Cattle Current Daily—Oct. 7, 2021

Cattle Current Daily—Oct. 7, 2021

Negotiated cash fed cattle trade was slow on moderate demand in the Southern Plains and Nebraska through Wednesday afternoon, according to the Agricultural Marketing Service.

Live prices in the Texas Panhandle were steady at $124/cwt., steady to $2 higher in Kansas at $124 and steady to $2 higher in Nebraska at $122-$124. Dressed trade in Nebraska was steady at $196.

Trade was limited on light demand in the western Corn Belt. There were a few dressed sales at $196, but there were too few to trend. Prices last week were mostly $122 on a live basis and $192-$197 in the beef.

Live Cattle futures closed and average of 56¢ higher.

Feeder Cattle futures closed and average of $1.15 higher, except for 32¢ lower in the back contract.

Choice boxed beef cutout value was $1.09 lower Wednesday afternoon at $286.62/cwt. Select was $4.87 lower at $262.91.

Corn futures closed mostly 3¢ to 5¢ lower.

Soybean futures closed 3¢ to 9¢ lower.

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Major U.S. financial indices settled higher Wednesday after a volatile trading session. Support included an apparent short-term solution to suspending or raising the nation’s debt ceiling, which would enable avoiding a national default and the economic chaos that would entail.

Also, private sector employment increased by 568,000 jobs from August to September according to the latest ADP®National Employment ReportTM. That was more than the trade expected.

The Dow Jones Industrial Average closed 102 points higher. The S&P 500 closed 17 points higher. The NASDAQ was up 68 points.

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U.S. beef exports blasted to another new value record in August, topping the $1 billion mark for the first time, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). Pork exports also posted another strong month in August, remaining ahead of the record pace established in 2020.

Record shipments to China and the largest exports of the year to Japan, led beef exports in August. Beef exports totaled 132,577 metric tons (mt), which was 21% more year over year and the second largest of this year. Export value climbed 55% to $1.04 billion.

For January through August, beef exports increased 18% from a year ago to 955,407 mt, with value up 34% to $6.62 billion. Exports were 6% higher in volume and up 20% in value compared to the record pace established in 2018. In addition to setting new records in China, beef exports are also on a record pace to South Korea and Central America and have rebounded significantly to Mexico.

“The August export results would be impressive under any circumstances, but achieving these totals despite all the COVID-related obstacles at home and overseas is truly remarkable,” says USMEF President and CEO Dan Halstrom. “Our transportation and labor situation is challenging, and customers continue to face an uncertain business climate due to foodservice restrictions and other economic headwinds. Yet international buyers remain committed to the quality and consistency delivered by U.S. red meat, and the U.S. industry has gone to tremendous lengths to keep shipments moving.”

August beef export value equated to a record $468.75 per head of fed slaughter, up 55% from a year ago. Through August, export value was $381.91 per head, up 28%.

Halstrom emphasized the broad-based growth achieved in 2021 bodes well for both near and long-term exports.

“Obviously breaking the $1 billion mark in a single month is a huge milestone for U.S. beef, and that’s not possible unless a wide range of markets are hitting on all cylinders,” Halstrom explains. “But the trendlines for U.S. pork are also very encouraging. Just a few years ago, it was an achievement to reach $6 billion in pork export value in a full year. In 2021, exports will exceed that total with an entire quarter to spare.”

2021-10-06T19:11:45-06:00

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