Cattle Current Daily—April 24, 2023

Cattle Current Daily—April 24, 2023

Negotiated cash fed cattle trade ranged from mostly inactive on light demand to limited on light demand through Friday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

For the week, live prices were steady in the Southern Plains at $175/cwt., $1-$2 lower in Nebraska at $180-$185 and unevenly steady in the western Corn Belt at $182. Dressed prices were $2 lower at $288.

Choice boxed beef cutout value was 39¢ lower Friday afternoon at $306.60/cwt. Select was 94¢ lower at $287.80/cwt.

However, weaker Corn futures helped Feeder Cattle futures ease an average of 44¢ higher Friday, (5¢ to $1.00 higher), except for $1.25 lower in spot Apr. They closed an average of $3.69 higher week to week on Friday (37¢ higher in spot Apr to $5.92 higher).

Live Cattle futures closed mixed, from an average of 18¢ lower to an average of 11¢ higher. They were an average of 78¢ higher week to week on Friday, except for 77¢ lower in spot Apr.

Corn futures closed mostly 7¢ to 9¢ lower.

KC HRW Wheat closed mixed, mostly 1¢ to 2¢ lower through May ’24 and then mostly 3¢ higher.

Soybean futures closed mostly 12¢ to 21¢ lower.

Cattle futures could face some pressure heading into the new week, based on Friday monthly Cattle on Feed report (see below).

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Major U.S. financial indices closed a touch higher Friday, once again amid mixed quarterly corporate earnings reports.

The Dow Jones Industrial Average closed 22 points higher. The S&P 500 closed 3 points higher. The NASDAQ was up 12 points.

West Texas Intermediate Crude Oil futures (CME) closed 50¢ to 81¢ higher through the front six contracts.

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Markets will likely view Friday’s monthly Cattle on Feed report as bearish, depending on expectations priced into the market ahead of the report. For feedlots with 1,000 head or more capacity, placements and on-feed numbers were more than analyst estimates.

March placements of 1.99 million head were 13,000 head fewer year over year (-0.6%). That was 4.2% more than expectations.

In terms of placement weights, 35% went on feed weighing 699 pounds or less, 53% weighing 700-899 pounds and 12% weighing 900 pounds or more.

Marketings in March of 1.97 million head were 23,000 head less (-1.2%). That was in line with expectations.

Cattle on feed April 1 of 11.61 million head were 533,000 head fewer year over year (-4.4%), which was 0.8% more than analysts expected.

2023-04-23T13:15:39-05:00

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