Cattle Current Podcast—Apr. 17, 2024

Cattle futures continued higher Tuesday for the second consecutive session, perhaps establishing a bottom.

At the close and before final settlement, Live Cattle futures were an average of $1.59 higher. Feeder Cattle futures were an average of $2.38 higher.

Negotiated cash fed cattle trade was at a standstill in all major cattle feeding regions through Tuesday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $182/cwt. in the Southern Plains, $184 in Nebraska and $185 in the western Corn Belt. Dressed delivered prices were $293.

Choice boxed beef cutout value was $2.86 lower Tuesday afternoon at $298.02/cwt. Select was $1.30 higher at $292.64/cwt.

Turning to row crops, heading into the close, Corn and Soybean futures were lower again with likely pressure from positive weather and the early planting pace. According to USDA’s weekly Crop Progress report, 6% of corn was in the ground, which was 1% more than the five-year average; and 3% of soybeans were planted, which was 2% more than average.

Corn futures were mostly 1¢ to 2¢ lower through Dec ‘25. Soybean futures were 8¢ to 13¢ lower through Jly ’25. However, Kansas City Wheat futures were mostly 1¢ to 3¢ higher through Jly ’25.