Daily-May 18

Daily-May 18

Cattle futures found some stability on Wednesday, despite lower wholesale beef values and softer prices at the weekly Fed Cattle Exchange auction. The weighted average price there was $135.16/cwt. for delivery at 1-9 days; $134.28 for delivery at 1-17 days; $130.84 for delivery at 17-30 days. Of the 2,379 head offered, 1,621 head sold.

Live Cattle futures closed an average of 23¢ higher.

After $1.02 higher in spot May, Feeder Cattle futures closed an average of 23¢ higher.

Corn futures 2¢-3¢ higher.

Choice boxed beef cutout value was $1.71 lower Wednesday afternoon at $248.17/cwt. Select was $2.46 lower at $221.93. On both counts, perhaps this marks the front end of the expected seasonal downturn. In the meantime, The Choice-Select spread continued to widen yesterday to $26.24.

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Major U.S. financial indices closed sharply lower on Wednesday. The popular reason, according to various analysts, was the potential for presidential impeachment, what with the firing of the FBI Director, etc., which would presumably derail some of the reforms Wall Street has been pricing into the market; lots of presumptions on both counts.  

The Dow Jones Industrial Average closed 372 points lower. The S&P 500 closed 43 points lower. The NASDAQ was down 156 points.

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After trending lower year to year through the first quarter, the daily average Choice-Select spread is moving higher, substantially higher so far this month. The seasonal trend is no surprise, but the degree of climb in recent weeks is atypical, speaking to more cattle with fewer days on feed and lighter carcass weights as consumers place more value on higher quality.

For perspective, the monthly daily average Choice-Select spread in the first quarter of this year ranged from $2.22 to $7.08/cwt., compared to a range of $4.18 to $5.90 through the first quarter of last year. The spread was $2.54 higher this April than last at $11.97. For May, Through the 16th, the average daily spread was $9.26 higher than last year at $19.84.

2017-05-30T13:35:37-05:00

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