Live Cattle futures closed an average of 76¢ higher.
Feeder Cattle futures closed an average of 88¢ higher, except for lower in expiring Aug.
Live Cattle futures closed an average of 76¢ higher.
Negotiated cash fed cattle prices on Thursday were mainly steady to lower than last week.
Trade was slow on light to moderate demand in the Texas Panhandle with FOB live prices steady to $1 higher at $179/cwt., according to the Agricultural Marketing Service
In Kansas, trade was slow to moderate on moderate demand with FOB live prices steady to $1 lower at $178-$179.
FOB live prices in Nebraska were $2-$3 lower at $182 on moderate trade and demand. There were a few live delivered trades at $186.50. Dressed delivered prices were $2-$3 lower at $290-$292.
In the western Corn Belt, FOB live prices were $1 lower at $184-$185 on slow to moderate trade and moderate demand. There were a few dressed delivered trades at mostly $290 but too few to trend. Prices in the beef last week were $292 in a light test.
Choice boxed beef cutout value was $1.32 lower Thursday afternoon at $313.79/cwt. Select was 28¢ lower at $289.25/cwt.
Net U.S. beef export sales (2023) of 18,200 metric tons (MT) for the week ending Aug. 24 were 59% more than the previous week and 35% more than the prior four-week average. Increases were primarily for China, Japan, South Korea, Taiwan and Mexico.
Grain and Soybean futures closed lower Thursday on likely continued month-end position squaring.
Corn futures closed mostly 2¢ lower.
KC HRW Wheat closed mostly 3¢ to 8¢ lower.
Soybean futures closed mostly 16¢ to 18¢ lower.
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Major U.S. financial indices closed mostly lower Thursday as investors closed the books on August.
The Dow Jones Industrial Average closed 168 points lower. The S&P 500 closed 7 points lower. The NASDAQ was up 15 points.
West Texas Intermediate Crude Oil futures (CME) closed $1.35 to $2.00 higher through the front six contracts, fueled by chatter that Russia will announce more reduction in crude oil exports.
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USDA decreased expected U.S. beef exports for this year and next in the latest Outlook for U.S. Agricultural Trade from the Economic Research Service and Foreign Agricultural Service.
U.S. beef exports for Fiscal year (FY) 2023 were forecast $200 million lower than the previous report at $9.1 billion as a strong U.S. dollar and high prices curb foreign demand. FY 2024 beef exports were forecast $600 million less at $8.5 billion on lower volumes driven by tighter U.S. supplies.
Total U.S. agricultural exports in fiscal year FY 2024 were projected at $172.0 billion, down $5.5 billion from the revised forecast for FY 2023. Less exports of soybeans, soybean meal, and dairy products were the main driver of the reduction.
For economic perspective, world real GDP was projected to grow by 3.0% in both 2023 and 2024, which was 0.2% more than the previous forecast, as global economies and consumer spending have proven resilient in the face of inflationary pressures.
Similarly, projected growth for the United States’ real GDP in 2023 was raised to 1.8% from the previous estimate of 1.6%. Growth in 2024 is expected to moderate to around 1.0%
“The global economic outlook for calendar years 2023 and 2024 remains positive despite several economic challenges,” according to USDA analysts. “These include continued inflation concerns in the United States and elsewhere, uncertainty regarding monetary policies, macroeconomic issues in China, and Black Sea grain trade disruptions due to the Ukraine war.”