Feeder Cattle futures edged an average of 34¢ higher, except for unchanged in Apr., supported by lower Corn futures.
Live Cattle languished, waiting for cash direction. They closed an average of 21¢ lower, except for 2¢ higher spot Feb.
Negotiated cash fed cattle trade ranged from limited on light demand to a standstill, with too few transactions to trend through Thursday afternoon, according to the Agricultural Marketing Service.
Last week, live prices were $158/cwt. in the Texas Panhandle, $158-$159 in Kansas, $155-$159 in Nebraska and $154-$160 in the western Corn Belt. Dressed prices were $250.
Choice boxed beef cutout value was $2.09 higher Thursday afternoon at $269.29/cwt. Select was 85¢ higher at $254.01/cwt.
Grain and Soybean futures were down on South American weather and anemic weekly export data.
Corn futures closed 3¢ to 7¢ lower through Jly ‘24 and then mostly 1¢ lower.
KC HRW Wheat closed 11¢ to 17¢ lower.
Soybean futures closed mostly 3¢ to 5¢ lower.
******************************
Major U.S. financial indices closed lower Thursday as bears turned back early gains tied to positive corporate earnings reports.
The Dow Jones Industrial Average closed 249 points lower. The S&P 500 closed 36 points lower. The NASDAQ was down 120 points.
West Texas Intermediate Crude Oil futures (CME) closed 41¢ to 49¢ lower through the front six contracts.
******************************
U.S. beef exports set annual records for both volume and value in 2022, according to year-end data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).
“2022 was a ground-breaking year for U.S. beef’s international presence, with global demand stronger than I’ve seen in all my years in the industry,” says Dan Halstrom, USMEF president and CEO. “Late in the year, exports certainly felt the impact of persistent headwinds in our large Asian markets, including depressed trading partner currencies and COVID-related challenges in China, but the long list of countries in which records were set showcases the industry’s focus on diversifying export markets. While the year ahead will be challenging due to supply constraints, the exchange rate situation has improved and we still see room for growth in the foodservice sector as more regions continue their gradual rebound from COVID.”
U.S. beef exports reached 1.47 million metric tons in 2022, up 2% from the previous high in 2021. Export value climbed to a record $11.68 billion, up 10% from 2021 and nearly 40% above the previous five-year average. The U.S. exported a record share of its record-large beef production in 2022, and at higher prices.
Beef export value equated to a record $447.58 per head of fed slaughter in 2022, up 10% from the previous high achieved in 2021.
In December, U.S. beef exports were 7% lower year over year for volume at 112,707 mt. Value was 21% less at $782.6 million. The decline was due in part to a sharp drop in exports to China/Hong Kong, where demand had been constrained by persistent zero-COVID policies. China lifted most COVID restrictions in early December and resumed some international travel in early January. Along with the recent easing of COVID-related cold chain regulations and inspections, these changes offer a more optimistic demand outlook for 2023.