Cattle Current Daily—Dec. 6, 2023

Cattle Current Daily—Dec. 6, 2023

Cattle future closed higher Tuesday with renewed buying interest on oversold conditions and the hopes of some that a bottom was carved with the recent aggressive selling.

Feeder Cattle futures closed an average of $3.59 higher ($2.77 at the back to $4.17 higher in spot Jan).

Live Cattle futures closed an average of $1.34 higher (90¢ to $1.90 higher).

Negotiated cash fed cattle trade was mostly inactive on light demand in all regions through Tuesday afternoon, according to the Agricultural Marketing Service.

A day earlier, FOB live prices in Kansas were $3-$4 lower at mostly $171/cwt.

Last week, FOB live prices were $175 in the Texas Panhandle, $174-$175 in Nebraska and $173-$175 in the western Corn Belt.

Dressed delivered prices last week were mostly $275 in Nebraska and $274-$275 in the western Corn Belt.

Choice boxed beef cutout value was $1.24 lower Tuesday afternoon at $293.75/cwt. Select was $3.70 lower at $259.13/cwt.

Corn futures closed 4¢ to 8¢ higher through Jly ’24 and then mostly 1¢ to 2¢ higher.

KC HRW Wheat futures closed 1¢ to 5¢ higher.

Soybean futures closed mostly fractionally higher through Aug ’25 and then mostly 2¢ to 3¢ higher.

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Major U.S. financial indices closed narrowly mixed Tuesday with the most support coming from tech stocks.

The Dow Jones Industrial Average closed 79 points lower. The S&P 500 closed 2 points lower. The NASDAQ was up 44 points.

West Texas Intermediate Crude Oil futures (CME) closed 72¢ to 92¢ lower through the front six contracts.

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Agricultural producer sentiment increased for the second consecutive month in November, according to the latest Purdue University/CME Group Ag Economy Barometer. The overall index rose 5 points to a reading of 115, up 12% from a year earlier. Increased optimism was mostly attributed to farmers’ improved perceptions of their farms’ financial conditions and prospects.

“Farmers’ expectations regarding financial performance have improved, with fewer producers’ expecting worse performance than a year ago,” says James Mintert, the barometer’s principal investigator and director of Purdue University’s Center for Commercial Agriculture.

The Index of Current Conditions rose 12 points to 113 while the Index of Future Expectations improved by 2 points to 116.

Top concerns for the upcoming year include higher input costs (32%), rising interest rates (26%) and lower crop and/or livestock prices (20%). Notably, there has been a shift in concern throughout the year, with fewer producers expressing worry over higher input costs compared to the beginning of the year. Instead, more producers are now concerned about rising interest rates and lower crop and livestock prices.

This month’s Ag Economy Barometer survey was conducted from November 13-17, 2023.

 

 

2023-12-05T20:20:14-06:00

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