Cattle Current Daily-Nov. 9, 2018

Cattle Current Daily-Nov. 9, 2018

Although cash fed cattle trade remained undeveloped through Thursday afternoon, and wholesale beef values were sharply lower, Cattle futures eked out slight gains. Some credited part of the support to the lack of bounce in grain prices, following the monthly World Agricultural Supply and Demand Estimates.

Except for 2¢ lower in the back contract, Live Cattle futures closed an average of 44¢ higher.

Except for unchanged in the back contract, Feeder Cattle futures closed an average of 22¢ higher.

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

Choice boxed beef cutout value was $2.15 lower Thursday afternoon at $216.07/cwt. Select was $2.66 lower at $199.11.

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Major U.S. financial indices closed narrowly mixed Thursday. Election-based optimism the previous day was tempered by indications the Federal Reserve will continue to increase interest rates, albeit gradually. They left the rate unchanged for the time being.

According to a statement from the FOMC. “The Committee expects that further gradual increases in the target range for the federal funds rate will be consistent with sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee’s symmetric 2% objective over the medium term. Risks to the economic outlook appear roughly balanced.”

The Dow Jones Industrial Average closed 10 points higher. The S&P 500 closed 7 points lower. The NASDAQ was down 39 points.

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Estimated beef production for this year was lowered by 30 million lbs. to 26.91 billion lbs., according to the latest monthly World Agricultural Supply and Demand Estimates (WASDE). For next year, beef production was reduced by 100 million lbs. to 27.81 billion lbs.

The estimated fed steer price for the fourth quarter is projected to be $112-$116/cwt., with an annual average for this year of $116.79, 50¢ more than the previous month’s projection. Fed steer prices for next year are estimated at $118-$126 in the first quarter; $118-$128 in the second quarter; $109-$119 in the third.

2018-11-08T20:52:41-05:00

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