Daily-May 17

Daily-May 17

Cattle futures continued lower on Tuesday, led by Feeder Cattle, although they closed off of session lows.

Live Cattle futures closed an average of 47¢ lower.

Feeder Cattle futures closed an average of $1.27 lower (92¢ to $1.57 lower).

Corn futures closed mostly fractionally mixed.

Choice boxed beef cutout value was 48¢ higher Tuesday afternoon at $249.88. Select was $1.11 lower at $224.39. The Choice-Select spread widened to a massive $25.49 as consumers focus on middle meats, while greener cattle make their way to market.

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Major U.S. financial indices closed little changed on Tuesday.

The Dow Jones Industrial Average closed 2 points lower. The S&P 500 closed 1 point lower. The NASDAQ closed 20 points higher.

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Expectations are that prices (fed cattle) will remain relatively strong, despite declining from recent peaks, as packers maintain relatively high rates of cattle slaughter to mitigate the effects of lower carcass weights,” according to analysts with USDA’s Economic Research Service, in the latest monthly Livestock, Dairy and Poultry Outlook. “Demand for market-ready cattle boosted the 5-Area Direct steer price in April to $131.31/cwt., well above the first-quarter estimate of $122.96.”

For further perspective, the second-quarter price is projected at $127-$133, reflecting the strong prices through early May.

2017-05-30T13:36:14+00:00

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