Cattle Current Daily-Sept. 27, 2018

Cattle Current Daily-Sept. 27, 2018

There were only 242 head offered and no takers in the weekly Fed Cattle Exchange auction.

Cattle futures continued to firm Wednesday, closing higher on reportedly increased commercial interest.

Live Cattle futures closed an average of $1.39 higher through the front four contracts and then an average of 74¢ higher.

Feeder Cattle futures closed an average of $1.28 higher (42¢ to $1.82 higher).

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

Choice boxed beef cutout value was 88¢ lower Wednesday afternoon at $204.85/cwt. Select was $1.92 lower at $192.95.

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Major U.S. financial indices closed lower Wednesday. Many attributed the lion’s share of pressure to remarks made by Federal Reserve Chairman Jerome Powell, indicating the Fed didn’t foresee inflation surprising to the upside, i.e. less growth in interest rates over the long haul. That dampened bank stocks. Powell’s remarks came following the Fed’s decision to raise the federal funds rate for the third time this year to 2.00 to 2.25%.

The Dow Jones Industrial Average closed 106 points lower. The S&P 500 closed 9 points lower. The NASDAQ was down 17 points.

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A day following completion of the revised Korea-U.S. Trade agreement, the United State and Japan announced they would begin negotiating a trade pact.

“This is welcome news, since we know that export income is critical to the financial health of agriculture and is a key contributor to rural prosperity,” said Agriculture Secretary, Sonny Perdue. “Japan is an important customer for our agricultural products and we look forward to the great potential this breakthrough represents.”

Earlier this year, President Trump withdrew the U.S. from the Tran Pacific Partnership (TPP), which includes Japan.

According to a joint statement made by the two nations, President Trump and Japanese Prime Minister Shinzo Abe, affirmed the importance of a strong, stable, and mutually beneficial trade and economic relationship, recognizing that together, the two economies represent approximately 30% of global Gross Domestic Product.

2018-09-26T19:45:22-05:00

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