Cattle Current Daily—Oct. 17, 2019

Cattle Current Daily—Oct. 17, 2019

Negotiated cash fed cattle trade remained undeveloped through Wednesday afternoon, based on USDA reports. There were a few early live sales in the western Corn Belt at $111/cwt.—$1 more than the top of the range for the region last week—but too few to trend.

There were 768 head offered in the weekly Fed Cattle Exchange Auction and no takers.

Cattle futures continued to edge higher, except for a strong bounce in spot Live Cattle, supported by recent cash strength and gains in wholesale beef values.

After $1.35 higher in spot Oct, Live Cattle futures closed an average of 17¢ higher.

Except for 15¢ lower in Nov, Feeder Cattle futures closed an average of 27¢ higher.

Wholesale beef values were steady to firm on moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 26¢ higher Wednesday afternoon at $218.28/cwt. Select was 11¢ lower at $191.37.

Corn futures closed mostly fractionally mixed

Soybean futures closed 3¢ to 6¢ lower through Sep ‘20 and then mostly 1¢ to 2¢ lower.

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Major U.S. financial indices softened Wednesday, despite continued positive quarterly corporate earnings reports. Pressure was mostly ascribed to the month-to-month decline in retail sales. The U.S. Commerce Department estimated U.S. retail and food service sales 0.3% less in September at $525.6 billion. However, sales were 4.1% more than last year.

The Dow Jones Industrial Average closed 22 points lower. The S&P 500 closed 5 points lower. The NASDAQ was down 24 points.

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A couple of observations shared by Derrell Peel, Extension livestock marketing specialist at Oklahoma State University, in his weekly market comments:

“Globally, the middle class is projected to expand from 2 billion to 4.9 billion people by 2030. China, alone, is projected to add 850 million new middle class consumers by 2030. It is well documented that meat consumption increases as growing incomes support better quality diets and increased protein consumption.

“It appears at this time, that swine and pork losses in China, Vietnam, North and South Korea, and the Philippines, along with other outbreaks of African Swine Fever in Europe and Africa are creating a protein deficit that cannot be currently filled by all proteins in the world.”

2019-10-16T23:58:35-06:00

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