Daily-June 7

Daily-June 7

Cattle futures closed sharply lower on Tuesday in a volatile day of trading with continued support through mid-day—contract highs in some months—and then mostly limit-down in Feeder Cattle, with Live Cattle tagging along. That was with another bump higher in Choice wholesale beef value. There seems no easy explanation for the abrupt sell-off. Today’s weekly Fed Cattle Exchange auction should provide a clearer glimpse of fundamental reality.

Live Cattle futures closed an average of $2.16 lower ($1.80 to $2.60 lower).

Feeder Cattle futures closed an average of $4.39 lower (mostly limit-down $4.50).

Choice boxed beef cutout value was $2.10 higher Tuesday afternoon at $250.45/cwt., the first time above $250 since July of 2105. Select was 13¢ higher at $219.57. The Choice-Select was $30.88 in the afternoon.

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On Wall Street, major U.S. financial indices edged lower again on Tuesday, in what some analysts described as defensive positioning ahead of potential market-rattling events later this week, which include the general election in Great Britain.

The Dow Jones Industrial Average closed 47 points lower. The S&P 500 closed 6 points lower. The NASDAQ closed 20 points lower.

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Although U.S. red meat exports slowed moderately from the previous month’s steamy pace, they remained significantly higher year-over-year, according to statistics released by USDA and compiled by the U.S. Meat Export Federation.

Beef exports in April were 13% more than a year earlier for volume at 99,786 metric tons. Value was 14% more at $550.4 million. For the year through April, beef exports were 14% higher in volume and 18% more in value at $2.16 billion, compared to the same period last year.

April export value per head of fed slaughter averaged $283.52, which was 12% more than a year ago and the highest so far this year. Through April, per-head export value averaged $271.57, up 11%.

2017-06-07T09:36:18+00:00

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