Daily-May 16

Daily-May 16

Any jolt from the late-week announcement regarding beef trade with China evaporated on Monday as Cattle futures opened and closed sharply lower, with many anticipating another step-down in fed cattle prices this week.

You’ll recall that fed cattle prices were $7 lower in the Southern Plains last week and $7-$9 lower in Nebraska… mostly $138/cwt. in those regions on a live basis. At $220 in the beef, dressed prices in Nebraska were $10 lower.

Live Cattle futures closed an average of $2.18 lower on Monday with a range of $1.55 to $2.97 lower.

Feeder Cattle futures closed an average of $2.64 lower with a range of $1.35 to $3.37 lower. On both counts, that continues the start-and-stop unwinding from last week.

Corn futures closed 1¢ to 3¢ lower.

Choice boxed beef cutout value was $1.71 higher Monday afternoon at $249.40. Select was a penny lower at $225.50. The Choice-Select spread continued to widen at $23.90.

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Rising oil prices and tech stocks helped lead Major U.S. financial indices higher on Monday.

The Dow Jones Industrial Average closed 85 points higher. The S&P 500 closed 11 points higher. The NASDAQ closed 28 points higher.

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Derrell Peel, Extension livestock marketing specialist at Oklahoma State University lends some perspective to the spring-long rally in cattle prices.

In his weekly market comments, Peel points out the rally pushed prices higher and extended for longer most anyone expected. According to Peel, market support stems from a range of factors, including: tighter than expected supplies of beef; stronger than expected domestic demand; continued strong beef exports; and speculative support in live and feeder cattle futures contracts.

2017-05-30T13:36:45-05:00

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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.