Cattle Current Daily—Aug. 9, 2022

Cattle Current Daily—Aug. 9, 2022

Last week’s stronger cash prices for feeder and fed cattle, along with softer Corn futures helped Cattle futures extend gains Monday, especially Feeder Cattle, which closed an average of $1.49 higher. Live Cattle futures closed an average of 31¢ higher, except for unchanged in the back contract.

Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Monday afternoon with too few transactions to trend, according to the Agricultural marketing Service.

Last week, live prices were $135-$136/cwt. in the Texas Panhandle, $136 in Kansas, $140-$143 in Nebraska and $141-$147 in the western Corn Belt. Dressed prices were $227 in Nebraska and $225-$232 in the western Corn Belt.

The five-area direct weighted average steer price last week was $140.84/cwt. on a live basis, which was $1.01 more than the previous week. The weighted average price in the beef was $2.20 higher at $227.83.

Choice Boxed beef cutout value was $1.62 higher Monday afternoon at $266.24/cwt. Select was 19¢ higher at $238.86/cwt.

Corn futures closed mostly 1¢ to 2¢ lower.

Soybean futures closed mostly 3¢ to 8¢ lower.

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Major U.S. financial indices closed little changed Monday as investors paddled in place awaiting further data direction.

The Dow Jones Industrial Average closed 29 points higher. The S&P 500 closed 5 points lower. The NASDAQ was down 13 points.

CME WTI Crude Oil futures closed $1.75 to $2.06 higher through the through the front six contracts.

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The United States farm real estate value, a measurement of the value of all land and buildings on farms, averaged $3,800 per acre for 2022, up $420 per acre (12.4%) from 2021, according to the latest Land Values Summary from USDA’s National Agricultural Statistics Service.

United States cropland value averaged $5,050 per acre, an increase of $630 per acre (14.3%) from the previous year.

United States pasture value averaged $1,650 per acre, an increase of $170/ acre (11.5%) from 2021. From a percentage standpoint, pasture value was up the most — 17.7% — in the Northern Plains, where average value per acre was $1,330: Kansas (+23.3% to $1,850/acre); South Dakota (+16.0% to $1,230/acre); Nebraska (+14.8% to $1,240/acre); and North Dakota (+10.7% to $930/acre).

Regionally, average pasture value increases were among the least — 6.3% — in the Delta states, where average pasture value was $2,870/acre: Louisiana (+5.1% to $3,100/acre); Arkansas (+5.6% to $2,850/acre); and Mississippi (+8.9% to $2.700/acre).

2022-08-08T20:33:09-05:00

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