Cattle Current Podcast—July 25, 2022

Cattle Current Podcast—July 25, 2022

Cattle futures took a step higher Friday, apparently buoyed by bullish expectations for the USDA reports that came out later that day (see below).

Feeder Cattle futures closed an average of $2.38 higher.

Live Cattle futures closed an average of $1.42 higher (85¢ higher at the back to $2.02 higher toward the front).

Negotiated cash fed cattle trade ranged from slow on light demand to a standstill through Friday afternoon with too few transactions to trend, according the Agricultural Marketing Service.

For the week, live prices were $1 lower in the Southern Plains at $136/cwt. and $1.00 to $1.50 lower at $139.00-$143.50 in Nebraska and $142-$144 in the western Corn Belt. Dressed prices in Nebraska were $3 lower at $227.

Choice Boxed beef cutout value was 64¢ lower Friday afternoon at $267.12/cwt. Select was $1.97 higher at $242.50/cwt.

Estimated total cattle slaughter last week of 665,000 head was 9,000 head fewer than the previous week, but 10,000 head more than the same week last year. Estimated year-to-date cattle slaughter of 18.8 million head was 212,000 more (+1.1%). Estimated year-to-date beef production of 15.5 billion lbs. was 152.6 million lbs. more (+1.0%).

Corn futures closed 9¢ to 11¢ lower through new-crop contracts and then mostly 4¢ to 5¢ lower, apparently pressured by favorable weather and the agreement between Ukraine and Russia which is supposed to enable resumption of Ukraine grain exports in the Black Sea region.

Soybean futures closed mostly 12¢ to 16¢ higher.

2022-07-24T20:04:04-05:00

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