Cattle Current Podcast—Aug. 14, 2023

Cattle Current Podcast—Aug. 14, 2023

Negotiated cash fed cattle trade was slow on light to moderate demand in Nebraska and the western Corn Belt through Friday afternoon, according to the Agricultural Marketing Service. For the week, FOB live prices were steady in both regions at $188/cwt. and dressed-delivered prices were also steady at $295.

Trade in the Southern Plains ranged from inactive on light demand in Kansas to a standstill in the Texas Panhandle. The previous week, FOB live prices were $180 in the Southern Plains.

Choice boxed beef cutout value was 58¢ higher Friday afternoon at $302.61/cwt. Select was 57¢ lower at $277.23/cwt.

Total estimated cattle slaughter last week of 603,000 head was 10,000 head fewer than the previous week and 42,000 head fewer (-6.5%) than the same week last year. Estimated year-to-date total cattle slaughter of 19.3 million was 830,000 head fewer (-4.0%) than the same time last year. Estimate year-to-date beef production of 16.3 billion pounds was 836.9 million pounds less (-4.9%) than the same time last year.

Cattle futures closed lower Friday on likely profit taking ahead of the weekend.

Feeder Cattle futures closed an average of 32¢ lower.

Live Cattle futures an average of 84¢ lower. 

Grain and Soybean closed lower Friday, pressured by the World Agricultural Supply and Demand Estimates coming in with expected yield cuts (see below).

Corn futures closed mostly 4¢ to 8¢ lower.

KC HRW Wheat closed 11¢ to 13¢ lower through May ‘24 and then mostly 5¢ lower.

Soybean futures closed 10¢ to 14¢ lower.

2023-08-13T12:08:08-06:00

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