Cattle Current Podcast—April 11, 2022

Cattle Current Podcast—April 11, 2022

Corn and soybean futures climbed again Friday with confirmation of ending stock expectations in the World Agricultural Supply and Demand Estimates (see below).

Corn futures closed mostly 5¢ to 11¢ higher.

Soybean futures closed 35¢ to 43¢ higher in the front three contracts and then 18¢ to 29¢ higher.

Cattle futures traded in a narrow range, capped by grain market strength and signs of weakening beef prices.

Feeder Cattle futures closed narrowly mixed Friday, from an average of 34¢ lower to an average of 9¢ higher. Week to week on Friday, they closed an average of $2.97 lower ($1.25 to $6.75 lower), with most of the pressure in nearby contracts.

Live Cattle futures closed narrowly mixed, from an average of 16¢ lower to an average of 24¢ higher. Week to week on Friday, they closed an average of 83¢ lower, except for an average of 50 higher in three contracts.

Negotiated cash fed cattle trade ranged from inactive on light demand to a standstill in all major cattle feeding regions through Friday afternoon, according to the Agricultural Marketing Service.

Live prices last week were steady to $1 lower in the Southern Plains at $137-$138/cwt., steady in Nebraska at $138-$140 and generally $1-$3 lower in the western Corn Belt at $140. Dressed prices were steady at $222.

Estimated total cattle slaughter last week of 676,000 head was 37,000 head more than the previous week and 3,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 9.1 million head is 61,000 more than the same time last year. Estimated total year-to-date beef production of 7.6 billion lbs. is 72.9 million lbs. more than the same time last year.

Choice Boxed beef cutout value was 93¢ lower Friday afternoon at $270.47/cwt. Select was 89¢ lower at $260.33.

2022-04-10T20:17:42-05:00

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