Cattle Current Podcast—Dec. 4, 2023

Lower cash fed cattle prices helped pressure Cattle futures on Friday.

Feeder Cattle futures closed an average of $5.21 lower ($4.75 to $5.60 lower).

Live Cattle futures closed an average of $2.10 lower ($1.55 to $2.80 lower).

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

For the week, FOB live prices were $174-$175/cwt. in all regions which was $2-$3 lower in the Southern Plains, $1-$2 lower in Nebraska and steady to $4 lower in the western Corn Belt.

Dressed delivered prices were $275, which was $5 lower in Nebraska and $3-$5 lower in the western Corn Belt.

Estimated total cattle slaughter last week of 635,000 head was 97,000 head more than the previous holiday-shortened week but 25,000 head fewer than the same week last year. Estimated year-to-date cattle slaughter of 29.8 million head was 1.5 million head fewer (-4.7%) than the same time last year. Estimated year-to-date beef production of 24.5 billion pounds was 1.4 billion pounds less (-5.3%).

Grain futures edged higher Friday with likely short covering.

Corn futures closed mostly 1¢ to 2¢ higher.

KC HRW Wheat futures closed mostly 2¢ to 4¢ higher.

Soybean futures closed mostly 10¢ to 17¢ lower through Aug ’24 , as traders took back some of the weather premium, given the wetter outlook in Brazil.