Cattle Current Daily-Jan. 5. 2024

Cattle Current Daily-Jan. 5. 2024

Cattle futures softened Thursday with pressure including the recent free-fall in Choice wholesale beef values and relatively light volume.

Feeder Cattle futures closed an average of $1.08 lower.

Live Cattle futures closed an average of 44¢ lower.

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

So far this week, FOB live prices are $2-$3 higher in Nebraska at $175/cwt. and $3 higher in the western Corn Belt at $175. Dressed delivered prices in Nebraska are $2 higher at $275.

Last week, FOB live prices were $172 in the Southern Plains. Dressed delivered prices in the western Corn Belt were $273.

Choice boxed beef cutout value was $2.13 lower Thursday afternoon at 275.90/cwt. Select was 3¢ lower at $258.82/cwt.

Wheat futures closed higher on thoughts the bottom might be in, helping Corn futures edge higher.

Corn futures closed mostly fractionally mixed to 1¢ higher.

KC HRW Wheat futures closed mostly 2¢ to 4¢ higher.

Soybean futures closed 4¢ to 9¢ lower through Jan ’26.

******************************

Major U.S. financial indices closed little changed and narrowly mixed Thursday, following strong early support.

The Dow Jones Industrial Average closed 10 points lower. The S&P 500 closed 16 points lower. The NASDAQ was down 81 points.

West Texas Intermediate Crude Oil futures (CME) closed 51¢ to 69¢ lower through the front six contracts.

******************************

Lower expected fed cattle prices than earlier expectations have helped pushed projected cattle feeding returns firmly into the red for the next five months, according to Kansas State University’s Historical and Projected Kansas Feedlot Net Returns. Keep in mind the following projections do not include price risk management.

Projected net returns for steers range from -$154.46 per head in May to -$273.56 in current January. Estimated feedlot cost of gain ranges from $110.83/cwt. in May to $122.96 in January.

The story is similar for heifers with projected net returns ranging from -$44.29 per head in May to -$240.28 in February. Estimated feedlot cost of gain ranges from $116.57/cwt. in May to $131.28 in January.

2024-01-04T19:56:34-06:00

This Is A Custom Widget

This Sliding Bar can be switched on or off in theme options, and can take any widget you throw at it or even fill it with your custom HTML Code. Its perfect for grabbing the attention of your viewers. Choose between 1, 2, 3 or 4 columns, set the background color, widget divider color, activate transparency, a top border or fully disable it on desktop and mobile.

This Is A Custom Widget

This Sliding Bar can be switched on or off in theme options, and can take any widget you throw at it or even fill it with your custom HTML Code. Its perfect for grabbing the attention of your viewers. Choose between 1, 2, 3 or 4 columns, set the background color, widget divider color, activate transparency, a top border or fully disable it on desktop and mobile.

This Is A Custom Widget

This Sliding Bar can be switched on or off in theme options, and can take any widget you throw at it or even fill it with your custom HTML Code. Its perfect for grabbing the attention of your viewers. Choose between 1, 2, 3 or 4 columns, set the background color, widget divider color, activate transparency, a top border or fully disable it on desktop and mobile.

This Is A Custom Widget

This Sliding Bar can be switched on or off in theme options, and can take any widget you throw at it or even fill it with your custom HTML Code. Its perfect for grabbing the attention of your viewers. Choose between 1, 2, 3 or 4 columns, set the background color, widget divider color, activate transparency, a top border or fully disable it on desktop and mobile.