Cattle Current Daily—Feb. 8, 2024

Cattle Current Daily—Feb. 8, 2024

Cattle futures took a breather Wednesday with traders apparently waiting for the week’s cash direction.

Feeder Cattle futures closed an average of 47¢ lower (17¢ lower toward the back to $1.12 lower in the spot month).

Live Cattle futures closed an average of 76¢ lower (27¢ lower at the back to $1.27 lower toward the front).

Negotiated cash fed cattle trade ranged from mostly inactive on light demand in the western Corn Belt to a standstill elsewhere through Wednesday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $178/cwt. in the Texas Panhandle, $178-$179 in Kansas, $176-$178.75 in Nebraska and $177-$179 in the western Corn Belt. Dressed delivered prices $280.

Choice boxed beef cutout value was 91¢ higher Wednesday afternoon at $294.98/cwt. Select was 82¢ higher at $285.42/cwt.

Apparent fund selling helped pressure Corn and Soybean futures. Positioning ahead of Thursday’s World Agricultural Supply and Demand Estimates could have played a role, too.

Corn futures closed mostly 2¢ to 4¢ lower.

Soybean futures closed 5¢ to 10¢ lower through Sep ’25 and then mostly 1¢ to 2¢ lower.

KC HRW Wheat futures closed mostly fractionally lower to 1¢ higher.

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Major U.S. financial indices closed higher Wednesday, buoyed by strong quarterly earnings reports.

The Dow Jones Industrial Average closed 156 points higher. The S&P 500 closed 40 points higher. The NASDAQ was up 147 points.

West Texas Intermediate Crude Oil futures (CME) closed 52¢ to 55¢ higher through the front six contracts.

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After several months watching El Niño’s influence on the global weather pattern, Meteorologist Matt Makens said the El Niño event that placed moisture on the South and Southeast is fading away and La Niña is showing signs of making a rapid return.

“During the next several weeks, we will continue to see strong and wet storm systems move across the central and southern states. Increased odds for snow and cold as far south as Texas will mean possible impacts on calving and wheat,” Makens explained during the annual CattleFax Outlook Seminar at the recent Cattle Industry Convention and NCBA Trade Show. “Take this moisture now and make the most of it; look for a good start to this grazing season overall but be mindful that drought conditions will increase for the Southern Plains during summer and fall as we see our pattern change quickly.”

As La Niña’s influence grows, increased heat and drought-related issues are expected for the Central and Southern Plains. The moisture pattern will favor the northern tier of states and the Ohio to Tennessee Valleys.

2024-02-07T19:06:49-06:00

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