Cattle Current Daily-Nov. 26, 2018

Cattle Current Daily-Nov. 26, 2018

Negotiated cash fed cattle trade for the week ended up mostly $2-$3 higher on a live basis at $116-$117/cwt. ($113-$114 in the western Corn Belt), and $2-$7 higher in the beef at $180-$185.

Cattle futures continued higher on Friday, amid light holiday trade and continued support from the friendly Cattle on Feed report and stronger cash fed cattle prices.

Live Cattle futures closed an average of 37¢ higher (7¢ to 70¢ higher).  

Except for unchanged to 20¢ lower in the back three contracts, Feeder Cattle futures closed an average of 83¢ higher.

Corn futures closed mostly 1¢ to 2¢ lower.

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

Choice boxed beef cutout value was 16¢ higher Friday afternoon at $213.85/cwt. Select was 25¢ higher at $198.51.

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Major U.S. financial indices closed lower on Friday, weighed down by trade concerns and the continuing slide of oil prices. West Texas Intermediate (CME) closed $3.84 to $4.21 lower through the next 12 contracts. Week to week, they closed an average of $6.33 lower through the front six contracts.

The Dow Jones Industrial Average closed 178 points lower. The S&P 500 closed 17 points lower. The NASDAQ was down 33 points.

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Total pounds of beef in freezers Oct. 31 were up 2% from the previous month and up 2% from the previous year, according to the latest Cold Storage report from USDA.

Frozen pork supplies were 3% less than the previous month and 5% less than last year.

Total red meat supplies in freezers were down 1% from the previous month and down 1% from last year.

Total frozen poultry supplies were down 9% from the previous month, but up 4% from a year ago.

2018-11-25T14:40:36-05:00

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