Cattle Current Daily—Dec. 2023

Cattle Current Daily—Dec. 2023

Cattle futures softened Wednesday, amid likely positioning and pressured by the commodity-wide weakness tied to Argentina’s currency devaluation.

Feeder Cattle futures closed an average of $1.46 lower.

Live Cattle futures closed an average of 89¢ lower (47¢ to $1.45 lower).

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

Last week, FOB live were $171/cwt. in the Southern Plains, $169-$171 in Nebraska and $168-$171 in the western Corn Belt. Dressed delivered prices were $267-$272 in Nebraska and $268-$270 in the western Corn Belt.

Choice boxed beef cutout value was $1.14 lower Wednesday afternoon at $291.64/cwt. Select was 55¢ higher at $259.21/cwt.

KC HRW Wheat futures closed 16¢ to 24¢ lower through Jly ’25.

Corn futures closed mostly 3¢ to 5¢ lower.

Soybean futures closed 10¢ to 16¢ lower through Sep ’24, and then 4¢ to 7¢ lower.

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Major U.S. financial indices charged ahead Wednesday, fueled by comments from the Federal Reserve that it may begin cutting interest rates next year.

The Dow Jones Industrial Average closed 512 points higher. The S&P 500 closed 63 points higher. The NASDAQ was up 200 points.

West Texas Intermediate Crude Oil futures (CME) closed 86¢ to 99¢ higher through the front six contracts.

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All else being equal, cattle prices should remain strong through 2026, says Andrew P. Griffith, agricultural economist at the University of Tennessee, in his weekly market comments. That’s based on supply fundamentals.

“Cow slaughter and heifer slaughter have continued at a rapid pace, which means the beef cow herd and heifers held for beef cow replacement are going to be extremely low to begin 2024 compared to 2023,” Griffith says.

USDA will issue Jan. 1 cattle numbers January 31.

2023-12-13T19:36:52-06:00

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