Cattle Current Daily—March 22, 2019

Cattle Current Daily—March 22, 2019

Negotiated cash fed cattle trade remained undeveloped through Thursday afternoon, though hopes increased for higher money, given futures strength.

Cattle futures, especially Feeder Cattle, continued higher, once again supported by rallying Lean Hogs, as well as anticipated weather impacts.

Except for unchanged in the back contract, Live Cattle futures closed an average 86¢ higher.

Feeder Cattle futures closed an average of $1.20 higher (52¢ higher to $1.87 higher). That’s an average of about $3 higher in the last two sessions.

Corn futures closed 2¢ to 4¢ higher through Jul ’20 and then fractionally higher.

Soybean futures closed mostly 2¢ to 4¢ higher.

Wholesale beef values were firm on Choice and weak on Select with moderate to fairly good demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 64¢ higher Thursday afternoon at $229.31/cwt. Select was 26¢ lower at $218.37.

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Major U.S. financial indices closed sharply higher on Thursday. Tech stocks and the previous day’s assurance from the Fed regarding interest rates underpinned gains.

The Dow Jones Industrial Average closed 216 points higher. The S&P 500 closed 30 points higher. The NASDAQ was up 109 points.

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Winter weather continues to take tonnage from the market.

Average dressed steer weights for the week ending March 9 were 10 lbs. lighter than the same week a year earlier at 871 lbs., according to USDA’s Actual Slaughter Under Federal Inspection report. Average heifer dressed weights were 9 lbs. lighter at 814 lbs. Total beef production for the week of 488.0 million lbs. was 3.4 million lbs. less than a year earlier but total cattle slaughter was 7,889 head more.

For February, federally inspected slaughter of 2.45 million head was 1.56% more year aver year, according to the monthly Livestock Slaughter report. Average dressed steer weights were 6 lbs. less than a year earlier at 879 lbs. Average dressed heifer weights were 11 lbs. less at 819 lbs. Beef production for the month of 1.99 billion lbs. was 4.2 million more (+0.21%) than the previous year.

2019-03-21T21:12:41-05:00

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