Cattle Current Daily—Jan. 13, 2022

Cattle Current Daily—Jan. 13, 2022

Negotiated cash fed cattle trade was slow on light demand in Kansas through Wednesday afternoon, with live trade $1 lower than the previous day and $3 lower than the previous week at $135/cwt.

Although too few transactions to trend, dressed trade in Nebraska was $2 lower at $218. Live prices there last week were $138-$140.

Trade was limited on light demand in the Texas Panhandle, where live prices last week were $138 and in the western Corn Belt where prices were $138-$140. Dressed trade in the western Corn Belt last week was at $220.

Softer cash prices in the North, after weakness in the South, helped pressure Cattle futures Wednesday.

Feeder Cattle futures closed an average of 62¢ lower (10¢ to $1.35 lower).

Live Cattle futures closed an average of 55¢ lower (17¢ to $1.10 lower), except for unchanged to 37¢ higher in the back three contracts.

Choice Boxed beef cutout value was $1.71 higher Wednesday afternoon at $279.93/cwt. Select was $2.35 higher at $270.98

Soybean futures closed mostly 10¢ to 13¢ higher, likely supported by the World Agricultural Supply and Demand Estimates.

Corn futures closed mostly fractionally higher to 6¢ higher, except for 1¢ to 2¢ lower in the front three contracts.

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Major U.S. financial indices managed to eke out gains Wednesday, despite confirmation of the steamiest inflation in about four decades.

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.5% in December on a seasonally adjusted basis after rising 0.8% in November, according to the U.S. Bureau of Labor Statistics. Over the last 12 months, the all items index increased 7.0% before seasonal adjustment, the largest 12-month increase since the period ending June 1982.

The Dow Jones Industrial Average closed 38 points higher. The S&P 500 closed 13 points higher. The NASDAQ was up 34 points.

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USDA’s Economic Research Service (ERS) increased the 2022 average expected fed steer price $2 to $137/cwt., compared to the previous month’s projection, in the latest World Agricultural Supply and Demand Estimates (WASDE). For reference, the projected annual price for 2021 was $122.40.

Average prices are forecast at $139 in the first quarter, $136 in the second quarter, $134 in the third quarter and $138 in the fourth quarter.

That’s with beef production this year forecast at 27.17 billion lbs., which would be 785 million lbs. less (-2.8%) than last year.

Total red meat and poultry production is projected at 106.67 billion lbs., which would be 168 million lbs. less (-0.16%) than last year.

2022-01-12T18:36:51-06:00

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