Cattle Current Podcast—Feb. 17, 2023

Profit taking appeared to the order of the day in Cattle futures on Thursday, despite positive weekly beef exports.

Net 2023 U.S. beef export sales of 28,100 metric tons (MT) the week ending Feb. 9 were 72% more than the previous week and 34% more than the prior four-week average, according to USDA’s weekly U.S. Export Sales report. Increases were primarily for Japan, South Korea, China, Mexico, and Hong Kong.

Live Cattle futures closed an average of 40¢ lower, except for 22¢ higher in spot Feb.

Feeder Cattle futures closed an average of 60¢ lower (40¢ to $1.10 lower).

Negotiated cash fed cattle trade ranged from slow on light demand to mostly inactive on very light demand through Thursday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service. There were a few live trades reported in Nebraska at $160/cwt.

So far this week, live prices are steady to $2 higher at $159-$160 in Nebraska and $160-$162 in the western Corn Belt. Dressed prices in both regions last week were $254.

In the Southern Plains last week, live prices were $160 in the Texas Panhandle and $160-$161 in Kansas.

Choice boxed beef cutout value was $3.88 higher Thursday afternoon at $279.55/cwt. Select was $1.45 higher at $262.64/cwt.

Corn futures closed mostly fractionally lower to 1¢ lower.

KC HRW Wheat closed mostly 3¢ to 4¢ higher.

Soybean futures closed mostly 4¢ to 8¢ higher.