Cattle Current Daily—Jan. 18, 2023

Cattle Current Daily—Jan. 18, 2023

Cattle futures closed lower to start the trading week, pressured by last week’s softer cash fed cattle prices, the lack of direction so far this week and stronger Corn futures.

Live Cattle futures closed an average of 35¢ lower.

Feeder Cattle futures closed an average of $1.08 lower (70¢ to $1.60 lower).

Corn futures closed mostly 3¢ to 5¢ higher.

Soybean futures closed 6¢ to 12¢ higher through Aug ‘23 and then mostly unchanged to 3¢ lower.

Negotiated cash fed cattle trade ranged from a standstill to mostly inactive on very light demand with too few transactions to trend through Tuesday afternoon, according to the Agricultural Marketing Service.

Last week prices were $156/cwt. on a live basis in the Southern Plains, $156-$157 in Nebraska and $158 in the western Corn Belt. Dressed prices were $250-$252.

Choice boxed beef cutout value was 77¢ lower Tuesday afternoon at $276.66/cwt. Select was $2.02 lower at $254.53/cwt.

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Major U.S. financial indices closed mixed Tuesday. Pressure included less than expected fourth-quarter earnings from Goldman Sachs.

The Dow Jones Industrial Average closed 391 points lower. The S&P 500 closed 8 points lower. The NASDAQ was up 15 points.

West Texas Intermediate Crude Oil futures (CME) closed 22¢ to 35¢ higher through the front six contracts.

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Estimated feedlot returns are positive through September for both steers and heifers, according to the latest Historical and Projected Kansas Feedlot Net Returns from Kansas State University.

For steers, estimated net returns range from $27.73 per head in February to $212.49 in May. Feeding cost of gain ranges from $117.78/cwt. in September to $141.13 in January.

On the heifer side of the fence, estimated net returns range from $27.35 per head in July to $189.79 in May. Feeding cost of gain ranges from $128.89/cwt. in September to $147.39 in February.

Projections reflect a cash market situation without implementation of price risk management strategies.

2023-01-17T18:38:39-06:00

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