![]() And this is largely due to the underlying strength in the domestic economy.” But this summer the cattle and beef market just continue to show dramatic strength. “At some point in the future, we will need to be concerned about competing meat supplies, trade volumes, the strength of the dollar, and interest rates versus inflation. These are all bullish signals,” Koontz says. “Within the important underlying fundamentals, slaughter weights are seasonally tight, cattle on feed over 120 days are very tight compared to prior years, packer margins and feedlot margins are very strong. economic strength are fueling cattle prices even more than snugger cattle supplies and beef production, says Stephen Koontz, agricultural economist at Colorado State University, in the latest issue of In the Cattle Markets from the Livestock Marketing Information Center (LMIC). West Texas Intermediate Crude Oil futures (CME) closed $1.53 to $1.88 lower through the front six contracts. The Dow Jones Industrial Average closed 348 points lower. financial indices closed lower Wednesday, pressured by the aforementioned lowering of the U.S. Negotiated cash fed cattle trade ranged from inactive on very light demand to a standstill through Wednesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.Ĭhoice boxed beef cutout value was $2.92 lower Wednesday afternoon at $303.18/cwt. Soybean futures closed mostly 14¢ to 20¢ lower through Jly ‘24 and then mostly 8¢ to 9¢ lower. KC HRW Wheat closed 10¢ to 17¢ lower through Dec ‘24 and then 9¢ lower. Live Cattle futures an average of 86¢ lower (50¢ lower at the back to $1.47 lower in spot Aug).įeeder Cattle futures closed an average of $1.15 lower (57¢ lower toward the back to $1.80 lower toward the front).Ĭorn futures closed mostly 2¢ to 8¢ lower. ![]() The lack of weekly cash fed cattle price direction and profit taking may also have pressured Cattle futures. He adds that “It will be interesting to see how imports are adjusting to meet the demand for lean grinding beef, given the production decline domestically.Ĭommodity and equity markets saw widespread selling Wednesday on the news that Fitch Ratings downgraded the long-term credit rating for United States. “All of these points should support beef prices remaining elevated in the near term and in the longer term,” Griffith explains. Griffith points out heifer slaughter is less 1% lower year over year, further affirming that fact that heifer retention has yet to begin. Alternatively, dairy cow slaughter has increased nearly 6% compared to a year ago due to declining milk prices.” “Beef cow slaughter is down more than 12% while steer slaughter has declined close to 5%. ![]() Griffith, agricultural economist at the University of Tennessee, in his weekly market comments. “Most of the decline in beef production compared to a year ago stems from reduced beef cow slaughter, steer slaughter, and lighter slaughter weights,” says Andrew P. West Texas Intermediate Crude Oil futures (CME) closed $1.69 to $2.06 higher through the front six contracts. The Dow Jones Industrial Average closed 66 points lower. financial indices were little changed but softer again Thursday. Soybean futures closed mostly 3¢ to 5¢ higher. ![]() Live Cattle futures an average of 76¢ higher (12¢ to $1.17 higher).įeeder Cattle futures closed an average of $1.35 higher.Ĭorn futures continued lower Thursday with the more favorable production outlook coupled with continued anemic international demand.Ĭorn futures closed 6¢ to 7¢ lower through May ‘24 and then mostly 2¢ to 3¢ lower. Select was 84¢ higher at $278.31/cwt.Ĭattle futures on Thursday mainly regained what was lost in the previous session as traders returned the focus to fundamentals rather than the selloff triggered by the downgrading of U.S. Dressed delivered prices were $292-$295.Ĭhoice boxed beef cutout value was $1.17 lower Thursday afternoon at $302.01/cwt. in the Southern Plains, $186 in Nebraska, and $185-$186 in the western Corn Belt. Last week, live FOB prices were $178-$179/cwt. There were a few live FOB sales in the western Corn Belt at $188/cwt., but too few to trend. Negotiated cash fed cattle trade ranged from limited on light demand to a standstill through Thursday afternoon, according to the Agricultural Marketing Service. ![]()
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