Cattle Current Podcast—Jan. 15, 2024

Cattle Current Podcast—Jan. 15, 2024

Feeder Cattle futures closed an average of 49¢ higher Friday, helped by falling Corn futures, which were pressured by the latest World Agricultural Supply and Demand Estimates (see below). Week to week on Friday, Feeder Cattle closed an average of $3.25 higher.

Live Cattle futures closed an average of 26¢ lower, except for unchanged and 22¢ higher in the back two contracts. Week to week on Friday, they were an average of 61¢ higher (2¢ to $1.07 higher), except for unchanged and 37¢ lower in two away contracts.

Negotiated cash fed cattle trade ranged from mostly inactive on light demand to slow on light demand through Friday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were a few FOB live trades in the Southern Plains at $172/cwt. Established prices the previous week were $172-$173.

Established FOB live prices last week were steady to $2 lower in Nebraska at $173 and steady in the western Corn Belt at $174. Dressed delivered prices were 50¢ to $2 lower in Nebraska at $272-$275 and steady to $1 higher in the western Corn Belt at $275 on a light test.

Through Thursday, the weighted average five-area direct FOB live steer price was 33¢ lower at $174.32. The weighted average dressed delivered fed steer price was $1.11 lower at $273.63.

Choice boxed beef cutout value was $3.37 higher Friday afternoon at 289.26/cwt. Select was $1.91 higher at $271.85/cwt. Week to week, Choice was $12.10 higher and Select was $12.32 higher.

Corn and Soybean futures fell Friday in response to higher than expected yield and production estimates in the monthly WASDE. Kansas City Wheat futures followed along, despite a reduction in expected planted area.

Corn futures closed mostly 7¢ to 10¢ lower through Jly ’25 and then mostly 4¢ to 5¢ lower. Week to week on Friday, Corn futures an average of 13’3¢ lower through the front six contracts.

Soybean futures closed 11¢ to 25¢ lower through Aug ’24 and then mostly 2¢ to 5¢ lower.

KC HRW Wheat futures closed mostly 1¢ to 3¢ lower through May ’25 and then unchanged.

2024-01-14T19:03:13-06:00

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