Cattle Current Daily—March 25, 2019

Cattle Current Daily—March 25, 2019

Negotiated cash fed cattle trade was yet to be fully developed by late Friday afternoon. Live sales in the Southern Plains were reported $1 higher at $128/cwt., on light to moderate demand and trade. Though too few to trend, there were some early dressed sales reported in the Western Corn Belt at $208, which was $2-$5 more than the previous week.

Traders got skittish in front-month Lean Hog futures. Volatility there weighed on Cattle futures, though they closed mostly higher for another session.

Except for 17¢ and 40¢ lower in the front two contracts, Live Cattle futures closed an average 21¢ higher.

Except for 12¢ lower in Apr, Feeder Cattle futures closed an average of 84¢ higher (5¢ to $1.42 higher).

Corn futures closed fractionally higher to 2¢ higher.

Soybean futures closed mostly 7¢ to 9¢ lower.

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

Choice boxed beef cutout value was 22¢ lower Friday afternoon at $229.09/cwt. Select was 27¢ higher at $218.64.

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Major U.S. financial indices closed sharply lower on Friday. Investor angst included inversion of what’s known as the yield curve, considered by some to be a signal of looming recession. The curve turns negative when short-term rates (3-month Treasury bill) move higher than long-term rates (10-year Treasury bill).

The Dow Jones Industrial Average closed 460 points lower. The S&P 500 closed 54 points lower. The NASDAQ was down 196 points.

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USDA’s monthly Cattle on Feed report will likely be viewed as at least a touch bearish.

Placements in feedlots with 1,000 head or more capacity were 1.86 million head in February, which was 2.20% more than a year earlier. Most estimates ahead of the report projected a decline.

Marketings in February of 1.68 million head were 0.48% more than a year earlier, slightly less than pre-report expectations.

Cattle on feed March 1 of 11.80 million head were 0.69% more than the previous year. Average estimates ahead of the report suggested a slight decline.

2019-03-24T14:08:45-05:00

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