Cattle Current Daily—Feb. 14, 2023

Cattle Current Daily—Feb. 14, 2023

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

Last week, live prices were $2 higher in the Texas Panhandle at $160/cwt., $2 higher in Kansas at $160-$161, $1-$2 higher in Nebraska at $157-$160 and steady to $64 higher in the western Corn Belt at $160. Dressed prices were $4 higher at $254.

Last week’s stronger cash trade and recently higher wholesale beef values helped lift Cattle futures Monday.

Live Cattle futures closed an average of 77¢ higher.

Feeder Cattle futures closed an average of 77¢ higher.

Choice boxed beef cutout value was 29¢ higher Monday afternoon at $269.95/cwt. Select was $1.92 higher at $256.21/cwt.

Corn futures closed mostly 1¢ to 4¢ higher through Jly ‘24 and then mostly unchanged to fractionally higher.

Soybean futures closed 2¢ to 3¢ higher.

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Major U.S. financial rose Monday with investors apparently anticipating Tuesday’s CPI report will reflect cooling inflation.

The Dow Jones Industrial Average closed 376 points higher. The S&P 500 closed 46 points higher. The NASDAQ was up 173 points.

West Texas Intermediate Crude Oil futures (CME) closed 41¢ to 42¢ higher  through the front six contracts.

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Both fed cattle and boxed beef prices are poised to move higher as supply fundamentals tighten, says Derrell Peel, Extension livestock marketing specialist at Oklahoma State University, in his weekly market comments.

“Beef production is expected to decrease year over year going forward as cattle slaughter drops. Steer and heifer carcass weights are currently below year-ago levels, in part due to previous winter weather,” Peel explains.

In the meantime, although feedlot inventories declined since October, Peel points out cattle slaughter remains higher year over year for fed cattle, cull cows and packer bulls. He notes strong cull cow prices are expected to continue.

“Feedlots inventories should continue to tighten and cattle slaughter should decline in the coming weeks, although continued drought conditions may slow the rate of decrease if more animals are liquidated,” Peel says. 

2023-02-13T21:26:26-06:00

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