Cattle Current Podcast—March 2, 2022

Cattle Current Podcast—March 2, 2022

Grain and soybean futures continued to dominate market narrative Tuesday, blasting another leg higher, fueled by the Russian attack on Ukraine and the fallout from everything from export disruptions to financial turmoil.

Corn futures closed 30¢ to 42¢ higher in the front three contracts and the mostly 13¢ to 15¢ higher. Spot Mar was 80¢ higher over the last two sessions, closing Tuesday at a staggering $7.39’6

Soybean futures closed 41¢ to 61¢ higher in the front six contracts and then mostly 38¢ to 39¢ higher. The front two contracts are up more than $1.00 over the past two sessions.

Kansas City HRW futures closed 50¢ to 57¢ higher in the front five contracts; more than $1 higher in the front contracts over the last two sessions.

Those runaway feed futures prices hammered Cattle futures, especially Feeder Cattle once again. Feeder Cattle closed an average of $1.63 lower (65¢ to $2.55 lower) for an average of $4.14 lower over the last two sessions.

Live Cattle futures closed mixed, from an average of 54¢ lower in the front three contracts to an average of 19¢ higher.

Negotiated cash fed cattle trade ranged from a standstill to mostly inactive on very light demand through Tuesday afternoon, according to the Agricultural Marketing Service.

Last week, live prices were $142/cwt. on a live basis in the Southern Plains, $142-$144 in Nebraska and $144 in the western Corn Belt. Dressed prices were $227 in Nebraska and $226-$227 in the western Corn Belt.

Choice boxed beef cutout value was 83¢ lower Tuesday afternoon at $256.68/cwt. Select was $1.89 lower at $251.52.

2022-03-01T19:04:07-05:00

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