Cattle Current Podcast—Feb. 26, 2024

Cattle futures renewed gains Friday, supported by stronger cash fed cattle prices and perhaps positioning ahead of the Cattle on Feed report (see below).

Live Cattle futures closed an average of $1.31 higher ($1.00 higher at the back to $2.10 higher in spot Feb). They were an average of $1.19 higher week to week on Friday.

Feeder Cattle futures closed an average of $2.16 higher, ($1.07 higher at the back to $3.07 higher toward the front. They were an average of $3.74 higher week to week.

Negotiated cash fed cattle trade ranged from light to moderate on light to moderate demand to moderate on moderate demand through Friday afternoon, according to the Agricultural Marketing Service.

For the week, FOB live prices were $3 higher in the Texas Panhandle at $183/cwt., $2-$3 higher in Kansas at $182-$183, $2 higher in Nebraska at $183 and $4 higher in the western Corn Belt at $184. Dressed delivered prices in Nebraska were $5 higher at $292. Dressed prices in the western Corn Belt the previous week were $285.

Choice boxed beef cutout value was 82¢ higher Friday afternoon at $300.61/cwt. Select was 50¢ higher at $286.31/cwt. Week to week on Friday, Choice was $4.41 higher, while Select was 35¢ lower.

Estimated total cattle slaughter last week of 593,000 head was 15,000 head fewer than the previous week and 21,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 4.8 million head was 272,000 head fewer (-5.4%) than the same week the previous year. Year-to-date estimated beef production of 4 billion pounds was 177.4 million pounds less (-4.3%).

Grain and Soybean futures eroded further Friday with pressure including producer selling and anemic international demand.

Corn futures closed mostly 3¢ to 5¢ lower. They were an average of 12’4¢ lower through the front six contracts week to week.

KC HRW Wheat futures closed mostly 6¢ to 8¢ lower.

Soybean futures closed 9¢ to 14¢ lower in the front three contracts and then mostly 2¢ to 4¢ lower.