Daily-June 8

Daily-June 8

Negotiated cash fed cattle trade remained at a standstill in the country yesterday. That’s not surprising, given the previous day’s sudden and steep sell0ff in Cattle futures, along with Wednesday’s weekly Fed Cattle Exchange auction being postponed until today due to technical problems.

Live Cattle futures rebounded some, helped by fundamental support, but front-month Feeder Cattle contracts continued to erode.

Live Cattle futures closed an average of 99¢ higher (57¢ to $1.22 higher).

Feeder Cattle futures closed 22¢ to 72¢ lower in the front three contracts and then an average of $1.14 higher.

Choice boxed beef cutout value was 26¢ higher Wednesday afternoon at $250.71/cwt. Select was 33¢ higher at $219.90.

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Major U.S. financial indices tilted higher on Wednesday, basically ending the day where they began. Sliding oil prices, due to a surprising increase in U.S. Crude Oil and gasoline inventories added pressure.

The Dow Jones Industrial Average closed 37 points higher. The S&P 500 closed 3 points higher. The NASDAQ closed 22 points higher.

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Producer sentiment toward the agricultural economy held steady in May, continuing a trend of overall higher optimism, according to the latest Purdue University and CME Group Ag Economy Barometer.

At 130 points, the May barometer reading is on par with the prior month.

While overall sentiment remained the same, there were some changes in the barometer’s sub-indices. The Index of Current Conditions fell 10 points from April to 117. On the other hand, the Index of Future Expectations increased 4 points in May, marking the second-consecutive month of growth. Both reflect higher levels of producer optimism than at the same time last year.

Producer sentiment hovered around the 130-point mark for five of the last six months and remains significantly stronger than a year ago when it was 97. By the way, the Ag Economy barometer is based on a monthly survey of 400 agricultural producers from across the country.

2017-06-07T19:41:50-06:00

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