Cattle Current Daily-Sept. 28, 2018

Cattle Current Daily-Sept. 28, 2018

Dressed beef sales trended $1 lower in Nebraska and the western Corn Belt through Thursday afternoon at $174/cwt. Live sales in those regions thus far are near steady to steady at $110.00-$110.50.

Cattle futures recovered from the worst of the early pressure Thursday, closing lower but still within the recently established higher, narrow channel.

Other than 12¢ higher at the back of the board, Live Cattle futures closed an average of 26¢ lower.

Other than 25¢ higher in expiring Sep, Feeder Cattle futures closed an average of 60¢ lower, amid extremely light trade.

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

Choice boxed beef cutout value was 14¢ lower Thursday afternoon at $204.71/cwt. Select was 39¢ lower at $192.56.

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Major U.S. financial indices closed higher Thursday. Support included tech stocks like Apple and Amazon, as well as Crude Oil futures continuing to edge higher.

The Dow Jones Industrial Average closed 54 points higher. The S&P 500 closed 8 points higher. The NASDAQ was up 51 points.

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“Despite more cattle on feed, the market price of finished cattle remains strong and continues to outperform year-ago prices,” says Andrew P. Griffith, agricultural economist at the University of Tennessee, in his most recent market comments. “Cattle feeders continue to fill pens and the strong feeder cattle prices demonstrate how much cattle feeders want to purchase cattle. It would appear cattle feeders are expecting finished cattle prices to remain strong in the near term and escalate moving into 2019. This thought process may not be as wild as many think it is as beef demand remains strong, which supports prices. Does this mean finished cattle prices will only escalate through the end of the year? One should probably not be so bold at this juncture, but the market does appear to be holding its own plus some at this time.”

For demand perspective, Griffith notes the retail value for Choice beef in August was the highest since July of last year at 608.2¢/lb.

2018-09-27T19:37:07+00:00

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