Cattle Current Daily—Jan. 31, 2024

Cattle Current Daily—Jan. 31, 2024

Cattle futures bounced back Tuesday, perhaps with positioning ahead of Wednesday’s Cattle inventory report.

Feeder Cattle futures closed an average of $1.98 higher, except for 27¢ higher in the back contract.

Live Cattle futures closed an average of 80¢ higher, 52¢ to $1.27 higher.

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

Last week, FOB live prices were $175/cwt. in the Texas Panhandle, $174-$175 in Kansas (mostly $175), $175-$177 in Nebraska and $174-$177 in the western Corn Belt. Dressed delivered prices were at $277

Choice boxed beef cutout value (p.m.): $3.35 lower at $296.07/cwt. Select was $1.77 lower at $287.05/cwt.

Grain and soybean futures rallied Tuesday with apparent short covering.

Corn futures closed 6¢ to 8¢ higher through May ’25.

KC HRW Wheat futures closed 8¢ to 12¢ higher.

Soybean futures closed 12¢ to 24¢ higher.

2024-01-30T21:51:54-06:00

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