Cattle Current Daily—02-23-22

Cattle Current Daily—02-23-22

Grain futures surged Tuesday, led by Wheat futures, fueled by the tensions in Eastern Europe, with Chicago wheat was 40¢ to 48¢ higher through the front six contracts.

Corn futures closed 12¢ to 20¢ higher in the front four contracts and then mostly 7¢ to 8¢ higher.

Soybean futures closed 24¢ to 33¢ higher in the front four contracts and then mostly 12¢ to 14¢ higher.

Higher Corn prices weighing on Feeder Cattle futures, which closed average of 94¢ lower (37¢ lower at the back to $1.72 lower toward the front).

Recently stronger cash prices helped Live Cattle fade the heat. They closed an average 26¢ higher Tuesday.

Negotiated cash fed cattle trade ranged from a standstill to mostly inactive on very light demand through Tuesday afternoon, according to the Agricultural Marketing Service.

Prices last week were $142/cwt. on a live basis in Nebraska and the Southern Plains and $142-$144 in the western Corn Belt. Dressed prices were $2 higher at $226.

Tuesday was one of those rare occasions where the Choice-Select spread was negative, with Choice Boxed beef cutout value $2.45 lower in the afternoon at $261.64/cwt., while Select was $1.80 higher at $263.64.

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Major U.S. financial indices sank Tuesday in response to U.S. economic sanctions on Russia after that nation recognized breakaway regions in Ukraine and sent military assistance to them.

The Down Jones Industrial Average closed 480 points lower. The S&P 500 closed 44 points lower. The NASDAQ was down 166 points.

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“The fall run of calves has persisted because of the lack of forage and price of it and other feedstuffs,” says Stephen Koontz, agricultural economist at Colorado State University. “Dry weather in the Northern Plains and in the Mountain West, as well as deteriorating wheat pasture conditions, are pushing animals to the feeding sector…Feeder cattle movements are reasonably strong through January and February. Prices, likewise, remain strong as cattle feeding organizations are more aggressively chasing available animals and lighter animals.”

At the same time, the beef packing pace increased in recent weeks, helping work through long-fed cattle Koontz explains, in the latest issue of In the Cattle Markets from the Livestock Marketing Information Center (LMIC). 

“Federally inspected daily fed steer and heifer slaughter has been remarkable during February,” Koontz says. “…Daily slaughter in February has routinely been greater than 90,000 head and some days pushing 96,000. I anticipate the March Cattle on Feed report, which shows February marketings and placements, will reveal a drop in the number of cattle on feed over 120 or over 150 days.”

2022-02-22T21:05:55-05:00

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