Cattle Current Daily-Nov. 28, 2018

Cattle Current Daily-Nov. 28, 2018

Cattle futures closed mainly narrowly lower Tuesday, with little direction one way or the other.

Except for 5¢ higher in away Dec and unchanged at the back, Live Cattle futures closed an average of 21¢ lower.

Feeder Cattle futures closed an average of 28¢ lower.

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

Choice boxed beef cutout value was 45¢ lower Tuesday afternoon at $214.00/cwt. Select was 45¢ higher at $200.24.

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Major U.S. financial indices gained for the second consecutive day, reportedly buoyed by chatter about a U.S.-China trade truce.

The Dow Jones Industrial Average closed 108 points higher. The S&P 500 closed 8 points higher. The NASDAQ was fractionally higher.

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Although boxed beef cutout values never received as much seasonal pop as some expected, they continue to be strong in the face of increased production.

“The wholesale price of beef remained fairly strong through the holiday week. There may still be some end-of-the-year holiday beef buying on the table, which could provide support to the beef cutout,” says Andrew P. Griffith, agricultural economist at the University of Tennessee, in his weekly market comments. How much buying is left to be completed will determine the amount of support provided as retailers will soon be moving their focus to end cuts.”

Analysts with USDA’s Economic Research Service note that since early August, Choice wholesale beef cutout prices stayed well above year-earlier levels. 

“In fact, the weekly beef cutout price for the week ending Nov. 9 climbed to within June price levels despite higher year-over-year beef production for third-quarter 2018 and higher expected production in fourth-quarter 2018,” ERS analysts say in the latest monthly Livestock, Dairy and Poultry Outlook.

2018-11-27T19:21:37-05:00

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