Cattle Current Podcast-Nov. 12, 2018

Cattle Current Podcast-Nov. 12, 2018

Negotiated cash fed cattle prices lost ground. Live sales were mainly $1-$2 lower at mostly $114-$115/cwt. ($111-$113 in the western Corn Belt). Dressed trade was steady to $3 lower at $177-$180.

Those lower prices were made possible, in part by the sharp erosion in Cattle futures on Friday. Pressure for the board included faltering wholesale beef values, declining open interest and growing chatter that the top may already be in for beef prices this season.

Live Cattle futures closed an average of $1.21 lower (35¢ to $2.07 lower).

Feeder Cattle futures closed an average of $2.04 lower ($1.17 to $2.47 lower).

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

Choice boxed beef cutout value was 87¢ lower Friday afternoon at $215.20/cwt. Select was 39¢ lower at $198.72.

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Major U.S. financial indices closed lower Friday, with weakness widely attributed to concerns about slowing global economic growth.

The Dow Jones Industrial Average closed 201 points lower. The S&P 500 closed 25 points lower. The NASDAQ was down 123 points.

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“When factoring in slaughter and weights, the grading data continues to indicate larger supplies of Prime and Select beef and a little less Choice than a year ago,” says David Anderson, Extension livestock economist at Texas A&M University, in the most recent issue of In the Cattle Markets. “It looks like steer slaughter is starting to pick up a little, so we might expect growing beef supplies in the coming months, especially when considering more cattle on feed than a year ago.”

For perspective, Anderson explains that for the week ending Oct. 20, 70.8% of cattle (presented for grading) graded Choice, compared to 71.6% for the same week a year earlier. There were 8.9% Prime-grading carcasses, which was 7.1% more than a year earlier. Likewise, 17.4% of carcasses graded Select, compared to 15.3% last year.

2018-11-10T18:32:49+00:00

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