Cattle Current Podcast—Jan. 28, 2022

Cattle Current Podcast—Jan. 28, 2022

Cattle futures mostly eased lower in light trade Thursday as traders awaited more concrete direction from the packing pace.

Feeder Cattle futures closed an average of 82¢ lower except for 20¢ higher in expiring Jan.

Live Cattle futures closed an average of 43¢ lower, except for 20¢ higher in the back contract.

Negotiated cash fed cattle trade was limited on light demand through Thursday afternoon, according to the Agricultural Marketing Service.

So far for the week, live prices are steady in the Texas Panhandle at $137/cwt., $1 lower in Kansas at $136, steady to $1 lower in Nebraska at $137 and steady in the western Corn Belt at $137-$139. Dressed trade is steady at $218.

Choice Boxed beef cutout value was 35¢ lower Thursday afternoon at $289.11/cwt. Select was 62¢ lower at $279.10.

The average dressed steer weight the week ending Jan. 15 was 922 lbs., according to the latest weekly Actual Slaughter Under Federal Inspection report. That was 6 lbs. lighter than the previous week and 3 lbs. lighter than the previous year. The average dressed heifer weight of 851 lbs. was the same as a week earlier and 1 lb. heavier than the same time last year.

Net U.S. beef export sales for 2022 totaled 14,300 metric tons the week ending Jan. 20, according to the weekly U.S. Export Sales report. Sales were primarily for South Korea, Japan, Mexico, China, and Indonesia.

Grain exports helped underpin prices.

Net U.S. corn export sales (2021-22) were 29% more than the previous week and 84% more than the prior four-week average.

Net U.S. soybean export sales were up 53% from the previous week and 77% from the prior four-week average.

Net U.S. wheat export sales were 78% higher than the previous week and up noticeably from the prior four-week average.

Corn futures closed mostly 3¢ to 6¢ lower.

Soybean futures closed 2¢ to 8¢ higher through Jan ‘23 and then mostly 1¢ lower.

2022-01-27T19:39:41-05:00

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