Cattle Current Daily—May 26, 2021

Cattle Current Daily—May 26, 2021

Negotiated cash fed cattle trade was slow on light demand in the Southern Plains, Nebraska and the western Corn Belt through Tuesday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were some early live sales at $119 to mostly $120/cwt., except for $118 in the western Corn Belt. Early dressed sales in Nebraska were at $191.

Feeder Cattle futures closed higher Tuesday, boosted by another sharp break in Corn futures prices.

Feeder Cattle futures closed an average of $2.07 higher, from 35¢ higher in spot May to $2.55 higher. 

Live Cattle futures mainly edged higher, supported by wholesale beef values and resurgent front-month

Live Cattle futures closed an average of 30¢ higher, except for unchanged to an average of 9¢ lower in three contracts.

Choice boxed beef cutout value was $2.09 higher Tuesday afternoon at $329.92/cwt. Select was 87¢ higher at $304.26

Corn futures wilted Tuesday, pressured by planting progress and crop development, forecast rain and chatter about more corn acres.

Corn futures closed 23¢ to 37¢ lower though Jly ‘22 and then mostly 8¢ lower

Soybean futures closed 10¢ to 15¢ lower through May ‘22 and then mostly 6¢ lower.

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Major U.S. financial indices softened Tuesday after early gains.

The Dow Jones Industrial Average closed 81 points lower. The S&P 500 closed 8 points lower. The NASDAQ was down 4 points. 

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Total pounds of beef in freezers April 30 were 6% less than the previous month and 5% less than a year earlier, according to USDA’s monthly Cold Storage report. 

Frozen pork supplies were up 1% from the previous month but down 26% from last year. Stocks of pork bellies were down 3% from last month and down 58% from last year.

Total red meat supplies in freezers were 3% less than the previous month and 17% less than the same time last year.

Total frozen poultry supplies were down slightly from the previous month and down 20% from a year ago.

2021-05-25T19:57:59-05:00

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