Cattle Current Podcast—Jan. 4, 2023

Cattle futures closed lower Tuesday, in correction mode after the long holiday weekend, and with softer outside markets.

Live Cattle futures closed an average of 66¢ lower (5¢ lower near the back to $1.05 lower in new spot Feb), not counting newly minted away Jun.

Feeder Cattle futures closed an average of 55¢ lower, from 7¢ lower at the back to $1.45 lower toward the front.

That was despite last week’s stronger cash fed cattle prices and persistent increases in wholesale beef prices.

Last week, live prices were $1 higher in the Southern Plains at $157/cwt., $1-$2 higher in Nebraska at $158 and steady to $3 higher in the western Corn Belt at $157-$160. Dressed prices were $3 higher in Nebraska at $252 and $2-$3 higher in the western Corn Belt at $250-$252. Negotiated cash fed cattle trade was at a standstill through Tuesday afternoon, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $4.97 higher Tuesday afternoon at $286.95/cwt. Select was $3.70 higher at $254.63/cwt.

Corn and grain futures closed sharply lower in nearby contracts amid the overall risk-off atmosphere of the day, as well as positive rains in South America.

Corn futures closed 3¢ to 8¢ lower through Jly ‘24 and then mostly 2¢ to 4¢ higher.

Soybean futures closed 23¢ to 32¢ lower through Sep ‘23 and then mostly 4¢ to 5¢ lower.