Cattle Current Daily—Feb. 22, 2023

Cattle Current Daily—Feb. 22, 2023

Historically strong February wholesale beef values and dwindling beef production, compounded by reduced feedlot performance due to winter weather, helped Cattle futures move higher Tuesday, despite bearish outside markets.

Live Cattle futures closed an average of 54¢ higher (22¢ to $1.17 higher).

Feeder Cattle futures closed an average of 58¢ higher.

Choice boxed beef cutout value was $4.31 higher Tuesday afternoon at 287.20/cwt. Select was $2.79 higher at $270.84/cwt.

Negotiated cash fed cattle trade ranged from limited on light demand to a standstill through Tuesday afternoon. Although too few to trend, there were a few live trades in Nebraska at $161/cwt. and a few in the western Corn Belt at $164.

Last week, prices on a live basis were $162 in the Southern Plains, $159-$161 in Nebraska and $160-$162 in the western Corn Belt. Dressed prices were $257.

Corn futures closed mostly 1¢ to 3¢ higher.

KC HRW Wheat closed 2¢ to 3¢ lower.

Soybean futures closed 18¢ to 21¢ higher through Aug. ’23 and then mostly 10¢ to 13¢ higher.

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Major U.S. financial indices dove lower Tuesday with investors apparently rattled by higher bond yield rates.

The Dow Jones Industrial Average closed 697 points lower. The S&P 500 closed 81 points lower. The NASDAQ was down 294 points.

West Texas Intermediate Crude Oil futures (CME) closed 12¢ to 19¢ lower  through the front six contracts.

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The Creighton University Rural Mainstreet Index (RMI) climbed above the growth neutral threshold 50.0 in February, for the third consecutive month. The index is based on a survey of bank CEOs in rural areas of a 10-state region dependent on agriculture and/or energy. The index ranges between 0 and 100, with a reading of 50.0 representing growth neutral.

“The Rural Mainstreet economy continues to experience slow economic growth. Only 7.4% of bankers reported improving economic conditions for the month with 85.2% indicating no change in economic conditions from January’s slow growth,” says Ernie Goss, PhD, Jack A. MacAllister Chair in Regional Economics at Creighton University’s Heider College of Business.

The slowing economy, higher borrowing costs and labor shortages continued to constrain the business confidence index to a weak 44.4, but up from 40.4 in January. “Over the past 11 months, the regional confidence index has fallen to levels indicating a very negative outlook,” Goss explains.

The region’s farmland price index decreased to 63.5 from January’s 66.0. This was the 29th straight month that the index has advanced above 50.0. 

2023-02-21T18:56:51-06:00

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