Cattle Current Daily—Sept. 30, 2021

Cattle Current Daily—Sept. 30, 2021

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

Live sales traded steady in the Texas Panhandle at $124/cwt. and steady to $2 lower in Nebraska at $122-$124/cwt. Dressed trade in Nebraska was $2 lower at $196.

Although too few to trend, there were some live sales in Kansas at $123-$124 and some in the western Corn Belt at $121.00-$123.50.

Those softer prices and declining wholesale beef values pressured Live Cattle futures Wednesday, which closed an average of 26¢ lower, except for 10¢ higher in away Oct and unchanged in away Dec.

Choice boxed beef cutout value was $4.23 lower Wednesday afternoon at $297.33/cwt. Select was $2.57 lower at $271.78/cwt.

Weakness on the live side and a day of stronger Corn futures added pressure to Feeder Cattle, which closed an average of $1.08 lower.

Corn futures closed mostly 4¢ to 6¢ higher.

Soybean futures closed mostly 4¢ to 6¢ higher through Aug ‘22 and then mainly 2¢ to 4¢ higher.

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Major U.S. financial indices closed mixed Wednesday with the third straight day of losses in NASDAQ, while the dollar rose to its highest level since November 2020.

The Dow Jones Industrial Average closed 91 points higher. The S&P 500 closed 7 points higher. The NASDAQ closed 34 points lower.

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Although the global economy is growing more than expected a year ago — buoyed by extraordinary support from governments and central banks — recovery remains uneven, according to the latest Interim Economic Outlook from the Organization for Economic Cooperation and Development (OECD).

“Large differences in vaccination rates between countries are adding to the unevenness of the recovery,” according to the report. “Renewed outbreaks of the virus are forcing some countries to restrict activities, resulting in bottlenecks and adding to supply shortages.” 

Similarly, inflationary price pressure is variable. OECD notes inflation is rising rapidly in the U.S. and some emerging economies, but remains relatively low in many other advanced economies, particularly in the euro area.

“A rapid increase in demand as economies reopen pushed up prices in key commodities such as oil and metals as well as food, which has a stronger effect on inflation in emerging markets,” according to OECD. “The disruption to supply chains caused by the pandemic has added to cost pressures. At the same time, shipping costs have increased sharply.”

OECD projects inflation in the G20 countries to peak toward the end of this year and then slow throughout 2022.

OECD forecasts strong global growth of 5.7% this year and 4.5% in 2022.

“Even in the countries where output or employment have recovered to their pre-pandemic levels, the recovery is incomplete, with jobs and incomes still short of the levels expected before the pandemic,” according to the Interim Economic Outlook.

2021-09-29T23:17:25-06:00

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