Cattle Current Daily—Jan. 11, 2023

Cattle Current Daily—Jan. 11, 2023

Negotiated cash fed cattle trade ranged from mostly limited on light demand to a standstill through Tuesday afternoon, according to the Agricultural Marketing Service.

Live prices last week were $157/cwt. in the Southern Plains and Nebraska and $158-$160 in the western Corn Belt. Dressed prices were $252.

Choice boxed beef cutout value was $1.61 lower Tuesday afternoon at $284.53/cwt. Select was $1.27 lower at $258.33/cwt.

Cattle futures closed narrowly mixed Tuesday, despite early Corn futures momentum.

Feeder Cattle futures closed from an average of 16¢ lower to an average of 26¢ higher.

Live Cattle futures closed an average of 17¢ higher, except for unchanged in spot Feb.

Corn futures closed mostly 1¢ to 3¢ lower.

Soybean futures closed widely mixed.

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Major U.S. financial indices eased higher Tuesday with little conviction.

The Dow Jones Industrial Average closed 186 points higher. The S&P 500 closed 27 points higher. The NASDAQ was up 106 points.

West Texas Intermediate Crude Oil futures (CME) closed 30¢ to 49¢ higher through the front six contracts.

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Without a doubt, most market fundamentals point to a considerably stronger cattle market across all sectors this year, says Kenny Burdine, Extension livestock economics specialist at the University of Kentucky, in the latest Cattle Market Notes Weekly.

“The calf market improved in 2022, but higher production costs kept most cow-calf operators from fully enjoying the price improvement. Reduced fall pasture growth and poor wheat grazing conditions also prevented the fall calf market from reaching levels it would have seen otherwise,” Burdine explains. “As we move into spring, the impacts of expensive feed will be somewhat overshadowed by grazing opportunities. In truth, the calf market has improved quite a bit since fall. However, with fall 2023 CME Feeder cattle futures well above $2/lb., we are likely to see calf price levels that we have not seen since 2015 once we start seeing some spring pasture growth.”

2023-01-10T19:18:28-06:00

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