Cattle Current Podcast—Apr. 8, 2024

Cattle futures plumbed lower Friday with continued concerns about Highly Pathogenic Avian Influenza in dairy cattle.

Live Cattle closed an average of $3.08 lower ($2.70 to $3.80 lower).

Feeder Cattle futures closed an average of $4.96 lower ($3.92 to $5.85 lower).

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

For the week, FOB live prices were $2 lower in the Texas Panhandle at $184/cwt., $1-$2 lower in Kansas at $183-$184, $2-$3 lower in Nebraska at $187 and $1-$3 lower in the western Corn Belt at $187. Dressed delivered prices were $3-$5 lower in Nebraska at $296-$297 and $2-$3 lower in the western Corn Belt at $297.

Choice boxed beef cutout value was 2¢ higher Friday afternoon at $297.17/cwt. Select was $1.35 lower at $294.70/cwt.

Estimated total cattle slaughter last week of 609,000 head was 23,000 more than the previous week and 4,000 head more than the same week a year earlier. Total estimated year-to-date cattle slaughter of 8.3 million head was 473,000 fewer (-5.4%) year over year. Estimated year-to-date beef production of 7.0 billion pounds was 264.6 million pounds less (-3.7%).

Corn futures closed mostly unchanged to fractionally mixed.

KC HRW Wheat futures closed mostly 3¢ to 6¢ higher.

Soybean futures closed 1¢ to 5¢ higher through Nov ’24 and then mostly 3¢ to 4¢ lower.