Cattle Current Daily—Jan. 11, 2024

Cattle Current Daily—Jan. 11, 2024

Negotiated cash fed cattle trade ranged from slow on light demand to mostly a standstill through Wednesday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were a few early FOB live trades in the western Corn Belt at $175/cwt. and a few dressed delivered sales at $274-$275.

Last week, FOB live prices were $172-$173/cwt. in the Southern Plains, $173-$175 in Nebraska and $175 in the western Corn Belt. Dressed delivered prices were generally $274-$275.50.

Choice boxed beef cutout value was $2.91 higher Wednesday afternoon at 283.07/cwt. Select was $4.11 higher at $266.94/cwt.

Cattle futures consolidated to the upside Wednesday.

Live Cattle futures closed an average of 24¢ higher, except for 2¢ lower in spot Feb.

Feeder Cattle futures closed an average of $1.01 higher.

Soybean were down on South American production forecasts Wednesday. They closed 8¢ to 12¢ lower through Aug ’24 and then mostly 1¢ to 2¢ lower.

Grain futures mainly held ground ahead of Friday’s World Agricultural Supply and Demand Estimates.

Corn futures closed mostly fractionally lower. KC HRW Wheat futures closed 1¢ to 2¢ lower.

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Major U.S. financial indices closed higher Wednesday ahead of key inflation data.

The Dow Jones Industrial Average closed 170 points higher. The S&P 500 closed 26 points higher. The NASDAQ was up 111 points.

West Texas Intermediate Crude Oil futures (CME) closed 62¢ to 87¢ lower through the front six contracts.

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U.S. beef exports slowed in November, recording the third lowest value of 2023, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).

Beef exports totaled 99,029 metric tons (mt) in November, down 14% from a year ago and the second lowest of the year, while value fell 7% to $786.2 million. For the first 11 months of the year, beef exports were 13% below the record pace of 2022 at 1.18 million mt, while value declined 17% to $9.11 billion.

November beef export value equated to $380.54 per head of fed slaughter, down slightly year-over-year. The January-November average fell 13% to $394.07 per head but was still the third highest on record, trailing only 2021 and 2022.

“There are certainly bright spots for U.S. beef, with exports rebounding in Mexico and demand in several Western Hemisphere markets the strongest we’ve seen in years,” says Dan Halstrom, USMEF president and CEO. “But economic conditions in our largest Asian markets and the sharp rebound in Australian production and exports have been persistent obstacles over the past year, making it a sharp contrast with the tremendous 2022 performance for U.S. beef exports. Despite these challenges, we still see sustained demand for chilled U.S. beef, and the U.S. remains the dominant supplier of chilled beef entering Korea, Japan and Taiwan.”

2024-01-10T19:32:05-06:00

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