Cattle Current Podcast—March 7, 2022

Concerns about less corn and wheat exports from Ukraine and Russia, due to the war, continued to underpin futures prices Friday. As time wears on, there is also concern about fertilizer exports from the region.

Corn futures closed 5¢ to 8¢ higher, except for 10¢ to 29¢ higher from near Jly to next Mar.

Soybean futures closed mostly 7¢ to 8¢ lower.

Cattle futures sagged beneath the weight of escalating feed prices Friday.

Feeder Cattle futures closed an average of $2.47 lower (90¢ at the back to $3.27 lower toward the front).

Live Cattle futures closed an average of $1.53 lower (80¢ to $2.62 lower).

Negotiated cash fed cattle trade was mostly inactive on light demand in all major cattle feeding regions through Friday afternoon, according to the Agricultural Marketing Service.

For the week, live prices were $2 lower in the Southern Plains at $140/cwt., $2-$4 lower in Nebraska at $140 and $1 lower in the western Corn Belt at $143. Dressed prices were $2-$3 lower at $224-$225.

The average five-area direct fed steer price was $2.64 lower week to week on Thursday at $140.76/cwt. The average steer price in the beef was $2.40 lower at $224.62.

Choice Boxed beef cutout value was 2¢ lower Friday afternoon at $254.33/cwt. Select was 62¢ higher at $248.41.

Estimated total cattle slaughter last week of 658,000 was 11,000 head more than the previous week but 8,000 head fewer than the same week last year. Estimated year-to-date total cattle slaughter of 5.83 million head is just 17,000 head fewer than the same time last year.