Cattle Current Podcast—April 11, 2023

Cattle Current Podcast—April 11, 2023

Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Monday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

For the week, live prices were $3-$5 higher in the Southern Plains at $170/cwt., $5-$6 higher in Nebraska at $174-$177 and $4-$7 higher in the western Corn Belt at $174-$177. Dressed prices were $5-$8 higher at $275-$280.

The five-area weighted average direct fed steer price (FOB) last week was record high at $173.10/cwt. on a live basis, which was $4.36 higher than the previous week. The average fed steer price in the beef was $8.29 higher at $278.65.

Choice boxed beef cutout value was $1.93 higher Monday afternoon at $292.91/cwt. Select was $2.62 higher at $278.40/cwt.

Cattle futures continued to rise Monday, on the back of the last two-week’s surge in cash prices.

Feeder Cattle futures closed an average of 61¢ higher (22¢ to $1.27 higher).

Live Cattle futures closed 44¢ higher.

Corn futures gained Monday with some likely positioning ahead of Tuesday’s monthly World Agricultural Supply and Demand Estimates.

Corn futures closed 5¢ to 10¢ higher through Jly ‘24, and then mostly 2¢ higher.

KC HRW Wheat closed 11¢ to 33¢ higher.

Soybean futures closed mostly fractionally mixed to 1¢ higher.

2023-04-10T18:05:03-05:00

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