Cattle Current Daily—Sept. 2-3, 2019

Cattle Current Daily—Sept. 2-3, 2019

Negotiated cash fed cattle trade ended up $3/cwt. lower in the Southern Plains last week at $103/cwt. Live trades were $2-$3 lower in Nebraska at $104-$106 and steady to $5 lower in the western Corn Belt at $105-$110. Dressed sales in Nebraska were $6-$10 lower at $165-$172; $3-$7 lower in the western Corn Belt at mostly $171.

The weaker cash outlook, stronger U.S. dollar and continued uncertainty from the Tyson fire helped pressure Cattle futures to end the week.

Live Cattle futures closed an average of 90¢ lower.

Not counting newly hatched away-Aug, Feeder Cattle futures closed an average of $1.76 lower.

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

Choice boxed beef cutout value was 42¢ lower Friday afternoon at $231.77/cwt. Select was 51¢ lower at $212.27.

Corn futures closed mixed, from 1¢ lower to 1¢ higher.

Soybean futures closed mostly fractionally mixed.

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Major U.S. financial indices closed mixed and little changed Friday, as investors closed out the month.

The Dow Jones Industrial Average closed 41 points higher. The S&P 500 closed 1 point higher. The NASDAQ was down 10 points.

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“The U.S. labor market—with 3.7% unemployment in August—and continued consumer confidence are providing a floor to an otherwise cooling economy,” say analysts with USDA’s Economic Research Service and Foreign Agricultural Service, in the quarterly Outlook for U.S. Agricultural Trade, released Friday.

Compared to the previous quarter, the report revised U.S. per capita Gross Domestic Product (GDP) down to 1.6% for this year and down to 1.3% next year.

“Per capita world GDP is expected to grow 1.6% in 2020, up slightly from 1.5% in 2019, according to the report. “This quarter’s projected per capita GDP growth for 2019 is down 25% from last quarter’s projection, and this quarter’s projection for 2020 is 15% lower. The U.S.-China trade conflict, Brexit, and the developing trade dispute between Japan and South Korea are some of the key uncertainties slowing global trade and investment and pushing forecasts for economic growth lower.”

Even so, U.S. agricultural exports are projected to reach $137.0 billion next year, up $2.5 billion from the revised forecast for fiscal year (FY) 2019; driven primarily by higher exports of pork, beef, soybeans, and horticultural products.

“Beef and veal exports are forecast at $7.8 billion (up $300 million from FY 2019) on higher volumes and unit values,” say analysts.

2019-08-31T15:41:06-05:00

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