Cattle Current Daily—Jan. 12, 2023

Cattle Current Daily—Jan. 12, 2023

Cattle futures closed lower Wednesday with the lack of cash fed cattle direction and firmer Corn futures prices.

Feeder Cattle futures closed an average of 65¢ lower, from 7¢ to $1.17 lower.

Live Cattle futures closed an average of 19¢ lower, except for unchanged in spot Feb.

Negotiated cash fed cattle trade ranged from very limited on light demand to a standstill through Wednesday 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 $3.80 lower Wednesday afternoon at $280.73/cwt. Select was 23¢ lower at $258.10/cwt.

Corn futures closed fractionally higher to 1¢ higher through Sep ’23 and then mostly 2¢ lower

Soybean futures closed 2¢ to 8¢ higher through Aug ‘23 and then mostly 3¢ to 6¢ lower.

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Major U.S. financial indices climbed Wednesday with traders apparently betting that the CPI report will reflect cooling inflation.

The Dow Jones Industrial Average closed 268 points higher. The S&P 500 closed 50 points higher. The NASDAQ was up 189 points.

West Texas Intermediate Crude Oil futures (CME) closed $2.12 to $2.31 higher through the front six contracts.

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Eyes Thursday will focus on the monthly World Agricultural Supply and Demand Estimates, with many interested to see if USDA makes further adjustments on the demand side of the corn ledger, and if so, to what degree.

“Exports for corn and soybeans have been sluggish for the U.S. and tend to pause ahead of the South American crop in an effort to avoid paying high U.S. prices for corn and soybeans,” say analysts with the Livestock Marketing Information Center (LMIC), in the latest Livestock Monitor. “Corn exports for the 2022/2023 marketing year are off last year’s pace more than 25%.”

Daniel O’Brien, Extension agricultural economist at Kansas State University, explained in last month’s Grain Market Outlook newsletter, “It is possible that in coming USDA WASDE reports U.S. export demand could remain so weak that the USDA is forced to reduce its U.S. corn export projection further yet, which all else being equal would lead to higher forecasts of U.S. corn ending stocks in the current Marketing Year (2022-23).”

2023-01-11T21:02:17-06:00

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