Cattle Current Daily—May 23, 2019

Cattle Current Daily—May 23, 2019

Negotiated cash fed cattle trade was steady to $2 lower on a live basis through Wednesday afternoon at $115/cwt. in the Texas Panhandle and at $114-$115 in Kansas. Dressed sales in Nebraska were mainly steady with last week at $185-$186.

Only 309 head (three lots) were offered in the weekly Fed Cattle Exchange auction; none sold.

Cattle futures continued to leak lower amid sluggish trade.

Live Cattle futures closed an average of 36¢ lower.

Except for $1.07 higher in expiring May, Feeder Cattle futures closed an average of 24¢ lower.

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

Choice boxed beef cutout value was 17¢ higher Wednesday afternoon at $219.75/cwt. Select was 77¢ lower at $205.81.

Corn futures closed mostly 1¢ to 2¢ higher toward the front of the board and then mostly fractionally higher.

Soybean futures closed 5¢ to 6¢ higher.

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Major U.S. financial indices closed lower Wednesday, pressured mostly by retail stocks and tech shares.

The Dow Jones Industrial Average closed 100 points lower. The S&P 500 closed 8 points lower. The NASDAQ was down 34 points.

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Total pounds of beef in freezers Apr. 30 totaled 430.35 million lbs. That was 5% less (-40.8 million lbs.) than the previous month and 9% less than the previous year, according to the monthly USDA Cold Storage report published Wednesday. That’s also well below the five-year average of 457 million lbs., according to Allendale, Inc.

Frozen pork supplies of 621.86 million lbs. were 2% more than the previous month but 2% less than a year earlier. 

Total red meat supplies in freezers of 1.099 billion lbs. were up slightly from the previous month but down 5% from last year.

Total frozen poultry supplies were up 2% from the previous month and up slightly from a year ago.

2019-05-22T19:03:49-05:00

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