Cattle Current Daily—Nov. 28, 2022

Cattle Current Daily—Nov. 28, 2022

Negotiated cash fed cattle trade was limited on light demand in all regions through Friday afternoon, according to the Agricultural Marketing Service, with too few transactions to trend.

For the week, live prices were $4-$5 higher in the Texas Panhandle at $154-$155/cwt., $3-$5 higher in Kansas at $155, $3-$4 higher in Nebraska at $157-$158 and $2-$5 higher in the western Corn Belt at $157. Dressed prices were $3 higher at $245.

Choice Boxed beef cutout value was 73¢ lower Friday afternoon at $251.83/cwt. Select was $1.04 higher at $234.37/cwt.

Estimated total cattle slaughter for the holiday-shortened week was 93,000 head fewer than the previous week at 581,000 head. Year-to-date estimated total cattle slaughter of 30.6 million head was 472,000 head more (+1.6%) than the same time last year. Year-to-date estimated beef production of 25.3 billion lbs. was 356.3 million lbs. more (+1.4%).

Cattle slaughter in October of 2.9 million head was 2% more than a year earlier, according to USDA’s Livestock Slaughter report. Commercial beef production was also 2% more year over year at 2.4 billion lbs.

Cattle futures drifted lower on holiday-lightened trade again Friday, despite fundamental strength for the week. Higher Corn futures prices added pressure.

Feeder Cattle futures closed an average of 76¢ lower (17¢ to 95¢ lower), except for 27¢ higher and unchanged in the back two contracts.

Live Cattle futures closed an average of 19¢ lower, except for 10¢ higher in away Dec.

Corn futures closed 4¢ to 5¢ higher through Jly ’23 and the mostly 1¢ to 2¢ higher.

Soybean futures closed fractionally higher to 3¢ higher.

******************************

Major financial indices closed narrowly mixed after a short trading session Friday.

The Dow Jones Industrial Average closed 152 points higher. The S&P 500 closed 1 point lower. The NASDAQ was down 58 points.

West Texas Intermediate Crude Oil futures (CME) closed $1.35 to $1.66 lower through the front six contracts.

******************************

Annual rural population growth was near zero over the last decade, the percentage of the working age population decreased and rural employment growth increased in service areas such as health care and professional services.

Those are among conclusions in the 2022 edition of Rural America at a Glance from USDA’s Economic Research Service (ERS).

“The overall decline in population growth and increase in average age in rural areas affect the makeup and availability of the rural labor force. In 2021, people 65 years and older made up more than 20% of the nonmetro population for the first time in U.S. census history, up from 16% in 2010,” according to ERS analysts. “In metro areas, just 16% of the population was 65 and older in 2021. During the 2010–20 decade, the nonmetro working-age population declined by 4.9% and the population under age 18 declined by 5.7%, while the population 65 years and older grew by 22%.”

There were 23.6 million rural (nonmetropolitan) jobs in 2019, versus 178 million metro Jobs, according to the report.

“Rural America has become more economically diverse over time, with increasing employment in health care, hospitality, and other service industries,” ERS analysts say. “Since 2001, the number of jobs in agriculture, retail, and manufacturing all declined, but a slight recovery occurred in manufacturing after 2010. Government jobs, which include Federal, State, and local government, remained steady over the last two decades.”

2022-11-26T19:52:48-06:00

This Is A Custom Widget

This Sliding Bar can be switched on or off in theme options, and can take any widget you throw at it or even fill it with your custom HTML Code. Its perfect for grabbing the attention of your viewers. Choose between 1, 2, 3 or 4 columns, set the background color, widget divider color, activate transparency, a top border or fully disable it on desktop and mobile.

This Is A Custom Widget

This Sliding Bar can be switched on or off in theme options, and can take any widget you throw at it or even fill it with your custom HTML Code. Its perfect for grabbing the attention of your viewers. Choose between 1, 2, 3 or 4 columns, set the background color, widget divider color, activate transparency, a top border or fully disable it on desktop and mobile.

This Is A Custom Widget

This Sliding Bar can be switched on or off in theme options, and can take any widget you throw at it or even fill it with your custom HTML Code. Its perfect for grabbing the attention of your viewers. Choose between 1, 2, 3 or 4 columns, set the background color, widget divider color, activate transparency, a top border or fully disable it on desktop and mobile.

This Is A Custom Widget

This Sliding Bar can be switched on or off in theme options, and can take any widget you throw at it or even fill it with your custom HTML Code. Its perfect for grabbing the attention of your viewers. Choose between 1, 2, 3 or 4 columns, set the background color, widget divider color, activate transparency, a top border or fully disable it on desktop and mobile.