Cattle Current Daily—Dec. 12, 2023

Cattle Current Daily—Dec. 12, 2023

Cattle futures closed higher for the second consecutive trading session with apparently more confidence the bottom might be established.

Live Cattle futures closed an average of $1.74 higher ($1.30 to $2.20 higher).

Feeder Cattle futures closed an average of $2.40 higher ($1.20 to $2.80 higher).

Negotiated cash fed cattle trade was at a standstill through Monday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $3-$4 lower in the Southern Plains at $171/cwt., $4-$5 lower in Nebraska at $169 to $171 and $4-$5 lower in the western Corn Belt at $168-$171. Dressed delivered prices were $3-$8 lower in Nebraska at $267-$272 and $5-$6 lower in the western Corn Belt at $268 to $270.

Choice boxed beef cutout value was $2.42 higher Monday afternoon at $290.43/cwt. Select was $1.64 higher at $259.54/cwt.

Corn futures closed mostly 2¢ to 5¢ lower through Sep ’24 and then mostly 1¢ lower.

KC HRW Wheat futures closed 26¢ to 29¢ lower on likely profit taking.

Soybean futures closed 23¢ to 32¢ higher through Aug ’24 and then mostly 14¢ to 15¢ higher, supported by a drier forecast in South America.

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Major U.S. financial indices closed higher Monday, with follow-through support from recent indicators of cooling inflation.

The Dow Jones Industrial Average closed 157 points higher. The S&P 500 closed 18 points higher. The NASDAQ was up 28 points.

CME WTI Crude Oil futures closed 9¢ to 34¢ higher through the front six contracts.

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 National beef cow slaughter so far this year is 11% less year over year but remains above the five-year average (2017-21), according to Josh Maples, Extension livestock economist at Mississippi State University. He notes wide variation among regions, in the latest Cattle Market Notes Weekly.

For instance, year-to-date beef cow slaughter in Region 4 — representing most Southeastern states — is 3% less that the same period last year but is 2% higher since Sept. 1, according to Maples. In Region 6 (AR, LA, NM, OK and TX) he says year-to-date beef cow slaughter is 17% less year over year but 11% less since Sept. 1.

“The data suggests that cow culling in the South has not decreased by as much as it has in other parts of the country,” Maples says. “Drought is likely the key culprit for this difference, especially for the higher culling totals the past few months. Cull cow prices have been above 2022 levels for most of the year – driven in part by tighter supplies of cull cows. Cull prices have increased in recent weeks despite this being a time of year when prices would seasonally decrease. Dry conditions, high input costs, and strong cull cow prices are a few factors contributing to relatively high culling levels in the Southern U.S. in 2023.”

2023-12-11T21:02:21-06:00

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