Cattle Current Daily-Nov. 8, 2018

Cattle Current Daily-Nov. 8, 2018

Negotiated cash fed cattle trade remained undeveloped through Wednesday afternoon. There were just 310 head offered in the weekly Fed Cattle Exchange auction, and no takers.

Despite sharply higher outside markets, Cattle futures continued to erode on Wednesday, led by Feeder Cattle, as traders seem to be concentrating on increased beef supplies down the road, rather than relative snugness through the end of the year.

Other than 67¢ higher in spot Nov, Live Cattle futures closed an average of 40¢ lower.

Other than 5¢ lower in spot Nov, Feeder Cattle futures closed an average of 98¢ lower.

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

Choice boxed beef cutout value was 54¢ lower Wednesday afternoon at $218.22/cwt. Select was $2.89 lower at $201.77.

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Major U.S. financial indices bolted ahead Wednesday, with investors apparently cheering the outcome of the mid-term elections.

The Dow Jones Industrial Average closed 545 points higher. The S&P 500 closed 58 points higher. The NASDAQ was up 194 points.

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Increasing producer optimism about current and future conditions drove the Purdue University-CME Group Ag Economy Barometer sharply higher last month.

Specifically, the October barometer reading of 136 was 22 points higher than September, which was the lowest reading for the survey since 2016.

“We continue to see large month-to-month variations in the barometer readings as a result of swings in major commodity prices and emerging news about trade negotiations with key ag trade partners,” says James Mintert, the barometer’s principal investigator and director of Purdue University’s Center for Commercial Agriculture.

The barometer is based on a survey of 400 agricultural producers from across the country. It’s comprised of two sub-indices: the Index of Current Conditions rose 19 points in October to 115; the Index of Expectations rose 24 points to a reading of 146.

2018-11-07T18:35:00-05:00

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