Cattle Current Podcast—April 21, 2023

Cattle Current Podcast—April 21, 2023

Cattle futures gained ground Thursday, helped along by eroding Corn futures, likely positioning ahead of Friday’s monthly Cattle on Feed report and despite the steady to softer tone of weekly fed cattle prices.

Feeder Cattle futures closed an average of $1.74 higher (35¢ to $2.75 higher).

Live Cattle futures closed an average of 62¢ higher, except for $1.32 lower in spot Apr and 10¢ lower in the back contract.

Traders appeared to pull some weather premium from grain and soybean contracts Thursday, with a more favorable forecast.

Weekly export sales also pressured Corn or Soybeans.

Net 2022-2023 U.S. corn export sales (April 13) were 41% less than the previous week and 79% less than the prior four-week average. Net 2022-2023 U.S. soybean export sales were down 73% from the previous week and 58% from the prior four-week average.

On the other hand, Net U.S. 2023 beef export sales of 19,100 metric tons were up noticeably from the previous week and up 47% from the prior four-week average, according to the latest U.S. Export Sales report. Increases were primarily for South Korea, Japan, Mexico, Taiwan and China.

Negotiated cash fed cattle trade ranged from slow on light to moderate demand to a standstill through Thursday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

So far this week, live prices are steady in the Southern Plains at $175/cwt., steady to $2 lower in Nebraska at $182 and unevenly steady in the western Corn Belt at $181-$183. Dressed prices are $2 lower at $288.

Choice boxed beef cutout value was $1.07 higher Thursday afternoon at $306.99/cwt. Select was $2.72 lower at $288.74/cwt.

2023-04-20T18:23:16-05:00

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