Cattle Current Daily—May 25, 2023

Cattle Current Daily—May 25, 2023

Negotiated cash fed cattle trade was slow to moderate on moderate demand in the Southern Plains through Wednesday afternoon, according to the Agricultural Marketing Service. Prices were $1 higher at $171/cwt.

In Nebraska, trade was slow to moderate with moderate to good demand. Live prices were $2-$4 higher at $180-$182 and dressed prices were $4-$5 higher at $285-$286.

Although too few to trend, there were some live sales in the western Corn Belt at $180-$182 on slow trade with light to moderate demand. Live prices there last week were $177-$178 on a live basis; $280-$282 in the beef.

Cattle futures blossomed with the higher cash fed cattle prices.

Feeder Cattle futures closed an average of $1.33 higher, (87¢ to $2.17 higher).

Live Cattle futures closed an average of $1.04 higher (60¢ to $1.82 higher).

Choice boxed beef cutout value was $2.44 lower Wednesday afternoon at $298.30/cwt. Select was $2.51 higher at $283.79/cwt.

Corn futures closed mostly fractionally higher to 3¢ higher.

KC HRW Wheat closed mostly 15¢ to 29¢ lower.

Soybean futures closed mostly 2¢ to 4¢ lower.

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Major U.S. financial indices closed lower Wednesday with a negative rating watch for the U.S. AAA rating.

The Dow Jones Industrial Average closed 255 points lower. The S&P 500 closed 30 points lower. The NASDAQ was down 76 points.

West Texas Intermediate Crude Oil futures (CME) closed $1.37 to $1.44 higher through the front six contracts.

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Total pounds of beef in freezers April 30 were down 6% from the previous month and down 16% from last year, according to USDA’s Cold Storage report.

Frozen pork supplies were 6% more than the previous month 6% more than the previous year.

Total red meat supplies in freezers were up slightly from the previous month but down 5% from last year.

Total frozen poultry supplies were up 1% from the previous month and up 9% from a year ago.

2023-05-24T22:57:26-05:00

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