Cattle Current Podcast—Feb. 12, 2024

Cattle futures eased Friday as traders appeared to take a break from the week’s strong gains and awaiting cash fed cattle direction which ultimately proved positive.

Feeder Cattle futures closed an average of $1.23 lower (15¢ to $2.45 lower) except for 30¢ higher in spot Mar.

Live Cattle futures closed an average of 25¢ higher (5¢ to 85¢ higher) except for an average of 12¢ lower in three contracts.

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

FOB live prices were $1.25 to $4.00 higher in Nebraska at $180/cwt. in a light test. Dressed delivered prices were $5 higher in the western Corn Belt at $285, where there were a few live trades at $180, but too few to trend.

The previous week, FOB live prices were $178 in the Texas Panhandle, $178-$179 in Kansas and $177-$179 in the western Corn Belt. Dressed delivered prices in Nebraska were $280.

Choice boxed beef cutout value was 97¢ lower Friday afternoon at $294.04/cwt. Select was 96¢ higher at $285.08/cwt. Week to week on Friday, Choice was 96¢ higher and Select was $1.61 higher.

Total estimated cattle slaughter last week of 622,000 head was 15,000 head fewer than the previous week and 6,000 head fewer than the same week a year earlier. Beef packers continue to slow production in efforts to boost wholesale beef values. Year-to-date estimated total cattle slaughter of 3.6 million head was 225,000 head fewer (-5.9%) than the same period last year. Year-to-date estimated beef production of 3 billion pounds was 133.8 million pounds less (-4.3%) than a year earlier.

Grain and soybean futures continued to be pressured by the latest World Agricultural Supply and Demand Estimates.

Corn futures closed mostly 2¢ to 4¢ lower.

Soybean futures closed 9¢ to 11¢ lower.

KC HRW Wheat futures closed mostly fractionally higher to 1¢ higher.