Cattle Current Daily—Nov. 8, 2021

Cattle Current Daily—Nov. 8, 2021

Negotiated cash fed cattle prices ended last week $3-$4 higher on a live basis at $130/cwt. in all major cattle feeding regions. Dressed trade was $4 higher at $204.

Trade was slow to moderate on moderate to good demand through Friday afternoon, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 68¢ lower Friday afternoon at $289.54/cwt. Select was 70¢ lower at $267.52/cwt.

Total estimated cattle slaughter last week of 650,000 head was 18,000 fewer than the previous week, according to the Agricultural Marketing Service. Year-to-date estimated cattle slaughter of 28.25 million head is 847,000 head more (+3.1%) than the same time last year. Total year-to-date estimated beef production of 23.37 billion lbs. is 610,000 lbs. more (+2.7%) than a year earlier.

Cattle futures closed higher Friday with support from cash prices breaking higher.

Live Cattle futures closed an average of 95¢ higher (50¢ higher at the back to $1.27 higher toward the front).

Feeder Cattle futures closed an average of $1.16 higher (77¢ to $1.45 higher toward the front).

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Major U.S. financial indices closed higher Friday, buoyed by a stronger employment situation than expected.

Total non-farm payroll employment increased by 531,000 in October and the unemployment rate edged 0.2% lower to 4.6%, according to the U.S. Bureau of Labor Statistics.

The Dow Jones Industrial Average closed 203 points higher. The S&P 500 closed 17 points higher. The NASDAQ was up 31 points. 

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U.S. beef exports remained on a record pace through September, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). Beef exports posted one of the best months on record in September, with value climbing nearly 59% above last year at $954.1 million, the second highest monthly total on record. Volume for the month was 20% higher than a year earlier at 123,628 metric tons (mt), the fourth largest on record.

September beef export value equated to $447.46 per head of fed slaughter, up 63% from a year ago.

Through the first three quarters of 2021, beef exports increased 18% from a year ago to 1.08 million mt, valued at $7.58 billion – up more than $2 billion (36%) from the same period last year. Compared to the record year of 2018, January-September exports were 7% higher in volume and up 24% in value. For January through September, U.S. beef export value averaged $389.08 per head (up 32%).

U.S. pork exports are on a record pace, too. For January through September, exports were 1% above last year’s record pace at 2.24 million mt, while value climbed 9% to $6.23 billion.

“Facing significant logistical headwinds and higher costs, these outstanding results are really a testament to the loyalty and strong demand from our international customers and to the innovation and determination of the U.S. industry,” says USMEF President and CEO Dan Halstrom.

2021-11-07T17:47:33-06:00

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