Daily-May 26

Daily-May 26

Apparently wholesale beef values remained high enough, and the gaping maw stayed wide enough between spot Live Cattle and cash to stymie another round of futures losses on Thursday. Or, it could have been position squaring and the general lack of trade.

Live Cattle futures closed an average of $1.27 higher with a range of $1.00 to $1.80 higher.

Except for 47¢ lower in expiring May, Feeder Cattle futures closed an average of $1.75 higher with a range of 72¢ to $2.45 higher.

Corn futures closed 1¢ to 2¢ lower.

Choice boxed beef cutout value was 3¢ higher Thursday afternoon at $246.11/cwt. Select was 62¢ lower at $218.98. The Choice-Select spread continued historically high at $27.13/cwt.

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Tech stocks helped lead major U.S. financial indices higher on Thursday. That was despite a step-down in oil prices with CME Crude Oil futures settling $2.33-$2.46 lower for the remainder of the year.

The Dow Jones Industrial Average closed 70 points higher. The S&P 500 closed 10 points higher. The NASDAQ closed 42 points higher.

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U.S. beef exports—and U.S. agricultural exports in general—are forecast to continue growing this year, even as domestic and international economic growth continues to totter forward. That’s according to the latest Outlook for U.S. Agricultural Trade from USDA’s Economic Research Service (ERS).

“World per capita GDP growth is expected to reach 1.6% in 2017 compared with 1.2% in 2016,” ERS analysts say. They explain the increase reflects a broad-based upswing in the world economy across both developed and developing countries.

In terms of U.S. export opportunity, the report anticipates little strengthening, if any, in the value of the U.S. dollar.

So, ERS analysts say, “Expectations for Livestock, poultry, and dairy exports are raised $600 million to $28.7 billion, almost entirely due to higher anticipated shipments of red meat and products. Beef exports are raised $200 million to $6.0 billion and pork exports are raised $400 million to $5.4 billion due to growth in export volumes to several countries in Asia and Mexico.”

2017-05-30T13:31:57+00:00

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