Cattle Current Podcast—March 10, 2023

Cattle futures closed lower Thursday with likely profit taking, the lack of weekly cash fed cattle direction and outside market bearishness.

Feeder Cattle futures closed an average of 90¢ lower.

Live Cattle futures closed an average of 66¢ lower, except for 60¢ higher in the back contract.

Weekly beef export sales offered no support. According to USDA’s weekly U.S. Export Sales report, net U.S. beef export sales for the week ending March 2 were 5,600 metric tons, a marketing-year low. The total was 31% less than the prior week and 67% less than the previous four-week average (see below).

Negotiated cash fed cattle trade got underway in the Texas Panhandle Thursday at steady money of $165/cwt. on slow trade and light demand.

Elsewhere, trade was mostly inactive on light demand with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, live prices were $165/cwt. Dressed prices were $265 in Nebraska and $262-$265 in the western Corn Belt.

Choice boxed beef cutout value was 18¢ lower Thursday afternoon at $284.60/cwt. Select was $2.07 lower at $276.05/cwt.

Corn futures closed 12¢ to 16¢ lower through old-crop contracts. and then mostly 3¢ to 4¢ lower.

KC HRW Wheat closed mostly 18¢ to 22¢ lower.

Soybean futures closed mostly 8¢ to 11¢ lower.