points lower. The S&P 500 closed 8 points higher. The NASDAQ was up 32 points.

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Total pounds of beef in freezers Jan. 31 totaled 502.15 million lbs., according to the latest USDA Cold Storage report. That was 8.32 million lbs. (+1.66%) than a year earlier. Month to month, frozen beef supplies increased 14.44 million lbs. (+2.91%).

Frozen pork supplies were up 11% from the previous month, but down 3% from last year.

Total red meat supplies in freezers of 1.12 billion lbs. were 9.4 million lbs. fewer (-0.80%) than a year earlier.

Total frozen poultry supplies were up 4% from the previous month, but down 2% from a year earlier.

2019-03-12T19:16:05-05:00

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