Cattle Current Podcast—Feb. 8, 2023

Cattle Current Podcast—Feb. 8, 2023

Cattle futures took a breather Tuesday amid light trade as traders await weekly cash direction.

Feeder Cattle futures closed an average of 69¢ lower.

Live Cattle futures closed an average of 67¢ lower.

Negotiated cash fed cattle trade was limited on light demand in Kansas through Tuesday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were some early live sales at $159/cwt. Elsewhere, trade ranged from mostly inactive on very light demand to a standstill.

Last week, live prices were $158/cwt. in the Texas Panhandle, $158-$159 in Kansas, $155-$159 in Nebraska and $154-$160 in the western Corn Belt. Dressed prices were $250.

Choice boxed beef cutout value was 15¢ higher Tuesday afternoon at $266.72/cwt. Select was $3.61 higher at $257.33/cwt.

Grain and Soybean futures Tuesday likely reflected some positioning ahead of Wednesday monthly World Agricultural Supply and Demand Estimates.

Corn futures closed 2¢ to 5¢ lower.

KC HRW Wheat closed 3¢ to 9¢ higher through May ‘24, and then mostly fractionally higher.

Soybean futures closed 1¢ to 6¢ lower through Aug ‘23 and then mostly 1¢ to 3¢ higher.

2023-02-07T18:19:19-06:00

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