Cattle Current Podcast—Aug. 1, 2022

Cattle Current Podcast—Aug. 1, 2022

Feeder Cattle futures closed an average of 98¢ higher on Friday with continued cash strength and stabilizing Corn futures. Week to week, though, they were an average of $3.37 lower, pressured by surging Corn futures, which were an average of 52’1¢ higher through the front six contracts.

Live Cattle futures closed an average of 32¢ higher on Friday, supported by firmer wholesale beef values.

Choice Boxed beef cutout value was $1.47 higher Friday afternoon at $269.24/cwt. Select was $1.44 higher at $242.25/cwt.

Negotiated cash fed cattle trade ranged from slow on light to moderate demand to mostly inactive on light demand through Friday afternoon, according to the Agricultural Marketing Service. There were a few live sales in the western Corn Belt at $144-$145/cwt., but too few to trend.

For the week, live prices were $1 lower in the Southern Plains at $135/cwt., $1.00-$5.50 lower in Nebraska at $139.00-$143.50 and steady in the western Corn Belt at $141-$145. Dressed prices were $2 lower in Nebraska at $225 and $3-$5 lower in the western Corn Belt at $224-$225.

Estimated total cattle slaughter for the week of 669,000 head was 4,000 head more than the previous week and 23,000 head more than the same week last year. Total estimated year-to-date cattle slaughter of 19.48 million head was 234,000 head more (+1.2%) than the previous year. Estimated total year-to-date beef production of 16.07 billion lbs. was 169.5 million lbs. more (+1.1%) than a year earlier.

2022-08-01T11:19:11-05:00

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