Cattle Current Daily-Oct. 29, 2018

Cattle Current Daily-Oct. 29, 2018

Negotiated cash fed cattle prices surged higher on Friday. Live prices were mainly $3-$4 higher at mostly $114-$115/cwt., except for $2-$3 higher in the western Corn Belt at $112-$113. Dressed sales were $6 higher at $180.

Higher fed cattle prices, strengthening wholesale beef values and apparent position squaring helped lift Cattle futures.

Live Cattle futures closed an average of 86¢ higher (50¢ to $1.32 higher).

Feeder Cattle futures closed an average of 58¢ higher.

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

Choice boxed beef cutout value was 37¢ higher Friday afternoon at $213.47/cwt. Select was 52¢ higher at $198.83.

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Major U.S. financial indices slid sharply on Friday, with continued investor jitters about rising interest rates and global trade. The decline came in spite of positive economic news that included the economy growing at 3.5% in the third quarter, according to the U.S. Commerce Department.

The Dow Jones Industrial Average closed 296 points lower. The S&P 500 closed 46 points lower. The NASDAQ was down 151 points.

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“Year-to-date cattle slaughter through September was 2.6% above last year and 8.6% above the previous 3-year average. Year-to-date steer and heifer slaughter is 1.2% below and 7.6% above last year respectively,” according to analysts with the Agricultural Marketing Service. “Year-to-date beef cow slaughter is 10.7% above a year ago and 22.8% above the previous 3-year average. With that many beef cows moved to slaughter this year, some analysts are looking at late 2019 futures to see if current $114-$116 prices are realistic.”

2018-10-28T14:11:06+00:00

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