Cattle Current Podcast—Feb. 23, 2022

Cattle Current Podcast—Feb. 23, 2022

Grain futures surged Tuesday, led by Wheat futures, fueled by the tensions in Eastern Europe, with Chicago wheat was 40¢ to 48¢ higher through the front six contracts.

Corn futures closed 12¢ to 20¢ higher in the front four contracts and then mostly 7¢ to 8¢ higher.

Soybean futures closed 24¢ to 33¢ higher in the front four contracts and then mostly 12¢ to 14¢ higher.

Higher Corn prices weighing on Feeder Cattle futures, which closed average of 94¢ lower (37¢ lower at the back to $1.72 lower toward the front).

Recently stronger cash prices helped Live Cattle fade the heat. They closed an average 26¢ higher Tuesday.

Negotiated cash fed cattle trade ranged from a standstill to mostly inactive on very light demand through Tuesday afternoon, according to the Agricultural Marketing Service.

Prices last week were $142/cwt. on a live basis in Nebraska and the Southern Plains and $142-$144 in the western Corn Belt. Dressed prices were $2 higher at $226.

Tuesday was one of those rare occasions where the Choice-Select spread was negative, with Choice Boxed beef cutout value $2.45 lower in the afternoon at $261.64/cwt., while Select was $1.80 higher at $263.64.

2022-02-22T21:07:49-05:00

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