Cattle Current Podcast—Feb. 16, 2024

Live Cattle futures closed higher Thursday, supported by firmer wholesale beef values and more reprieve in Corn futures.

Live Cattle futures closed average of 64¢ higher (17¢ higher at the back to $1.60 higher toward the front).

Feeder Cattle futures closed an average of 57¢ lower, except for an average of 75¢ higher in the front two contracts.

Negotiated cash fed cattle trade ranged from moderate on moderate demand in the North to mostly inactive on light demand in the Southern Plains through Thursday afternoon, according to the Agricultural Marketing Service.

So far this week, FOB live prices are $2 lower in the Southern Plains at $180/cwt., steady to $2.50 lower in Nebraska at $180 and mainly steady in the western Corn Belt at $180-$181. Dressed delivered prices are unevenly steady in Nebraska at mostly $287 and steady in the western Corn Belt at $285 on a light test.

Choice boxed beef cutout value was $1.30 higher Thursday afternoon at $295.30/cwt. Select was $3.97 higher at $287.99/cwt.

Grain and Soybean futures continued to plumb for new lows Thursday as the lack of demand faces abundant supplies.

Corn futures closed mostly 5¢ to 7¢ lower.

KC HRW Wheat futures closed 11¢ to 14¢ lower.

Soybean futures closed mostly 10¢ to 14¢ lower through Sep ’25.