Cattle Current Podcast—Jan. 3, 2023

Cattle Current Podcast—Jan. 3, 2023

Cattle futures rallied on Tuesday, supported by last week’s stronger cash fed cattle prices and more trade volume.

Feeder Cattle futures closed an average of $3.10 higher.

Live Cattle futures closed an average of $1.79 higher, ($1.15 to $3.42 higher), except for 82¢ lower in newly minted away Jun.

Negotiated cash fed cattle trade ranged from slow on light demand to a standstill through Tuesday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were some early FOB live sales in the western Corn Belt at $175/cwt.

Last week, FOB live prices were $172 in the Southern Plains, $172-$173 in Nebraska and $172-$172.50 in the western Corn Belt. Dressed delivered prices were $273.

The five-area weighted average FOB live fed steer price last week was $1.73 higher at $172.24/cwt. The average dressed delivered price was $2.49 higher at $272.87.

Choice boxed beef cutout value was $5.37 lower Tuesday afternoon at 284.34/cwt. Select was $1.47 lower at $258.86/cwt.

The positive outlook for South America and likely technical selling helped shove Soybean futures lower, dragging Grain futures along.

Corn futures closed mostly 5¢ to 10¢ lower.

KC HRW Wheat futures closed mostly 9¢ to 13¢ lower.

Soybean futures closed 19¢ to 26¢ lower.

2024-01-02T20:21:01-06:00

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