Cattle Current Podcast—Jan. 17, 2024

Cattle Current Podcast—Jan. 17, 2024

Cattle futures strengthened Tuesday, helped along by recently higher wholesale beef values and likely lower fed cattle carcass weights in the near term due to the severe winter weather.

Feeder Cattle futures closed an average of $1.16 higher.

Live Cattle futures closed an average of 74¢ higher (22¢ higher at the back to $1.75 higher in spot Feb).

Negotiated cash fed cattle trade was at a standstill through Tuesday afternoon, according to the Agricultural Marketing Service. Last week, FOB live prices were $172/cwt. in the Southern, Plains $173 in Nebraska and $175 in the western Corn Belt. Dressed delivered prices were $272-$275 in Nebraska and $275 in the western Corn Belt.

Choice boxed beef cutout value was $3.57 higher Tuesday afternoon at 294.99/cwt. Select was $7.42 higher at $279.98/cwt.

The higher dollar helped pressure Wheat futures, leading Corn futures along.

The higher U.S. dollar helped pressure Wheat futures, pulling Corn along.

Corn futures closed mostly 3¢ to 4¢ lower.

KC HRW Wheat futures closed mostly 10¢ to 14¢ lower.

Lower South American production estimates helped support Soybean futures. They closed 1¢ to 3¢ higher through near Aug and then mostly 1¢ to 2¢ lower.

2024-01-16T19:13:15-06:00

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