Cattle Current Daily—Dec. 29, 2023

Cattle Current Daily—Dec. 29, 2023

Negotiated cash fed cattle trade ranged from moderate on moderate demand to mostly inactive on light demand through Thursday afternoon, according to the Agricultural Marketing Service.

FOB live prices were $1 higher in the Texas Panhandle at $172/cwt., $1-$2 higher in Kansas at $172 and mostly $2 higher in the western Corn Belt at $172-$172.50.

Last week, FOB live prices were $171-$172 in Nebraska. Dressed delivered prices were $270.

Choice boxed beef cutout value was 20¢ lower Thursday afternoon at 291.28/cwt. Select was $1.08 lower at $259.24/cwt.

Cattle futures softened Thursday amid light trade once again and perhaps with some year-end position squaring.

Feeder Cattle futures closed an average of $1.42 lower (72¢ to $2.27 lower).

Live Cattle futures closed an average of 44¢ lower, except for an average of 34¢ higher at either end of the board.

Corn futures closed mostly 1¢ to 2¢ lower.

KC HRW Wheat futures closed mostly 4¢ to 5¢ higher, helped along by increased tensions in the Black Sea.

Soybean futures closed mostly 4¢ to 8¢ lower.

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Major U.S. financial indices closed little changed Thursday.

The Dow Jones Industrial Average closed 53 points higher. The S&P 500 closed 1 point higher. The NASDAQ was down 4 points.

West Texas Intermediate Crude Oil futures (CME) closed $2.24 to $2.37 lower through the front six contracts.

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Food price increases are expected to moderate further in 2024, according to the recently updated Food Price Outlook from USDA’s Economic Research Service (ERS).

“The all-items Consumer Price Index (CPI), a measure of economy-wide inflation, decreased 0.2% from October 2023 to November 2023 and was up 3.1% from November 2022,” according to ERS. “The CPI for all food decreased 0.2% from October 2023 to November 2023, and food prices were 2.9% higher than in November 2022.”

More specifically, the food-at-home CPI decreased 0.5% month to month in November and was up 1.7% year over year. Conversely, the CPI for food purchased away from home increased 0.4% from October through November was 5.3% higher than a year earlier.

Next year, ERS predicts all food prices to increase 1.2%, compared to this year’s projection of a 5.8% increase. Prices for food at home were projected to decrease 0.6% while prices for food away from home were expected to increase 4.9%.

 

 

2023-12-28T18:10:56-06:00

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