Daily-May 15

Daily-May 15

Despite the crumbling cattle futures, lower cash fed cattle prices and pressure on calf and feeder markets that dominated most of last week, it all ended on a high note, helped along by the news that China is supposed to open its doors to U.S. beef exports by July 16 this year.

The emotional boost from the Chinese news added to short covering and profit taking to help Cattle futures soar sharply higher on Friday.

Live Cattle futures closed an average of $2.18 higher for a range of $1.25 to $2.47 higher.

Feeder Cattle futures closed an average of $3.66 higher ($2.17 to limit-up $4.50 higher).

Corn futures closed mostly 1¢ higher.

Choice boxed beef cutout value was 83¢ higher Friday afternoon at $247.69. Select was $1.15 lower at $225.51. The Choice-Select spread was the highest since last June at $22.18.Corn futures closed mostly 1¢ higher.

******************************

Major U.S. financial indices closed marginally mixed on Friday, pressured by sliding retailer stocks and slower overall retail sales.

The Dow Jones Industrial Average closed 22 points lower. The S&P 500 closed 3 points lower. The NASDAQ closed 5 points higher.

******************************

The Trump Administration announced late last Thursday that China agreed to open its doors to U.S. beef exports no later that July 16 of this year, after 13 years of being locked out, at least officially. It seems a poorly kept secret that some U.S. beef has continued to make its way into the country via other nations.

There’s still another round of technical consultations, to go according to the U.S. Meat Export Federation and others. Even with the market open, only time will tell how much U.S. beef the Chinese are interested in buying. But the hard date of July 16 sure makes this seem real rather than more wishful chatter.

On Friday, USDA Secretary of Agriculture, Sonny Perdue said, “This is tremendous news for the American beef industry, the agriculture community, and the U.S. economy in general…“We will once again have access to the enormous Chinese market, with a strong and growing middle class, which had been closed to our ranchers for a long, long time.”

2017-05-30T13:37:16+00:00

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.

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.