Cattle Current Podcast—July 1, 2022

Cattle Current Podcast—July 1, 2022

Grain markets were the story on Thursday as Corn and Soybean futures tumbled, likely having more to do with quarter-end fund liquidation than the latest USDA Grain Stocks and Acreage reports, which were likely regarded as neutral overall.

On Thursday, Corn futures closed 24¢ to 35¢ lower through new-crop contracts and then mostly 11¢ to 20¢ lower.

Soybean futures closed mostly 19¢ to 29¢ lower.

Feeder Cattle futures climbed an average of $2.17 higher Thursday, from $1.50 higher at the back to $2.87 higher in spot August.

Expiring spot June Live Cattle futures closed $1.20 higher at $138 and then an average of 32¢ higher, except for unchanged to an average of 21¢ lower in three contracts.

Cattle futures are higher again so far today.

Negotiated cash fed cattle trade in the Texas Panhandle Thursday was $1 lower than the previous day at $137/cwt.; steady to $1 lower for the week.

Elsewhere, trade ranged from limited on light demand to a standstill with too few transactions to trend.

For the week, live prices are steady to $1 higher in Kansas at $138, steady in Colorado at $145, steady to $3 higher in Nebraska at $145-$151 and steady to $2 higher in the western Corn Belt at $147-$150. Dressed prices are steady in Nebraska at $234 and steady to $6 lower in the western Corn Belt at $234.

Choice Boxed beef cutout value was 88¢ lower through Thursday afternoon at $264.00/cwt. Select was 24¢ lower at $240.57.

2022-07-01T14:35:39-05:00

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