Cattle Current Podcast—March 17, 2023

Stronger outside markets helped Cattle futures recover some recent losses Thursday.

Feeder Cattle futures closed an average of $1.63 higher.

Live Cattle futures closed an average of 39¢ higher, except for 2¢ lower in the back contract.

Weekly U.S. beef export sales also provided some support. Net U.S. beef export sales for the week ending March 9 were 17,700 metric tons (mt), according to USDA’s Export Sales report. That was noticeably higher than the previous week and 24% more than the previous four-week average.

Corn futures closed mostly 1¢ to 2¢ higher.

KC HRW Wheat closed mostly 1¢ to 2¢ lower.

Soybean futures closed mostly fractionally lower to 1¢ lower.

Negotiated cash fed cattle trade was limited on light demand in all regions through Thursday afternoon, according to the Agricultural Marketing Service.

So far this week, live prices are mainly $1 lower in the Southern Plains and Nebraska at $164/cwt., and $1-$2 lower in the western Corn Belt at $163-$165. Dressed prices are $1 lower at $264.

Choice boxed beef cutout value was 32¢ lower Thursday afternoon at $283.95/cwt. Select was 87¢ lower at $271.76/cwt.