Daily-May 19

Daily-May 19

Cash fed cattle trade was $4-$5 lower in the Southern Plains on Thursday at $133-$134/cwt. on a live basis. There were too few transactions to trend in other regions.

Choice boxed beef cutout value was 96¢ lower Thursday afternoon at $247.21/cwt. Select was 27¢ lower at $221.66.

Despite the lower cash trade and softer wholesale beef values, following early pressure, the reported increase in commercial interest helped buoy Cattle futures, adding to gains from the previous session.

Except for a nickel lower in Dec and Jun, Live Cattle futures closed an average of 38¢ higher across a range of 5¢ to 82¢ higher.

Except for 30¢ higher in spot May, Feeder Cattle futures closed an average of $1.28 higher with a range of $1.02 to $1.62 higher.

Corn bids were mostly 5¢-6¢ lower.

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Major U.S. financial indices rebounded some from the previous session’s sell-off.

The Dow Jones Industrial Average closed 56 points higher. The S&P 500 closed 8 points higher. The NASDAQ closed 43 points higher.

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Feeder cattle prices are up 12-14% since the beginning of the year, Peel says, while fed cattle and Choice boxed beef prices are up about 23%. Select boxed beef is up about 16%,” says Derrell Peel, Extension livestock marketing specialist at Oklahoma State University, in his weekly market comments.

Peel notes that lighter carcass weights helped push the spring price rally higher and for longer than expected.

“Beef production is up 4.3% so far this year, while total cattle slaughter is up over 6% for the year to date,” Peel says. “In the most recent week of actual slaughter data, he says steer carcass weights were down 21 lbs. from one year ago, while heifer carcass weights were down 18 lbs. He adds that This is partially offset by heavier cow and bull carcass weights at the current time.”

2017-05-30T13:35:04-05:00

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