Cattle Current Podcast—Feb. 8, 2024

Cattle Current Podcast—Feb. 8, 2024

Cattle futures took a breather Wednesday with traders apparently waiting for the week’s cash direction.

Feeder Cattle futures closed an average of 47¢ lower (17¢ lower toward the back to $1.12 lower in the spot month).

Live Cattle futures closed an average of 76¢ lower (27¢ lower at the back to $1.27 lower toward the front).

Negotiated cash fed cattle trade ranged from mostly inactive on light demand in the western Corn Belt to a standstill elsewhere through Wednesday 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 91¢ higher Wednesday afternoon at $294.98/cwt. Select was 82¢ higher at $285.42/cwt.

Apparent fund selling helped pressure Corn and Soybean futures. Positioning ahead of Thursday’s World Agricultural Supply and Demand Estimates could have played a role, too.

Corn futures closed mostly 2¢ to 4¢ lower.

Soybean futures closed 5¢ to 10¢ lower through Sep ’25 and then mostly 1¢ to 2¢ lower.

KC HRW Wheat futures closed mostly fractionally lower to 1¢ higher.

2024-02-07T19:10:40-05:00

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