Daily-May 10

Daily-May 10

The yo-yo volatility of recent days continued in Cattle futures on Tuesday, this time sharply lower as traders eyed lighter boxed beef movement and wondered how higher wholesale beef values will affect demand leading up to larger summer fed cattle supplies.

Choice boxed beef cutout value was 72¢ higher Tuesday afternoon at $242.16. Select was 14¢ higher at $223.03.

Live Cattle futures closed an average of $2.47 lower ($1.72 to $2.80 lower).

Except for 27¢ lower at the very back, Feeder Cattle futures closed an average of $4.35 lower ($3.77 lower to mostly limit-down $4.50).

Corn futures closed fractionally higher to a penny higher.

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Major U.S. financial indices closed mixed on Tuesday, with the main news being bandied about having to do with North Korea’s announced intentions to launch another nuclear missile test.

The Dow Jones Industrial Average closed 36 points lower. The S&P 500 closed 2 points lower. The NASDAQ closed 17 points higher.

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“It was obvious feeder cattle prices in March and April were undervaluing animals. However, the market could have moved too far the other direction during this time of correction,” says Andrew P. Griffith, agricultural economist at the University of Tennessee, in his weekly market comments. “The market could certainly move higher, but the upside potential is dwindling compared to downside risk. This would be a good time to physically market cattle, forward contract future sales, or use a price risk management tool to set a price floor on cattle to be sold in future months.”

2017-05-30T13:38:55-05:00

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This Is A Custom Widget

This Sliding Bar can be switched on or off in theme options, and can take any widget you throw at it or even fill it with your custom HTML Code. Its perfect for grabbing the attention of your viewers. Choose between 1, 2, 3 or 4 columns, set the background color, widget divider color, activate transparency, a top border or fully disable it on desktop and mobile.

This Is A Custom Widget

This Sliding Bar can be switched on or off in theme options, and can take any widget you throw at it or even fill it with your custom HTML Code. Its perfect for grabbing the attention of your viewers. Choose between 1, 2, 3 or 4 columns, set the background color, widget divider color, activate transparency, a top border or fully disable it on desktop and mobile.