Daily-June 2

Daily-June 2

Cash fed cattle trade roared higher on Thursday: $4-$5 higher in the Southern Plains at $136-$137/cwt.; $4-$7 higher in Nebraska at $136.00-$137.50 on a live basis and $5-$7 higher in the beef at $215, a few up to $216. Dressed trade was also at $215 in the western Corn Belt, which was $5-$7 higher than the previous week.

That, higher outside markets and the previous session’s fundamental leanings helped propel Cattle futures sharply higher; limit higher in front months.

Live Cattle futures closed an average of $2.41 higher ($1.42 to $3.00 higher).

Except for 50¢ higher at the very back, Feeder Cattle futures closed an average of $4.15 higher ($3.57 to $4.50 higher).

Choice boxed beef cutout value was 4¢ higher Thursday afternoon at $245.58/cwt. Select was 96¢ lower at $217.22. The Choice-Select spread reached a new high of $28.36. Analysts with the Livestock Marketing Information Center pointed out recently that a surge in rib prices—record-high in some cases—is helping to underpin wholesale beef values.

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Major U.S. financial indices closer sharply higher on Thursday, buoyed by the bullish payroll report from ADP.

Private sector non-farm employment increased by 253,000 jobs from April to May according to the closely–watched monthly ADP National Employment Report from the ADP Research Institute, in collaboration with Moody’s Analytics.

“Job growth is rip-roaring,” says Mark Zandi, chief economist of Moody’s Analytics. “The current pace of job growth is nearly three times the rate necessary to absorb growth in the labor force.” He adds that, increasingly, the primary challenge facing businesses will be a shortage of labor. Of course, that’s a challenge folks in the cattle business well understand.

The Dow Jones Industrial Average closed 135 points higher. The S&P 500 closed 18 points higher. The NASDAQ closed 48 points higher.

2017-06-01T20:34:45-05:00

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