Daily-May 24

Daily-May 24

Cattle futures settled lower on Tuesday amid a session with little conviction one way or the other. Part of it could be traders waiting for information yet to come this week, including development of cash fed cattle trade, along with positioning ahead of Friday’s monthly Cattle on Feed report, as well as the looming Holiday weekend.

Live Cattle futures closed an average of 36¢ lower for a range of 7¢ to 85¢ lower, except for unchanged at the back.

Except for unchanged in spot May and $1.15 higher at the back of the Board, Feeder Cattle futures closed an average of 79¢ lower with a range of 32¢ to $1.27 lower.

Corn futures closed 2¢-5¢ lower.

Cash fed cattle trade was at a standstill in all major cattle feeding regions. Choice boxed beef cutout value was $2.14 lower Tuesday afternoon at $245.74. Select was $1.66 lower at $221.17.

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Major U.S. financial indices closed a touch higher on Tuesday, as investors await minutes from the Federal Reserve meeting this week. The Dow Jones Industrial Average closed 43 points higher. The S&P 500 closed 4 points higher. The NASDAQ closed 5 points higher.

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Depending on expectations, the monthly USDA Cold Storage report this week was neutral to either side of a non-factor.

Total pounds of beef in freezers on Apr. 30 were down 1% from the previous month and down 2% from last year. Frozen pork supplies were up 9% from the previous month but down 6% from last year. Combined, total red meat supplies in freezers were up 4% from the previous month but down 4% from last year.

2017-05-30T13:33:18-05:00

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