Cattle Current Daily—Dec. 11, 2023

Cattle Current Daily—Dec. 11, 2023

Cattle futures rallied Friday with the oversold conditions, apparently expected data in the monthly World Agricultural Supply and Demand Estimates (see below) and chatter that the bottom might finally be etched.

Feeder Cattle futures closed an average of $4.65 higher ($4.15 to $5.07 higher).

Live Cattle futures closed an average of $2.56 higher ($1.97 to $3.35 higher).

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

For the week, FOB live prices were $3-$4 lower in the Southern Plains at $171/cwt., mostly $3-$4 lower in Nebraska at mainly $171 and $4 lower in the western Corn Belt at $169-$171. Dressed delivered prices were $4-$8 lower in Nebraska at $267-$271 and $4-$5 lower in the western Corn Belt at mostly $270.

Choice boxed beef cutout value was $1.83 lower Friday afternoon at $288.01/cwt. Select was 93¢ lower at $257.90/cwt. Week to week, Choice was down $9.45 and Select was down $7.59.

Grain and soybean futures closed lower on likely profit taking.

Corn futures closed mostly fractionally lower to 2¢ lower.

KC HRW Wheat futures closed mostly fractionally lower to 1¢ lower, except for 3¢ to 6¢ lower in the front three contracts.

Soybean futures closed 3¢ to 7¢ lower through Sep ’25 and then mostly 1¢ lower.

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Major U.S. financial indices closed higher Friday, supported by consumer expectations for easing inflation, as well as a national employment report that underscored the economy’s resilience.

Total non-farm payroll employment increased by 199,000 in November, more than the trade expected, and the nation’s unemployment rate edged lower to 3.7%, according to the U.S. Bureau of Labor Statistics.

The Dow Jones Industrial Average closed 130 points higher. The S&P 500 closed 18 points higher. The NASDAQ was up 63 points.

West Texas Intermediate Crude Oil futures (CME) closed $1.55 to $1.89 higher through the front six contracts.

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 USDA’s Economic Research Service (ERS) reduced the expected five-area direct fed steer price for the remainder of this year and next, in the December World Agricultural Supply and Demand Estimates (WASDE). Based on increased expected feedlot placements in late 2023 that will be marketed next year and current prices, compared to the previous month, ERS reduced the expected fourth quarter price this year by $7 to $178/cwt. The projected annual price was $1.75 lower at $175.55. For next year, prices were sliced by $10 in the first quarter to $175, $9 in the second quarter to $184 and $5 in the third quarter to $177. The forecast annual average price for 2024 was reduced $7 to $178.

2023-12-10T16:00:58-06:00

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