Cattle Current Podcast—June 7, 2023

Negotiated cash fed cattle prices stepped $3-$5 higher in the western Corn Belt Tuesday at $190/cwt. according to the Agricultural Marketing Service. Trade was slow on light to moderate demand. Dressed prices there last week were $288-$292.

There were a few early sales in Nebraska through Tuesday afternoon at $190 on a live basis and $300 in the beef, but too few to trend. Last week, live prices were $183-$189 and dressed prices were $285-$292.

Trade in the Southern Plains was mostly inactive with very light demand. Last week, live prices were $175-$180 in the Texas Panhandle and $178-$180 in Kansas.

Stronger cash fed cattle prices helped lift Cattle futures.

Live Cattle futures closed an average of $1.60 higher (97¢ higher toward the back to $2.67 higher in spot Jun).

Feeder Cattle futures closed an average of $1.27 higher (65¢ higher in spot Aug to $1.57 higher at the back).

Resurgent wholesale beef values added support. Choice boxed beef cutout value was $7.21 higher Tuesday afternoon at $321.40/cwt. Select was $2.71 higher at $299.44/cwt.

Corn futures closed 3¢ to 10¢ higher through Jly ‘24 Tuesday on a more bearish weather outlook.

KC HRW Wheat closed 2¢ to 3¢ lower through May’24 and then 9¢ to 13¢ lower.

Soybean futures closed mostly 3¢ to 5¢ higher.