Cattle Current DailyOct. 24, 2022

Cattle Current DailyOct. 24, 2022

Negotiated cash fed cattle trade was inactive on very light demand through Friday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

For the week, live prices were $3 higher in the Southern Plains at $148/cwt., $3-$4 higher in Nebraska at $151-$152 and $2-$4 higher in the western Corn Belt at $150-$152. Dressed prices were $4 higher at $236.

Stronger cash prices and higher wholesale beef prices helped Cattle futures gain Friday.

Feeder Cattle futures closed an average of 79¢ higher, except for 30¢ lower in spot Oct.

Live Cattle futures closed an average of 54¢ higher

Choice Boxed beef cutout value was 9¢ higher Friday afternoon at $253.71/cwt. Select was $2.28 higher at $224.36/cwt.

Total estimated cattle slaughter last week of 673,000 head was 13,000 head more than the previous week. Total year-to-date estimated cattle slaughter of 27.37 million head was 433,000 head more (+1.6%) than the same period last year. Total year-to-date beef production of 22.56 billion lbs. was 3.2 million lbs. more (+1.4%).

Corn futures closed mostly fractionally mixed.

Soybean futures closed 4¢ to 5¢ higher through Aug ’23 and then mostly 1¢ to 4¢ higher.

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Major U.S. financial indices closed sharply higher Friday led by bank stocks and perhaps some thoughts that peak inflation is near. 

The Dow Jones Industrial Average closed 748 points higher. The S&P 500 closed 86 points higher. The NASDAQ was up 244 points.

West Texas Intermediate Crude Oil futures (CME) closed 54¢ to 66¢ higher through the front six contracts.

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Markets will likely view the latest Cattle on Feed report — feedlots with 1,000 head or more capacity — as at least neutral.

Placements in September of 2.08 million head were 3.8% less than the previous year. In terms of placement weights, 37% went on feed weighing 699 lbs. or less, 44% weighing 700-899 lbs. and 19% weighing 900 lbs. or more.

Marketings in September of 1.86 million head were 4.0% more year over year.

Cattle on Feed Oct. 1 of 11.45 million head were 1.0% less than the previous year.

2022-10-23T18:05:22-06:00

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