Cattle Current Podcast—Aug. 31, 2023

Cattle futures closed lower Wednesday with traders awaiting the week’s cash trade.

Feeder Cattle futures closed an average of $1.25 lower.

Live Cattle futures closed an average of $1.41 lower, from $2.20 lower in waning spot Aug to 80¢ lower at the back of the board.

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

FOB live prices last week were $178-$179/cwt. in the Texas Panhandle, $179 in Kansas, $185 in Nebraska and $182-$187 in the western Corn Belt. Dressed delivered prices were $292 in Nebraska and $292-$295 in the western Corn Belt.

Choice boxed beef cutout value was 75¢ higher Wednesday afternoon at $315.11/cwt. Select was 15¢ lower at $289.53/cwt.

Grain and Soybean futures closed lower Wednesday with likely month-end position squaring.

Corn futures closed mostly 4¢ to 7¢ lower through Jly ‘24 and then 2¢ higher.

KC HRW Wheat closed mostly fractionally lower to 1¢ lower.

Soybean futures closed mostly 3¢ to 5¢ lower.