Cattle Current Daily—Oct. 13, 2022

Cattle Current Daily—Oct. 13, 2022

Weekly negotiated cash fed cattle trade remained undeveloped through Wednesday afternoon, according to the Agricultural Marketing Service.

Last week, live prices were $144/cwt. in the Southern Plains, $145-$148 in Nebraska and $145-$149 in the western Corn Belt. Dressed prices were $230.

Cattle futures edged higher, though, with the mainly friendly World Agricultural Supply and Demand Estimates (see below).

Feeder Cattle futures closed an average of 29¢ higher, except for unchanged and 12¢ lower in two away contracts.

Live Cattle futures closed an average of 31¢ higher, except for 12¢ lower in near Dec.

Corn futures closed mostly fractionally mixed through May ‘24 then mostly 1¢ to 3¢ higher.

Soybean futures closed 12¢ to 19¢ higher through Jly ‘23, and then mostly fractionally lower to 2¢ lower.

Choice Boxed beef cutout value was 9¢ lower Wednesday afternoon at $246.66/cwt. Select was $1.41 higher at $214.26/cwt.

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Major U.S. financial indices closed little changed again Wednesday after another whipsaw session.

The Dow Jones Industrial Average closed 28 points lower. The S&P 500 closed 11 points lower. The NASDAQ was down 9 points.

West Texas Intermediate Crude Oil futures (CME) closed $1.54 to $2.08 lower through the front six contracts.

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USDA raised the expected annual five-area direct fed steer price for this year to $143.15/cwt., in the latest World Agricultural Supply and Demand Estimates (WASDE). That was 35¢ more than the previous month’s estimate, based on current strength in packer demand

Projected fed steer prices are $148 in the fourth quarter. Next year’s annual price projection is $154, with prices at $151 in the first quarter and $152 in the second quarter.

Beef production next year is projected to be 1.77 billion lbs. less than this year (-6.3%) at 26.43 billion lbs.

Compared to the previous month’s estimates:

Corn

USDA reduced expected 2022-23 corn production 49 million bu. to 13.895 billion bu. with reduced yield of 171.9 bu./acre. Corn ending stocks for 2022-23 were cut 47 million bu.

The season-average price received by producers was raised 5¢ to $6.80/bu.

Soybeans

Soybean production was forecast at 4.3 billion bu., down 65 million bu. on lower yields. Soybean yield was projected 0.7 bu. less at 49.8 bu./acre.

The U.S. season-average soybean price for 2022-23 was forecast at $14.00/bu., down 35¢. Soybean meal and oil prices were unchanged at $390.00/short ton and 69¢/lb., respectively.

Wheat

Production for 2022-23 was reduced 133 million bu. to 1,650 million on lower harvested area and yield. Projected ending stocks were lowered 34 million bu. to 576 million, which would be the lowest since 2007-08.

The season-average farm price was raised 20¢/bu. to $9.20 on reported NASS prices to date and expectations for futures and cash prices for the remainder of 2022-23.

2022-10-12T19:08:07-06:00

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