Negotiated cash fed cattle trade ranged from limited on light demand to slow on moderate demand through Wednesday afternoon, according to the Agricultural Marketing Service. Although too few transactions to trend, various reports suggested prices were a touch higher than earlier in the week, supported by the bounce in futures.
So far this week, live prices are $1 lower in the Texas Panhandle at $135/cwt. and $1-$3 lower in Kansas and Nebraska at $135. Dressed trade in Nebraska is steady to $1 lower at $217-$218. Last week, live prices were at $138 in the western Corn Belt and dressed trade was at $217-$218.
Cattle futures extended recent gains Wednesday amid lighter pre-holiday trade.
Feeder Cattle futures closed an average of 58¢ higher (10¢ to 95¢ higher).
Live Cattle futures closed an average of 66¢ higher.
Choice boxed beef cutout value was 47¢ higher Wednesday afternoon at $261.86/cwt. Select was 91¢ higher at $250.83/cwt.
Corn futures closed 3¢ to 4¢ higher through Sep ‘22, and then mostly 1¢ higher.
Soybean futures closed 15¢ to 22¢ higher through Sep ‘22 and then mostly 7¢ to 8¢ higher.
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Major U.S. financial indices extended gains Wednesday. Support included the Food and Drug Administration’s emergency use authorization of the COVID treatment pill from Pfizer.
The Dow Jones Industrial Average closed 261 points higher. The S&P 500 closed 47 points higher. The NASDAQ was up 180 points.
CME West Texas Intermediate Crude Oil futures closed $1.05 to $1.64 higher in the front six contracts. That makes for a gain of about $3.50-$4.00 in those contracts over the last two trading sessions.
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Beef in freezers continues lower year over year, according to the latest USDA Cold Storage report. Beef in cold storage Nov. 30 was 4% more than the previous month but 4% less year over year.
Pork in cold storage was 8% less than the previous month and 3% less than the same time last year.
Total red meat supplies in freezers were 2% less than the previous month and 4% less than the prior year.
Total frozen poultry supplies were 17% less month to month and 18% less year over year.