Cattle Current Podcast—Jan. 12, 2024

Cattle Current Podcast—Jan. 12, 2024

Cattle futures faded early pressure Thursday to close higher with support including the bounce higher in Choice wholesale beef prices.

Feeder Cattle futures closed an average of $1.24 higher.

Live Cattle futures closed an average of 62¢ higher (32¢ to $1.05 higher).

Choice boxed beef cutout value was $2.82 higher Thursday afternoon at 285.89/cwt. Select was $3.00 higher at $269.94/cwt.

Negotiated cash fed cattle trade ranged from a standstill to slow on light demand through Thursday afternoon, according to the Agricultural Marketing Service.

So far this week, FOB live trades in the western Corn Belt are steady at $175/cwt. and dressed delivered sales are steady to $1 higher at $274-$275.

Action in grain futures Thursday appeared to be tied mainly to positioning ahead of Friday’s monthly World Agricultural Supply and Demand Estimate and quarterly Grain Stocks report.

Soybean futures closed mostly 1¢ higher.

 

Corn futures closed mostly 1¢ to 2¢ lower.

 

KC HRW Wheat futures closed 7¢ to 8¢ lower.

2024-01-11T20:06:03-05:00

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