Cattle Current Podcast—June 20-21, 2022

Negotiated cash fed cattle trade was mostly inactive on light demand in all major cattle feeding regions through Friday afternoon, according to the Agricultural Marketing Service.

Last week, live prices ended up $3-$4 higher in the Southern Plains at $140/cwt., $2-$4 higher in the Northern Plains at $145 and mostly steady to $4 higher in the western Corn Belt at $140-$146. Dressed prices were $4-$5 higher at $230.

The five-area direct fed steer price through Thursday was $3.21 higher at $143.73. The average steer price in the beef was $3.71 higher at $229.73.

Estimated total cattle slaughter last week of 667,000 head was 7,000 fewer than the previous week but 3,000 head more than the same week last year. Year-to-date total estimated cattle slaughter of 15.58 million head was 156,000 more (+1.0%) than the same period last year. Total estimated year-to-date beef production of 12.92 billion lbs. was 130.5 million lbs. more (+0.8%).

Choice Boxed beef cutout value was 90¢ lower through Friday afternoon at $266.26/cwt. Select was $1.15 higher at $246.53.

Cattle futures continued to gain Friday with the week’s higher cash prices, aggressive fed cattle slaughter and weaker Corn futures.

Feeder Cattle futures closed an average of $1.32 higher (40¢ higher at the back to $1.65 higher in spot Aug). 

Live Cattle futures closed an average of 38¢ higher.

Corn futures closed mostly 4¢ to 7¢ lower.

Soybean futures closed mostly 5¢ to 7¢ lower.