Cattle Current Daily-Oct. 23, 2018

Cattle Current Daily-Oct. 23, 2018

Apparently, traders viewed Friday’s Cattle on Feed report as bullish overall (see below), helping to boost Cattle futures Monday.

Live Cattle futures closed an average of $1.10 higher (55¢ to $1.32 higher).

Feeder Cattle futures closed an average of $1.92 higher ($1.00-$2.97 higher).

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

Choice boxed beef cutout value was $1.35 higher Monday afternoon at $209.28/cwt. Select was $3.42 higher at $197.66.

*******************************

Major U.S. financial indices closed lower Monday, pressured by bank stocks and trade worries.

The Dow Jones Industrial Average closed 126 points lower. The S&P 500 closed 11 points lower. The NASDAQ was up 19 points.

*******************************

From an expectations perspective, Stephen Koontz, agricultural economist at Colorado State University says Friday’s Cattle on Feed report is long-term bullish but short-term bearish.

Although September placements were less than expected (4.6% less than a year earlier), so were marketings (3.59% less).

“The drop off in marketings, regardless of placements, suggests the need for strong slaughter volumes the next two months,” Koontz explains, in the most recent issue of In the Cattle Markets. “On-feed numbers are nothing short of enormous, and placements in July and August were close to 7% above the prior year. The availability of market-ready cattle come the end of this year and the first of next will be substantial. However, the marketplace has handled the large volume of beef so far this year, and much of last, perfectly. Saturday slaughter volumes have been strong, packer and retailer margins have been excellent, slaughter weight increases are typical for the season but not excessive, and domestic demand is appearing to favor beef while exports have been excellent.”

2018-10-22T23:16:27-05:00

This Is A Custom Widget

This Sliding Bar can be switched on or off in theme options, and can take any widget you throw at it or even fill it with your custom HTML Code. Its perfect for grabbing the attention of your viewers. Choose between 1, 2, 3 or 4 columns, set the background color, widget divider color, activate transparency, a top border or fully disable it on desktop and mobile.

This Is A Custom Widget

This Sliding Bar can be switched on or off in theme options, and can take any widget you throw at it or even fill it with your custom HTML Code. Its perfect for grabbing the attention of your viewers. Choose between 1, 2, 3 or 4 columns, set the background color, widget divider color, activate transparency, a top border or fully disable it on desktop and mobile.

This Is A Custom Widget

This Sliding Bar can be switched on or off in theme options, and can take any widget you throw at it or even fill it with your custom HTML Code. Its perfect for grabbing the attention of your viewers. Choose between 1, 2, 3 or 4 columns, set the background color, widget divider color, activate transparency, a top border or fully disable it on desktop and mobile.

This Is A Custom Widget

This Sliding Bar can be switched on or off in theme options, and can take any widget you throw at it or even fill it with your custom HTML Code. Its perfect for grabbing the attention of your viewers. Choose between 1, 2, 3 or 4 columns, set the background color, widget divider color, activate transparency, a top border or fully disable it on desktop and mobile.