Cattle Current Daily—Aug. 7, 2023

Cattle Current Daily—Aug. 7, 2023

Cattle futures closed higher Friday, helped along by the weekly decline in Corn futures and the hint of higher cash prices.

Live Cattle futures an average of $1.40 higher (92¢ higher at the back to $2.40 higher in spot Aug). 

Feeder Cattle futures closed an average of $1.91 higher.

Negotiated cash fed cattle demand and trade were moderate in the western Corn Belt through Friday afternoon, according to the Agricultural Marketing Service. For the week, live FOB prices were $2-$3 higher at $188/cwt. Dressed delivered prices the previous week were $294-$295.

Elsewhere, trade ranged from mostly inactive on very light demand to limited on light demand.

Although too few to trend, there were a few live delivered sales in Kansas at $184.00-$185.50 and a few live FOB sales in Nebraska at $188.

The previous week, live FOB prices were $178-$179/cwt. in the Southern Plains and $186 in Nebraska, where dressed delivered prices were $292-$295.

Choice boxed beef cutout value was 22¢ lower Friday afternoon at $301.79/cwt. Select was $1.83 lower at $276.48/cwt.

Corn and Soybean futures firmed on Friday but continued to be capped by the favorable weather outlook.

Corn futures closed mostly 2¢ to 3¢ higher.

Soybean futures closed mostly 5¢ to 10¢ higher.

KC HRW Wheat closed mostly 9¢ to 12¢ lower.

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Major U.S. financial indices closed lower Friday. Pressure included a less robust jobs report than expected.

Total non-farm payroll employment rose by 187,000 in July, according to the U.S. Bureau of Labor Statistics. The unemployment rate was little changed at 3.5%.

Average hourly earnings in July for all employees on private non-farm payrolls rose by 14¢ (0.4%) to $33.74. Over the past 12 months, average hourly earnings have increased by 4.4%. 

The Dow Jones Industrial Average closed 150 points lower. The S&P 500 closed 23 points lower. The NASDAQ was down 50 points.

West Texas Intermediate Crude Oil futures (CME) closed $1.00 to $1.27 higher through the front six contracts.

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United States farm real estate value — a measurement of the value of all land and buildings on farms, averaged $4,080 per acre for 2023, up $280 per acre (+7.4%) from 2022, according to Land Values-2023 Summary from USDA’s National Agricultural Statistics Service.

United States cropland value averaged $5,460 per acre in 2023, which was $410 more per acre (+8.1%) than the previous year. Regionally, value increased from a low of 2.2% in the Delta states (AR, LA and MS) with an average value of $3,260/acre, to a high of 14.1% in the Northern Plains (KS, NE, ND and SD) with an average value of $4,200 per acre.

United States pasture value averaged $1,760 per acre in 2023, which was $110 more per acre (+6.7%) than the previous year. Regionally, value increased from a low of 2.4% in the Delta states (AR, LA and MS) with an average value of $2,940/acre, to a high of 13.5% in the Northern Plains (KS, NE, ND and SD) with an average value of $1,510 per acre.

2023-08-06T17:47:21-05:00

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