Cattle Current Daily—Sept. 20, 2021

Cattle Current Daily—Sept. 20, 2021

Negotiated cash fed cattle trade was mostly inactive on light demand in all major cattle feeding regions through Friday afternoon, according to the Agricultural Marketing Service.

For the week, prices are steady to unevenly steady in the Southern Plains and Nebraska with live prices at $124/cwt. in the Texas Panhandle, $123-$124 in Kansas and $125 in Nebraska. Live prices in the western Corn Belt were $1-$3 lower at $123-$124. Dressed traded was unevenly steady at $200.

Through Thursday, the five-area direct fed steer price was 83¢ lower on a live basis at $123.90/cwt. The average steer price in the beef was $2.14 lower at $200.81.

Estimated total cattle slaughter last week was 83,000 head more than the previous week at 660,000. Year-to-date estimated total cattle slaughter of 23.7 million head was 843,000 head more (+3.7%) than the same time last year. Total year-to-date beef production of 19.57 billion lbs. was 643.3 million lbs. more (+3.4%) than the same period last year.

Cattle futures sagged lower Friday amid outside market weakness and week-end positioning.

Feeder Cattle futures closed an average of 89¢ lower (57¢ lower at the back to $1.20 lower).

Live Cattle futures closed an average of 78¢ lower.

Choice boxed beef cutout value was $3.53 lower at $314.47/cwt. Select was 52¢ lower at $279.75.

Corn futures closed 1¢ to 3¢ lower.

Soybean futures closed 8¢ to 12¢ lower through Aug ‘22 and then mostly 4¢ to 6¢ lower.

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Major U.S. financial indices closed lower Friday as investors seemed content to pick up their chips and ponder recent equity and commodity market weakness amid the continued pandemic. 

The Dow Jones Industrial Average closxed 166 points lower. The S&P 500 closed 40 points lower. The NASDAQ was down 137 points.

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U.S. beef exports’ record pace so far this year is even more impressive when you consider growing demand from countries that are just now becoming key markets.

As mentioned previously in Cattle Current, U.S. beef exports set another new value record in July, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). July export value climbed 45% from a year ago to $939.1 million, while volume was the third largest of the post-BSE era at 122,743 metric tons (mt), up 14% year-over-year.

Yet, according to analysts with USDA’s Economic Research Service (ERS), shipments were less year over year to five of the top seven U.S. customers, albeit relatively small reductions.

“The rise in part reflects large shipments of U.S. beef to China, the largest U.S. beef exports to China, ever recorded, totaling almost 45 million lbs. more than the previous year,” according to ERS, in the September Livestock, Dairy and Poultry Outlook. “Indonesia, a smaller destination, made a sizeable contribution to the increase in beef exports in July. U.S. beef exports to Indonesia totaled 7.1 million lbs., by far the largest volume the United States has ever exported to that country.”

ERS projected third-quarter U.S. beef export shipments 20 million lbs. higher than the previous estimate; 10 million lbs. higher for the fourth quarter.

The annual forecast for 2021 was revised up 30 million lbs. to 3.41 billion lbs. The forecast for 2022 was unchanged from last month at 3.27 billion lbs.,” say ERS analysts.

2021-09-19T18:16:21-06:00

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