Cattle Current Podcast—June 12, 2023

Negotiated cash fed cattle trade was moderate with good demand in Kansas through Friday afternoon with prices $6-$8 higher at $186/cwt., according to the Agricultural Marketing Service.

Live trade in Nebraska was slow on light demand. Live prices were $1-$2 lower than Wednesday at $189, but steady to $8 higher for the week at $189-$191. Dressed prices for the week were $8-$15 higher at $300.

Elsewhere, trade ranged from limited on light demand to mostly inactive with very light demand.

For the week, live prices were $5-$10 higher in the Texas Panhandle at $185 and $3-$5 higher in the western Corn Belt at $190, where dressed prices were $8-$10 higher at $298-$300.

Choice boxed beef cutout value was $4.20 higher Friday afternoon at $332.93/cwt. Select was $1.61 higher at $305.71/cwt. Week to week on Friday, Choice was up $23 and Select was $14.78 higher.

Estimated weekly total cattle slaughter last week of 621,000 head was 48,000 head more than the previous holiday-shortened week but 50,000 fewer than the same week last year. Year-to-date estimated total cattle slaughter of 14.4 million head was 528,000 head fewer (-3.5%) than the same time a year earlier. Estimated year-to-date beef production of 11.8 billion pounds was 592.5 million pounds less (-4.8%) than a year earlier.

Cattle futures closed narrowly mixed Friday, despite strong weekly gains in cash cattle and wholesale beef values.

Live Cattle futures closed narrowly mixed, from an average of 38¢ lower to an average of 14¢ higher. Week to week on Friday, they closed an average of $1.71 lower ($1.05 to $2.17 lower), except for $1.80 higher in spot Jun.

Feeder Cattle futures closed mixed, from an average of 44¢ lower (15¢ to $1.00 lower) to an average of 21¢ higher. Week to week on Friday, they closed an average of $2.86 lower ($2.02 to $3.50 lower).

Corn futures closed mostly 3¢ to 5¢ lower Friday, pressured by the bearish demand outlook proffered in the latest World Agricultural Supply and Demand Estimates.

Soybean futures closed mostly 12¢ to 16¢ higher, boosted by soybean oil.

KC HRW Wheat closed 7¢ to 10¢ lower through May ‘24, and then mostly 1¢ to 2¢ lower.