Cattle Current Daily-Nov. 13, 2018

Cattle Current Daily-Nov. 13, 2018

Bottom picking and a rally in Lean Hog futures were credited with some of the support that helped Cattle futures regain some stability in the wake of Friday’s sharp decline.

Other than an average of 27¢ higher in the front two contracts and 50¢ higher at the back, Live Cattle futures closed an average of 11¢ lower.

Except for 15¢ higher in the back contract, Feeder Cattle futures closed an average of 65¢ lower.

Wholesale beef values were firm to higher on moderate to fairly good demand and light to moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 35¢ higher Monday afternoon at $215.55/cwt. Select was $1.67 higher at $200.39.

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Major U.S. financial indices closed sharply lower Monday, pressured by tech stocks—led by Apple— and continued worries about global economic growth and trade.

The Dow Jones Industrial Average closed 602 points lower. The S&P 500 closed 54 points lower. The NASDAQ was down 206 points.

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“Steer slaughter continues to run below year-ago levels so far this year. This despite the fact that the quarterly feedlot inventories have shown more steers on feed in 2018 compared to last year,” says Derrell Peel, Extension livestock marketing specialist at Oklahoma State University, in his weekly market comments. “For the year to date, steer slaughter is about 1% below last year, but in the last four weeks has averaged very close to year-ago levels. Steer slaughter has averaged 51.6% of total cattle slaughter so far this year, down from 52.9% of total cattle slaughter in 2017. As heifer and cow slaughter return to normal levels, steer slaughter will move closer to the long-term average of 50.6% of total slaughter.”

So far this year, Peel says heifer slaughter is averaging about 7% more than last year, but has been only 1.5% more over the past four weeks.

“Heifer slaughter thus far in 2018 has averaged 27.8% of total cattle slaughter, up from 27.2% in 2017,” according to Peel. “As heifer retention continues to slow, heifer slaughter will approach the long-term average of just under 30% of total cattle slaughter.”

2018-11-12T20:00:47-05:00

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