Cattle Current Daily—March 6, 2020

Cattle Current Daily—March 6, 2020

Negotiated cash fed cattle trade continued $2 less than last week on Thursday at $113/cwt. in the Southern Plains and Nebraska. Although too few to trend there were some early dressed sales in Nebraska at $182, which was $3-$5 less than the previous week.

Cattle futures followed outside markets lower.

Live Cattle futures closed an average of 93¢ lower (40¢ lower to $2.62 lower in spot Apr).

Feeder Cattle futures closed an average of $1.87 lower ($1.70 to $2.77 lower).

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

Choice boxed beef cutout value was 43¢ higher Thursday afternoon at $207.25/cwt. Select was 45¢ lower at $201.06.

Carcass weights continue heavier year over year, according to USDA’s latest Actual Slaughter Under Federal Inspection report for the week ending Feb. 22.

The average dressed steer weight was 900 lbs., which was 26 lbs. more the same week a year earlier. The average dressed heifer weight was 13 lbs. more than a year earlier at 831 lbs. Week to week, dressed steer and heifer weights were 5 lbs. and 2 lbs. lighter, respectively.

Corn futures closed mostly 2¢ lower.

Soybean futures closed mostly 8¢ to 10¢ lower.

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Major U.S. financial indices dove South Thursday, driven once again by fears about coronavirus.

The Dow Jones Industrial Average closed 969 points lower. The S&P 500 closed 106 points lower. The NASDAQ was down 279 points.

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The U.S. inventory of all cattle and calves started the year 391,400 head fewer (-0.41%) than a year earlier at 94.41 million head. There were 374,000 fewer beef cows (-1.18%) at 31.32 million, according to the Jan. 1 Cattle report.

Herd contraction north of the border was more significant, according to USDA’s United States and Canadian Cattle and Sheep report published Thursday.

All cattle and calves in Canada Jan. 1 were 11.22 million head, which was 220,000 head fewer (-1.92%) than a year earlier. Beef cows of 3.56 million head were 94,600 head fewer (-2.59%).

Combined, the number of cattle and calves in the U.S. and Canada Jan. 1 were 105.63 million head, which was 611,400 head fewer (-0.58%) than the previous year. There were 34.88 million beef cows, which were 468,600 fewer (-1.33%).

2020-03-05T19:24:22-06:00

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