Cattle Current Podcast—Feb. 7, 2024

Cattle futures roared back Tuesday with apparent fund buying.

Feeder Cattle futures closed an average of $2.78 higher (from $1.95 higher at the back to $3.92 higher at the front).

Live Cattle futures closed an average of $2.04 higher (from $1.05 higher near the back to $3.72 higher toward the front).

Negotiated cash fed cattle trade was at a standstill through Tuesday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were $178/cwt. in the Texas Panhandle, $178-$179 in Kansas, $176-$178.75 in Nebraska and $177-$179 in the western Corn Belt. Dressed delivered prices $280.

Choice boxed beef cutout value was 59¢ higher Tuesday afternoon at $294.07/cwt. Select was 83¢ higher at $284.60/cwt.

Soybean futures closed fractionally higher to 3¢ higher through Sep ’25 and then mostly 1¢ lower.

Corn futures closed fractionally mixed after the first three contracts.

KC HRW Wheat futures closed mostly fractionally lower after the first few contracts.