Daily-May 12

Daily-May 12

Cash fed cattle sales in Nebraska on Thursday mirrored the sharply lower prices that ended the previous day in the Southern Plains. Live prices in Nebraska were mostly $7-$9 lower than last week at mostly $138. Although too few to trend, a few dressed sales sold $10 less than last week at $220. Live trade in the Southern Plains on Wednesday was mostly $7 lower than last week at mostly $138.

Futures traders continued to unwind positions on Thursday amid heightened uncertainty wrought by the recent volatility.

Live Cattle futures closed an average of 62¢ lower.

Feeder Cattle futures closed an average of $1.70 lower.

Corn futures closed 2¢-4¢ lower.

Choice boxed beef cutout value was $2.28 higher Thursday afternoon at $246.86. Select was $2.04 higher at $226.66.

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Major U.S. financial indices closed slightly lower on Thursday, pressured by sliding performance from some of the larger retailers. The Dow Jones Industrial Average closed 23 points lower. The S&P 500 closed 5 points lower. The NASDAQ closed 13 points lower.

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Volatility is higher when compared to the last several months, but is still reasonable when compared to historical levels,” says Brian Williams, a livestock economist at Mississippi State University, in the most recent issue of In the Cattle Markets. He explains that volatility of the nearby Feeder Cattle contract hovered in the 10-20% range for much of this year, which he says is less than the volatility seen over the past few years.

“In 2016, Williams says volatility dipped below 15% for only a couple of weeks in the spring and was above 20% for much of the second half of the year. “As 2015 came to a close, Williams explains volatility topped 30%. As for today…At 28%, volatility is now at its highest level since the close of 2015 and the first week of 2016.”

2017-05-30T13:37:47-05:00

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