Cattle Current Podcast—Dec. 25-26, 2023

Cattle Current Podcast—Dec. 25-26, 2023

Cattle futures were mixed on Friday, ahead of the monthly Cattle on Feed report and amid light holiday trade.

Feeder Cattle futures closed an average of $1.39 higher (97¢ to $2.07 higher). Week to week on Friday, Feeder Cattle futures closed an average of $3.91 higher ($1.85 higher at the front to $5.45 higher at the back). That’s an average of $10.59 higher over the past two weeks.

Live Cattle futures closed narrowly mixed, from an average of 23¢ lower in the front three contracts to an average of 18¢ higher. Week to week on Friday, they closed an average of 56¢ higher (7¢ to $1.83 higher), except for an average of 78¢ lower in near Feb and Apr. 

Negotiated cash fed cattle trade was slow on light to moderate demand in all regions through Friday afternoon, according to the Agricultural Marketing Service.

For the week, FOB live prices were $1 higher in the Southern Plains at $171/cwt., $3-$4 higher in Nebraska at $171-$172 and $1-$3 higher in the western Corn Belt at $170. Dressed delivered prices were $2-$3 higher in Nebraska at $270 and $3 higher in the western Corn Belt at $270.

Choice boxed beef cutout value was $1.80 higher Friday afternoon at $292.93/cwt. Select was 12¢ lower at $261.15/cwt.

Turning to row crops, the U.S. reopened key rail bridges connecting the nation and Mexico, which should support grain futures next week.

Corn futures closed mostly fractionally higher to 1¢ higher.

KC HRW Wheat futures closed mostly fractionally higher, except for 1¢ to 3¢ lower in the front three contracts.

Soybean futures closed mostly 3¢ to 5¢ higher through Sep ’25 and then mostly 7¢ to 8¢ higher.

2023-12-23T13:31:34-06:00

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