Cattle Current Daily—Sept. 25, 2023

Cattle Current Daily—Sept. 25, 2023

Cattle futures bounced back from the previous day’s widespread commodity and equity sell-off, supported by stronger-late-week cash fed cattle prices and ongoing bullish fundamentals.

Feeder Cattle futures closed an average of $1.34 higher (82¢ to $1.62 higher).

Live Cattle futures closed an average of $1.48 higher ($1.22 to $2.10 higher).

Negotiated cash fed cattle trade ranged from slow on light to moderate demand to inactive on light demand through Friday afternoon, according to the Agricultural Marketing Service.

For the week, FOB live prices were steady to $1 higher in the Southern Plains at $183/cwt., steady in Nebraska at $184-$185 and steady to $1 higher in the western Corn Belt at $185-$186. Dressed delivered prices were steady at $292.

Choice boxed beef cutout value was $1.40 higher Friday afternoon at $303.33/cwt. Select was $1.43 higher at $280.43/cwt.

Estimated total cattle slaughter last week of 625,000 head was 7,000 head fewer than the previous week and 46,000 head fewer (-6.9%) than the same week last year. Year-to-date estimated total cattle slaughter of 23.6 million head was 1.1 million head fewer (-4.3%) than the same time last year. Estimated year-to-date beef production of 19.3 billion pounds was 1 billion pounds less (-5.1%) than a year earlier.

Grain and soybean futures firmed on Friday.

Corn futures closed mostly 2¢ higher.

KC HRW Wheat closed mostly 1¢ to 2¢ higher.

Soybean futures closed 1¢ to 3¢ higher.

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Major U.S. financial indices closed lower Friday with follow-through pressure related to a potential government shutdown and projected lingering higher interest rates.

The Dow Jones Industrial Average closed 106 points lower. The S&P 500 closed 9 points lower. The NASDAQ was down 12 points.

West Texas Intermediate Crude Oil futures (CME) closed mixed through the front six contracts, from 68¢ lower to 40¢ higher.

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Markets will likely view Friday’s monthly Cattle on Feed report as neutral, although placements were 1% more than expected. Other estimates were in line with pre-report estimates.

For feedlots with 1,000 head or more capacity, August placements of 2.0 million head were 107,000 head fewer (-5.1%) than a year earlier.

In terms of placement weights, 36% went on feed weighing 699 pounds or less, 47% weighing 700-899 pounds and 17% weighing 900 pounds or more.

Marketings in August of 1.9 million head were 120,000 head fewer (-6.0%).

Cattle on feed Sept 1 of 11.1 million head were 248,000 head fewer (-2.2%).

2023-09-23T17:39:06-06:00

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