Cattle Current Podcast—Mar. 25, 2024

Cattle futures closed lower Friday, with likely positioning ahead of what turned out to be a bearish monthly Cattle on Feed report (see below).

Live Cattle closed an average of $1.63 lower (87¢ to $2.00 lower).

Feeder Cattle futures closed an average of $3.24 lower (92¢ to $4.30 lower).

Negotiated cash fed cattle trade ranged from slow on light demand to a standstill through Friday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

For the week, FOB live prices were $2 higher in the Southern Plains at $188/cwt., $2-$3 higher in Nebraska at $190 (a few up to $191) and $2-$3 higher in the western Corn belt at $190-$191 (a few up to $191.50). Dressed delivered prices were $2-$7 higher in Nebraska at $302 and $4 higher in the western Corn Belt at $302.

Choice boxed beef cutout value was $3.01 lower Friday afternoon at $310.72/cwt. Select was $2.26 lower at $301.47/cwt. Week to week, Choice was $1.18 lower and Select was 93¢ lower.

Estimated total cattle slaughter last week of 598,000 head was 3,000 head less than the previous week but 30,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 7.1 million head was 410,000 head fewer (-5.4%) than the same time a year earlier. Estimated beef production of 6.0 billion pounds was 250.7 million pounds less (-4.0%).

Corn futures closed mostly fractionally lower to 1¢ lower.

KC HRW Wheat futures closed mostly 8¢ higher.

Soybean futures closed 16¢ to 20¢ lower, with likely profit taking.