Cattle Current Podcast—July 3, 2023

Cattle futures climbed Friday as Corn futures slid on the bearish Acreage report (see below).

Feeder Cattle futures closed an average of $4.03 higher ($3.15 to $5.20 higher).

Live Cattle futures closed an average of $1.51 higher (65¢ higher at the back to $2.67 higher in new spot Aug).

Week to week on Friday, Feeder Cattle futures were up an average of $11.10 and Live Cattle futures were up an average of $3.68.

Negotiated cash fed cattle trade was mostly slow with light to moderate demand through Friday afternoon, according to the Agricultural Marketing Service.

Although too few to trend, there were a few live trades in the Texas Panhandle at $179/cwt. and at $182-$183 in the western Corn Belt. There were a few dressed trades in Nebraska at $290.

The only established trade for the week was in Kansas where live prices were $2 lower at $178.

Last week, live prices were $180/cwt. in the Southern Plains $182-$185 in Nebraska and $184-$185 in the western Corn Belt. Dressed prices were $290.

Choice boxed beef cutout value was 33¢ lower Friday afternoon at $327.72/cwt. Select was $3.55 lower at $293.63/cwt.

Estimated total cattle slaughter last week of 644,000 head was 5,000 head fewer than the previous week but 3,000 more than the same week last year. Year-to-date estimated total cattle slaughter of 16.3 million head was 580,000 head (-3.4%) less. Estimated year-to-date beef production of 13.34 billion pounds was 635.6 million pounds less (-4.5%).