Cattle Current Daily—Jan. 26, 2023

Cattle Current Daily—Jan. 26, 2023

Cattle futures edged higher Wednesday with fundamental support and simmering ahead of cash direction.

Feeder Cattle futures closed an average of 40¢ higher, except for 5¢ lower in the back contract.

Live Cattle futures closed an average of 23¢ higher, except for 25¢ lower in spot Feb.

Corn futures closed mostly 2¢ to 3¢ lower.

KC HRW Wheat futures closed 5¢ to 9¢ higher.

Soybean futures closed mostly 5¢ to 9¢ higher.

Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Wednesday afternoon, according to the Agricultural Marketing Service.

Last week, live prices were $155/cwt. in the Southern Plains and Nebraska, and $156-$158 in the western Corn Belt. Dressed prices were $248-$250.

Choice boxed beef cutout value was $1.36 lower Wednesday afternoon at $268.28/cwt. Select was 59¢ lower at $251.80/cwt.

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Major U.S. financial indices closed narrowly mixed Wednesday.

The Dow Jones Industrial Average closed 9 points higher. The S&P 500 closed fractionally lower. The NASDAQ was down 20 points.

West Texas Intermediate Crude Oil futures (CME) closed narrowly mixed through the front six contracts, from 10¢ lower to 2¢ higher.

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Total pounds of beef in freezers Dec. 31 were 4% more than the previous month and 7% more than the previous year, according to the monthly Cold Storage report from USDA’s National Agricultural Statistics Service.

Frozen pork supplies were up 1% from the prior month and up 16% from last year.

Combined, total red meat supplies in freezers were 2% more than the previous month and 11% more than last year.

Total frozen poultry supplies were up 7% from the prior month and up 23% from a year earlier.

2023-01-25T17:57:56-05:00

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