Cattle Current Daily—Oct. 20, 2022

Cattle Current Daily—Oct. 20, 2022

Cattle futures extended gains Wednesday, buoyed by stronger wholesale beef prices, upward cash momentum and weaker Corn futures.

Feeder Cattle futures closed an average of 89¢ higher (25¢ to $1.65 higher).

Live Cattle futures closed an average of $1.20 higher (88¢ to $1.83 higher).

Choice Boxed beef cutout value was $2.61 higher Wednesday afternoon at $253.39/cwt. Select was 91¢ higher at $222.19/cwt.

Negotiated cash fed cattle trade ranged from very limited on moderate demand to inactive on light to moderate demand through Wednesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service. There were some early live sales at $147/cwt. in the Southern Plains and at $150 in the western Corn Belt

Last week, live prices were $145/cwt. in the Southern Plains and $148 in Nebraska and the Western Corn Belt. Dressed prices were $232 in Nebraska and $230-$232 in the western Corn Belt.

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Major U.S. financial indices paused the recent rally Wednesday as the U.S. 10-year treasury note traded at its highest level in 14 years.

The Dow Jones Industrial Average closed 99 points lower. The S&P 500 closed 24 points lower. The NASDAQ was down 91 points.

West Texas Intermediate Crude Oil futures (CME) closed $1.60 to $2.73 higher through the front six contracts.

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USDA’s Economic Research Service (ERS) raised estimated U.S. beef exports for next year — compared to the previous month’s forecast — based on strong Asian demand.

“Demand for U.S. beef in East and Southeast Asia has been especially strong this year,” explains ERS analysts in the monthly Livestock, Dairy and Poultry Outlook. The increase in exports to the top 10 Asian markets has accounted for 85% of the year-over-year increase in exports through August. The increase in exports to China alone has accounted for 76% of the overall increase and was more than enough to offset the decrease in exports to Hong Kong and Japan. Exports to South Korea, Taiwan, and the Philippines have also shown significant increases.”

ERS increased the third-quarter U.S. beef export forecast 10 million lbs. to 925 million based on August trade data showing stronger-than-expected shipments to China. The fourth-quarter projection was unchanged. Based on expected global demand for next year, the forecast for first-quarter 2023 was raised 50 million lbs. to 740 million and the second-quarter forecast was raised 15 million lbs. to 775 million. The annual forecast was raised to 3.070 billion lbs.

 

2022-10-20T12:42:34-06:00

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