Cattle Current Podcast—Jan. 8, 2024

Cattle Current Podcast—Jan. 8, 2024

Cattle futures softened Friday with continued pressure by the week’s decline in Choice wholesale beef prices. Choice boxed beef cutout value was $1.26 higher Friday afternoon at 277.16/cwt. and Select was 71¢ higher at $259.53/cwt. Week to week, however, Choice was down $12.55, while Select was 80¢ lower.

Feeder Cattle futures closed an average of $1.26 lower. Week to week, they were an average of 88¢ higher (22¢ to $1.40 higher).

Live Cattle futures closed an average of 73¢ lower (47¢ to $1.30 lower). They were an average of 77¢ higher week to week (2¢ to $2.07 higher).

Pressure may also have stemmed from disappointment that stronger cash fed cattle prices faded at the end of the week.

Negotiated cash fed cattle trade was slow on light demand in all regions through Friday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

For the week, FOB live prices were steady to $3 higher in Nebraska at $173-$175/cwt. and $3 higher in the western Corn Belt at $175. Dressed delivered prices were $1-$2 higher at $274-$275. The previous week, FOB live prices were $172-$173 in Kansas and $172 in the Texas Panhandle.

Weekly U.S. beef export sales were positive. Net U.S. beef export sales for 2023 the week ending Dec. 28 (9,500 metric tons) were up noticeably from the previous week and up 69% from the prior four-week average. Increases primarily were for China, Japan, Mexico, and South Korea.

Net U.S. beef export sales of 7,100 metric tons for 2024 were primarily for Taiwan, Mexico, South Korea and Hong Kong.

Total cattle slaughter last week of 556,000 head was 48,000 more than the previous week but 9,000 head fewer than the same week last year. Beef production for the first week of 2024 of 470.3 million pounds was 40.9 million pounds more than the previous week and 3.6 million pounds more than the same week last year.

Turning to row crops, rains in South America continued to pressure Soybean futures Friday. Export sales also applied pressure to grains. Sales were a marketing year low for corn and soybeans, while wheat export sales were 52% less than the previous week and 79% less than the prior four-week average.

Soybean futures closed mostly 11¢ to 14¢ lower.

Corn futures closed mostly 5¢ to 7¢ lower.

KC HRW Wheat futures closed 2¢ to 4¢ higher.

2024-01-07T16:17:13-06:00

This Is A Custom Widget

This Sliding Bar can be switched on or off in theme options, and can take any widget you throw at it or even fill it with your custom HTML Code. Its perfect for grabbing the attention of your viewers. Choose between 1, 2, 3 or 4 columns, set the background color, widget divider color, activate transparency, a top border or fully disable it on desktop and mobile.

This Is A Custom Widget

This Sliding Bar can be switched on or off in theme options, and can take any widget you throw at it or even fill it with your custom HTML Code. Its perfect for grabbing the attention of your viewers. Choose between 1, 2, 3 or 4 columns, set the background color, widget divider color, activate transparency, a top border or fully disable it on desktop and mobile.

This Is A Custom Widget

This Sliding Bar can be switched on or off in theme options, and can take any widget you throw at it or even fill it with your custom HTML Code. Its perfect for grabbing the attention of your viewers. Choose between 1, 2, 3 or 4 columns, set the background color, widget divider color, activate transparency, a top border or fully disable it on desktop and mobile.

This Is A Custom Widget

This Sliding Bar can be switched on or off in theme options, and can take any widget you throw at it or even fill it with your custom HTML Code. Its perfect for grabbing the attention of your viewers. Choose between 1, 2, 3 or 4 columns, set the background color, widget divider color, activate transparency, a top border or fully disable it on desktop and mobile.