Daily-May 22

Daily-May 22

Cash fed cattle prices may have reached their seasonal peak a couple of weeks ago, and volatile cattle futures have applied some pressure to calf prices along the way, but by the end of last week, Cattle futures stabilized and gained a notch while still-strong feeder cattle prices bounced higher.

Live Cattle futures closed an average of 83¢ higher on Monday with a range of 52¢ to $1.40 higher.

Feeder Cattle futures closed an average of $1.01 higher with a range of 87¢ to $1.10 higher.

Corn futures closed mostly 4¢-6¢ higher.

The continuation of feedlot currentness and the resulting lighter carcass weights are certainly helping to underpin the market. Choice boxed beef cutout value was 7¢ lower Friday afternoon at $247.14/cwt. Select was 24¢ lower at $221.42.

“Perhaps feedlot operators might still have the upper hand, despite lower cash fed cattle trade as packers still need inventory,” said AMS analysts on Friday.

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Major U.S. financial indices continued to rebound from the mid-week slide.

The Dow Jones Industrial Average closed 141 points higher. The S&P 500 closed 16 points higher. The NASDAQ closed 28 points higher.

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“Retailers and food service providers are trying to stock up on Choice grade middle meats as steaks begin to sizzle on the grill,” says Andrew P. Griffith, agricultural economist at the University of Tennessee, in his weekly market comments. “Much of the interest in middle meats is brought on by Memorial Day weekend which marks the unofficial start of summer. The interest in Choice grade middle meats has swollen the Choice-Select spread to what will likely be a record weekly level and the highest Choice-Select spread since June 2016.”

2017-05-30T13:34:27+00:00

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