Cattle Current Podcast—Dec. 21, 2022

Cattle Current Podcast—Dec. 21, 2022

Feeder Cattle futures retraced the previous session’s losses, perhaps with support from early positioning ahead of Friday’s monthly Cattle on Feed report (see below). They closed an average of 96¢ higher (60¢ to $1.52 higher).

Live Cattle futures softened an average of 21¢ lower, except for an average of 17¢ higher in the back three contracts. Pressure included reduced packer production last week and likely again this week, diluting some opportunity for cash prices to advance.

Corn futures closed 1¢ to 4¢ higher through May ‘24 and then mostly 1¢ to 2¢ lower.

Soybean futures closed 11¢ to 17¢ higher through Sep ‘23 and then mostly 7¢ to 8¢ higher.

Choice wholesale beef prices continued their recent surge higher, due in part to the aforementioned reduction in packer production. Choice Boxed beef cutout value was $1.22 higher Tuesday afternoon at $265.05/cwt. However, Select was $4.67 lower at $233.90/cwt.

Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Tuesday afternoon, according to the Agricultural Marketing Service.

Last week, live prices were $155/cwt. in the Southern Plains and $155-$157 in Nebraska and the western Corn Belt. Dressed prices were $248.

2022-12-20T19:20:02-06:00

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