Cattle Current Podcast—March 2, 2023

Cattle Current Podcast—March 2, 2023

Cattle futures took a breather Wednesday on likely profit taking and awaiting weekly cash direction.

Feeder Cattle futures closed an average of 61¢ lower.

Live Cattle futures closed narrowly mixed, from an average of 42¢ lower to unchanged to an average of 2¢ higher.

Wholesale beef prices declined on Wednesday for the first time in a while. Choice boxed beef cutout value was $1.12 lower in the afternoon at 287.83/cwt. Select was $2.82 lower at $276.43/cwt.

By all accounts, negotiated cash fed cattle trade remained stuck in the gate Wednesday. There was no afternoon USDA summary available at press time.

Last week, live prices were mostly at $164/cwt. in all regions. Dressed prices were $260-$262.

Grain and Soybean futures found some footing Wednesday.

Corn futures closed mostly fractionally lower to 1¢ lower, except for 3¢ to 11¢ higher in old-crop contracts.

KC HRW Wheat closed 1¢ to 5¢ higher through Sep ’24 and then fractionally lower to 2¢ lower.

Soybean futures closed 10¢ to 15¢ higher through May ’24 and then mostly 4¢ to 5¢ higher.

2023-03-01T18:23:43-06:00

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