Cattle Current Daily—Sept. 15, 2023

Cattle Current Daily—Sept. 15, 2023

Cattle futures rallied sharply higher Thursday, despite the lack of weekly cash fed cattle direction as traders seemed to focus on looming tighter fourth-quarter supplies.

Feeder Cattle futures closed an average of $3.24 higher ($1.67 higher in spot Sep to $4.02 higher).

Live Cattle futures closed an average of $2.54 higher, in active trade.

Negotiated cash fed cattle trade ranged from slow on light to moderate demand to a standstill through Thursday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were a few live delivered trades in Nebraska at $186.50/cwt.

The only established trade for the week is $184/cwt. for FOB live prices in the western Corn Belt, the upper end of last week’s range.

Last week, FOB live prices were $180/cwt. in the Southern Plains and $183-$184 in Nebraska. Dressed delivered prices were $290 in Nebraska and $288-$290 in the western Corn Belt.

Choice boxed beef cutout value was $1.18 lower at $306.37/cwt. Select was 33¢ lower at $286.86/cwt.

Corn futures softened mostly fractionally lower to 1¢ lower on likely profit taking.

KC HRW Wheat closed mostly 3¢ to 6¢ lower.

Soybean futures closed mostly 7¢ to 11¢ higher.

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Major U.S. financial indices rose Thursday, buoyed by positive economic data including robust monthly retail sales.

The Dow Jones Industrial Average closed 331 points higher. The S&P 500 closed 37 points higher. The NASDAQ was up 112 points.

West Texas Intermediate Crude Oil futures (CME) closed $1.46 to $1.73 higher through the front six contracts.

2023-09-14T19:53:53-06:00

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