Cattle Current Daily—March 9, 2023

Cattle Current Daily—March 9, 2023

Cattle futures gained Wednesday, buoyed by the friendly World Agricultural Supply and Demand Estimates (WASDE), which weighed on Corn and underscored the higher price outlook for cattle (see below).

Feeder Cattle futures closed an average of $1.84 higher.

Live Cattle futures closed an average of 30¢ higher, except for 52¢ lower in spot Apr.

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 $165/cwt. Dressed prices were $265 in Nebraska and $262-$265 in the western Corn Belt.

Choice boxed beef cutout value was $3.15 lower Wednesday afternoon at $284.78/cwt. Select was 63¢ higher at $278.12/cwt.

Corn futures closed mostly 8¢ to 9¢ lower.

KC HRW Wheat closed mostly 2¢ to 9¢ lower.

Soybean futures closed mostly 1¢ to 2¢ lower.

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Major U.S. financial indices closed narrowly mixed Wednesday with carry-over pressure from the bearish outlook on tighter monetary policy.

The Dow Jones Industrial Average closed 58 points lower. The S&P 500 closed 5 points higher. The NASDAQ was up 45 points.

West Texas Intermediate Crude Oil futures (CME) closed 83¢ to 92¢ lower through the front six contracts.

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The latest monthly World Agricultural Supply and Demand Estimates favor cattle and beef prices.

USDA projected the annual five-area direct weighted average fed steer price for this year at $162/cwt., which was $3 more than the previous estimate. Prices are forecast to be $161 in the first quarter, $163 in the second quarter, $159 in the third quarter and $164 in the fourth quarter.

USDA estimated beef production for this year at 26.7 billion pounds, which was 170 million pounds more than the previous estimate. It would be 1.62 billion pounds less (-5.7%) than last year.

“Slaughter projections are raised through the first three quarters of the year on higher cow slaughter and increased placements of cattle in feedlots in the first quarter of 2023, which will likely be marketed in the third quarter,” according to analysts with the Economic Research Service.

2023-03-08T18:53:02-06:00

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