Cattle Current Daily-Oct. 5, 2018

Cattle Current Daily-Oct. 5, 2018

Lower outside markets helped push Feeder Cattle futures lower Thursday; mixed for Live Cattle. However, futures closed off of session lows, helped along by increasing odds that negotiated cash fed cattle prices will be steady to higher this week.

Although trade remained undeveloped through late Thursday afternoon, and there were too few to trend, some early dressed sales in Nebraska traded at $175/cwt., which was $1 higher than the bulk of last week’s trade.

Live Cattle futures closed narrowly mixed (30¢ lower to 42¢ higher).

Feeder Cattle futures closed an average of 85¢ lower.

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

Choice boxed beef cutout value was 56¢ lower Thursday afternoon at $203.86/cwt. Select was 32¢ lower at $191.98.

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Major U.S. financial indices closed sharply lower Thursday, pressured by investors fretting over higher interest rates.

The Dow Jones Industrial Average closed 200 points lower. The S&P 500 closed 23 points lower. The NASDAQ was down 145 points.

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“As history has taught us, open markets and science-based trade are the key ingredients for export success in the U.S. beef industry,” says Kevin Kester, a fifth-generation rancher from Parkfield, CA, who serves as president of the National Cattlemen’s Beef Association (NCBA). “Once passed, the new U.S.-Mexico-Canada Agreement will build on over two decades of unrestricted, science-based, duty free trade for U.S. beef in North America. The results have been outstanding: Today the U.S. exports around $2 billion worth of beef to Canada and Mexico each year.”

In a recent op-ed, Kester goes on to explain, “Similarly, KORUS reduced tariffs on U.S. beef exports and removed many trade restrictions. Our sales have skyrocketed under KORUS. Global retail giant Costco, who previously sourced Australian beef for their stores in South Korea, is now importing every single ounce of their chilled beef from the United States. Some aspects of previous trade agreements were in serious need of modernization, but the established framework for beef trade works remarkably well.”

2018-10-04T18:48:48-05:00

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