Daily-June 6

Daily-June 6

Follow-though buying and reports of increased commercial support helped push Feeder Cattle futures higher on Monday with Live Cattle tagging along. There was also plenty of chatter about expectations for higher wholesale beef values and higher cash fed cattle prices this week.

Live Cattle futures closed an average of $1.19 higher in half of the contracts, including $1.27 higher in spot Jun and $1.07-$1.22 higher in the back three contracts. Other months were an average of 39¢ higher.

Feeder Cattle futures closed an average of $2.51 higher, from $1.15 higher in spot Aug to $3.72 higher at the back.

Choice boxed beef cutout value was $3.11 higher Monday afternoon at $248.35/cwt. Select was $1.38 higher at $219.44. The Choice-Select spread hit a new high at $28.91.

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On Wall Street, Major U.S. financial indices closed slightly lower on Monday, with little new economics news, bit still close to record-high levels.

The Dow Jones Industrial Average closed 22 points lower. The S&P 500 closed 2 points lower. The NASDAQ closed 10 points lower.

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Softer sales and customer traffic levels dampened optimism among restaurant operators, in the most recent Restaurant Performance Index (RPI) from the National Restaurant Association (NRA). The RPI fell 1.5% in April to a level of 100.3, which is barely into expansion territory.

For perspective, according to NRA, index values above 100 indicate that key industry indicators are in a period of expansion. Index values below 100 represent a period of contraction. So, the key indicators, especially the forward-looking ones still favor expansion.

That’s good news for livestock producers, says Katelyn McCullock, an economist with the American Farm Bureau Federation, in the latest issue of In the Cattle Markets. She explains the expansionary outlook suggests a boost in demand to help lessen the negative effects of the large production numbers that are expected in beef, pork and chicken.

2017-06-06T10:25:47+00:00

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