Cattle Current Podcast—Dec. 18, 2023

Cattle Current Podcast—Dec. 18, 2023

Cattle futures continued higher Friday, supported by friendlier outside markets and oversold conditions.

Feeder Cattle futures closed an average of $2.24 higher ($1.55 to $2.57 higher). They were an average of $6.68 higher week to week ($4.95 to $7.98 higher).

Live Cattle futures closed an average of $1.12 (72¢ to $1.42 higher). They were an average of $3.71 higher week to week on Friday ($2.77 to $4.27 higher).

Negotiated cash fed cattle trade ranged from mostly inactive on light demand to slow on moderate demand through Friday afternoon, according to the Agricultural Marketing Service.

Although too few to trend, there were some FOB live sales in the Southern Plains at $170/cwt. and in the western Corn Belt at $167-$168 where early dressed delivered prices were $267.

The only established trade for last week was in Nebraska with FOB live prices $1-$3 lower at $168/cwt. and dressed delivered prices steady to $4 lower at $267-$268.

The previous week, FOB live prices were $171 in the Southern Plains and $168-$171 in the western Corn Belt where dressed delivered prices were $268-$270.

Choice boxed beef cutout value was 68¢ lower Friday afternoon at $291.64/cwt. Select was $2.56 higher at $260.82/cwt.

Estimated total cattle slaughter last week of 649,000 head was 14,000 head more than the previous week and 27,000 head more than the same week last year. Estimated total year-to-date cattle slaughter of 31.1 million head was 1.5 million head fewer (-4.5%) than the same period last year. Estimated year-to-date beef production of 25.6 billion pounds was 1.3 billion pounds less (-5.0%).

Grain futures closed higher on likely short covering.

KC HRW Wheat futures closed mostly 6¢ to 8¢ higher.

Corn futures closed mostly 2¢ to 3¢ higher.

Soybean futures closed mostly 2¢ to 5¢ lower.

2023-12-17T15:35:22-06:00

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