Cattle Current Podcast—June 8, 2023

Negotiated cash fed cattle prices continued higher Wednesday.

Dressed sales in Nebraska were $8-$15 higher at $300/cwt. on light trade and good demand. There were some early live sales at $188-$194, but too few to trend, according to the Agricultural Marketing Service. Live prices there last week were $183-$189.

Live sales in the western Corn Belt continued $3-$5 higher at $190 on light trade and good demand. Although too few to trend, there were some dressed sales at $300. Dressed prices there last week were $288-$292.

Trade in the Southern Plains was very limited on moderate to good demand with too few transactions to establish the market. Last week, live prices were $175-$180 in the Texas Panhandle and $178-$180 in Kansas.

Wholesale beef prices continued higher. Choice boxed beef cutout value was $3.79 higher Wednesday afternoon at $325.19/cwt. Select was $2.12higher at $301.56/cwt.

Even so, Cattle futures closed sharply lower amid likely technical selling and profit taking.

Live Cattle futures closed an average of $2.34 lower (82¢ lower in spot Jun to $2.82 lower).

Feeder Cattle futures closed an average of $3.76 lower ($2.72 lower at the back to $4.27 lower).

Another day and another forecast — wetter this time — pressured Corn and Soybean futures Wednesday.

Corn futures closed mostly 7¢ to 10¢ lower.

Soybean futures closed mostly 8¢ to 10¢ lower.

KC HRW Wheat closed 21¢ to 32¢ lower through Jly 24 and then 13¢ to 16¢ lower.