Daily-May 11

Daily-May 11

Another day of hard pressure on Cattle futures started to take a toll on cash markets.

It started with the weekly Fed Cattle Exchange where 1,287 head sold out of the 1,993 head offered. Weighted prices ranged from $138.72/cwt. for delivery at 1-9 days to $132.00 for delivery at 17-30 days. Most of those selling came from the Southern Plains. The weighted average on the Exchange last week—all for delivery at 1-9 days—was $140.15, with only 547 head sold. So, about $1.43 lower week to week on current delivery cattle.

In the country, there were a few early live sales in Kansas on Wednesday at $138, but there were too few transactions to trend. Prices in Kansas last week were at mostly $145.

Feeder Cattle futures closed off of session lows and mixed, but still sharply lower in the front months. After 2¢ lower in spot May and an average of $1.10 higher in Jan and Mar, Feeder Cattle futures closed 30¢ to $3.22 lower for an average of $1.53 lower.

Front-month Live Cattle futures followed along to a lesser degree, but managed marginal gains across most of the board. After 77¢ and 25¢ lower in the front two contracts, Live Cattle futures closed 2¢ to 22¢ higher, except for unchanged at the back.

Corn futures closed 4¢-7¢ higher.

Choice boxed beef cutout value was $2.42 higher yesterday afternoon at $244.58/cwt. Select was $1.59 higher at $224.62.

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Major U.S. financial indices closed mixed on Wednesday, with much of the chatter centering around the firing of the FBI director and wondering if that will slow down other things like tax reform.

The Dow Jones Industrial Average closed 32 points lower. The S&P 500 closed 2 points higher. The NASDAQ closed 8 points higher.

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Fed cattle prices for this year were forecast higher in the latest monthly World Agricultural Supply and Demand Estimates, based on recent price strength and expectations that demand will remain relatively firm.

For the year, the estimated annul fed steer prices were raised from $115-$121/cwt. in April to $120-$125 in the May forecast. Estimates are for fed steers prices of $128-$132 in the second quarter; $115-$123 in the third quarter and $113-$123 in the fourth quarter.

2017-05-30T13:38:24-05:00

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