Cattle Current Daily—Jan. 16, 2024

Cattle Current Daily—Jan. 16, 2024

Futures and equity markets were closed Monday in observance of Martin Luther King, Jr.

Negotiated cash fed cattle prices were at a standstill through Monday afternoon, according to the Agricultural Marketing Service. Last week, they wobbled on either side of steady. FOB live prices were steady to $1 lower in the Southern Plains at $172/cwt., steady to $2 lower in Nebraska at $173. and steady in the western Corn Belt at $175. Dressed delivered prices were 50¢ to $2 lower in Nebraska at $272-$275 and steady to $1 higher in the western Corn Belt at $275 on a light test.

Last week’s weighted average five-area direct FOB live steer price was 54¢ lower at $173.47. The weighted average dressed delivered fed steer price was $1.08 lower at $273.70.

Choice boxed beef cutout value was $2.16 higher Monday afternoon at 291.42/cwt. Select was 71¢ higher at $272.56/cwt.

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All hay production last year of 118.8 million tons was 7.1 million tons (+6.4%) more than the previous year, according to USDA’s recent annual Crop Production summary.

However, that was 7.8% less than the 10-year average for 2012-21, according to Derrell Peel, Extension livestock marketing specialist at Oklahoma State University.

“Total Dec. 1, 2023 hay stocks were 6.9% higher than one year earlier but were 10.8% below the 10-year average,” Peel says, in his weekly market comments. “Hay stocks in the top 10 beef cow states were up 18.5% year over year but were 7.3% below the 2012-2021 average for these states. Total Dec. 1 hay stocks in these states represented 52.8% of total U.S. hay stocks.” He adds that hay stocks were higher year over year in eight of the 10 top beef cow states. Year-over-year production was less in Kansas and Kentucky.

Although the hay situation is more positive this winter than last, Peel emphasizes hay stocks remain below the 10-year average, and current severe winter weather will significantly increase hay usage.

2024-01-15T17:21:07-06:00

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