Daily-May 23

Daily-May 23

Higher outside markets and stronger commodity prices on Monday helped Cattle futures build on gains from the end of last week.

After 47¢ higher in spot Jun, Live Cattle futures closed an average of $1.34 higher with a range of 95¢ to $1.72 higher.

Other than 90¢ and $1.22 higher at either end of the Board, Feeder Cattle futures closed an average of $2.48 higher.

Corn futures closed mostly 1¢-2¢ higher.

Choice boxed beef cutout value was 74¢ higher Monday afternoon at $247.88. Select was $1.41 higher at $222.83.

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Major U.S. financial indices closed higher on Monday, supported by the billion-dollar arms deal between the U.S. and Saudi Arabia.

The Dow Jones Industrial Average closed 89 points higher. The S&P 500 closed 12 points higher. The NASDAQ closed 49 points higher.

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The percent of the U.S. without any dry or drought conditions in May exceeded 80% for the first time since the Drought Monitor began publication in 2000,” says Derrell Peel, Extension livestock marketing specialist at Oklahoma State University, in his weekly market comments. He adds that no exceptional drought conditions exist anywhere in the country, for the first time since early in 2011.

Georgia and Florida are the states currently having the toughest time with drought. With that exception, Peel says, “The U.S. has very favorable conditions for pasture, range and hay so far this year. That will help support cattle production and hold production costs down for cattle producers.”

2017-05-30T13:33:47+00:00

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