Casey Westinghouse, FED discussed on Cattle Current Market Update with Wes Ishmael
How all this is where sexual cal. Current market update for wednesday night and thursday morning the fifteenth of july camel futures tried to extend gains early wednesday but apparently ran out of technical steam fear. Cattle teachers were also pressured by strong gains in corn futures. They closed an average of two dollars lower from a dollar fifty five lower to two to live cattle futures closed average of forty one cents lower except for twelve cents higher in the back contract. Those front month grain futures continued higher with a hotter drier forecast and reports of storm damage beans and some parts of the corn belt. Corn futures closed fifteen to eighteen cents higher through new crop contracts and then mostly unchanged the fractionally higher soybean futures closed twenty nine to thirty cents higher through the front six contracts and then mostly twenty to twenty five cents higher choice. Box be cut out. Values forty six cents lower wednesday afternoon at two hundred and seventy two dollars and eighty cents. Hundred select was two dollars and ninety nine cents lower at two fifty. Three seventy five negotiated cash cow. Prices were two hundred twenty three dollars one hundred weight on live basis in nebraska through wednesday afternoon according to the agricultural marketing service. That was two dollars lower than on monday with slow trait and like demand dress prices there last week were one hundred ninety six two hundred dollars. Prices were at one hundred twenty dollars in the southern plains on tuesday they were one hundred and twenty four to one hundred twenty six dollars on a live basis and the western corn belt last week and fear cattle sold mainly higher at the weekly wednesday auctions monitored by calcutta steer sold forty eight dollars higher. It'll casey westinghouse rena. Oklahoma wall covers traded eight ten dollars higher. There were sixty two hundred and thirty five head on offer at hub city livestock and aberdeen south dakota steers way. Nine hundred thousand pounds. So mostly steady with instances of five dollars higher at nine hundred nine hundred and fifty pounds. Higher undertones were noted for heifers. There are twenty nine hundred fifty eight head on offer. Finally compared with two weeks earlier steer sold three to seven dollars higher at hus- lock stock market in nebraska. Where twenty hundred and ten head. Seven whatever's their full six dollars five major. Us financial analysis close narrowly mixed on wednesday support included testimony from federal reserve chair. Jerome powell to the. Us house committee on financial services. He stressed the fed remained committed to maintaining the federal funds rate near zero and the current level of asset purchases until the fed's long-term goal of inflation exceeding two percent for some time is achieved in his testimony. Chairman powell said inflation has increased notably and will likely remain elevated coming months before moderating inflation is being temporarily boosted by base affects as the sharp pandemic related price decline from last spring. Drop out of the twelve month calculation. In addition he explained strong demand in sectors were production bottlenecks or supply straits have limited production has led to a specially rapid price increases for some goods and services which should partially reverse as the effects. The bottlenecks unwind. He added prices for services that were hard hit by the pandemic also jumped in recent months as demand for these services has surged with reopening the economy. The dow jones industrial average closed forty four points. The s&p five hundred closed five points higher. But the nasdaq was down. Thirty three points. Despite increase beef cow slaughter this year less dairy cow slaughter and fewer beef imports or helping maintain coal cal prices at higher levels. According to james mitchell extension livestock economist with the university of arkansas southern plains slaughtered cow prices at advertise eight point one percent above last year and fourteen point seven percent above two thousand nineteen mitchell says in the most recent issue of in the cattle market this year. He says dairy cow slaughter is average zero point nine percent below last year's level and three point seven percent below two thousand nineteen at the same time. Usda forecast beef imports be down ten percent. This year perspective while fit cal trimmings are the main source of fifty percent lean. Tran mitchell explains colby. Kaos contribute to ground beef production as a source of ninety percent lean trimmings which are landed with fifty percent lane trimmings to make the majority of our ground beef and hamburger the other two sources of lame trimmings dairy cows and lean beef imports for context. He says beef and dairy. Cows represents twenty point four percent of total usb trim supplies in two thousand nineteen and twenty seven point six percent last year lean trip in ground beef prices are also underpinning the coal cal prices mitchell says explaining fresh ninety percent lean trimming so far this year are averaging four percent less than last year but eleven percent more than in two thousand nineteen at the same time based on data through me mitchell sis ground beef prices averaged four dollars and four cents a pound or zero point five percent more than in two thousand twenty lean ground beef prices of average one point six percent more than last year and nine point nine percent more than two thousand nineteen. He has the only way to have higher. Prices with.