Cattle Current Daily Feb. 1, 2023

Cattle Current Daily Feb. 1, 2023

Feeder Cattle futures closed higher Monday in anticipation of the USDA Cattle report (see below).

Feeder Cattle futures closed an average of $1.36 higher (93¢ to $2.23 higher).

Live Cattle futures closed mixed, from 33¢ down to 45¢ higher.

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

Last week, live prices were $156/cwt. in the Southern Plains, $153-$156 in Nebraska and $152-$157 in the western Corn Belt. Dressed prices were $248.

Choice boxed beef cutout value was $2.01 lower Tuesday afternoon at $266.09/cwt. Select was $1.40 higher at $252.92/cwt.

Corn futures closed mixed,  unchanged to down 4¢ through Sept. 23, then up 1¢ to 3¢.

KC HRW Wheat closed mostly down 2¢.

Soybean futures closed mixed, up fractionally to 2¢ higher in spot March and May respectively, then mostly down 1¢ to 4¢.

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Major U.S. financial indices closed higher Tuesday with signs of continuing cooling inflation. The housing market saw prices drop 2.5% from June highs and unemployment costs rose but less than expected at the end of 2022.

The Dow Jones Industrial Average closed 369 points higher. The S&P 500 closed 59 points higher. The NASDAQ was up 191 points.

West Texas Intermediate Crude Oil futures (CME) closed 97¢ to $1.07 higher through the front six contracts.

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As expected, beef cattle numbers were significantly fewer at the beginning of this year compared to a year earlier, according to USDA’s Cattle report that came out Tuesday afternoon. As of Jan. 1, year over year:

The nation’s beef cow inventory of 28.92 million head was 1.06 million fewer (-3.5%). That is among the fewest recorded in the United States.

Beef cow-calf states with 5% to 7% year-over year declines included: Kansas (-7%); Kentucky (-7%); Nebraska (-5%); North Dakota (-6%); Oklahoma (-7%).

Beef replacement heifers of 5.16 million head were 317,800 head fewer, down 5.8%.

Cattle on feed of 14.16 million head were down 537, 000 head (-3.6%).

The calculated number of feeder cattle outside of feedlots of 25.27 million head was 722,900 fewer (-2.8%).

Total cattle and calves in the U.S. of 89.27 million head were 2.80 million head fewer (-3.04%).

2023-01-31T23:01:37-06:00

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