Cattle Current Podcast—May 6, 2022

Cattle Current Podcast—May 6, 2022

Cattle futures sagged Thursday with higher Corn futures and lower wholesale beef values helping stall recent momentum. Sharply lower outside markets also clouded optimism.

Feeder Cattle an average of $1.14 lower, from 47¢ lower at the back to $1.92 lower in spot May.

Live Cattle futures closed an average of 73¢ lower, from 12¢ lower to $1.12 lower.

Negotiated cash fed cattle trade ranged from limited on light demand to a standstill through Thursday afternoon with too few transactions to trend, according to the Agricultural Marketing Service.

So far this week, like prices are steady at $140/cwt. in the Southern Plains and at $146 in Nebraska. Prices are $2 lower to $1 higher in Colorado at $142-$146 and $1 higher to $1 lower in the western Corn Belt at $146. Dressed prices are steady in Nebraska at $232 and steady to $2 lower in the western Corn Belt at $230-$232.

Choice Boxed beef cutout value was $4.56 lower Thursday afternoon at $255.18/cwt. Select was $1.87 lower at $245.81.

Net U.S. beef export sales for the week ending April 28 were 14,600 metric tons, according to the weekly U.S. export sales report. That was 28% more than the previous week and 1% more than the prior four-week average. Increases were primarily for Japan, South Korea, Taiwan, China and Canada.

Corn futures closed mostly 1¢ to 3¢ higher. Soybean futures closed mostly 4¢ to 5¢ higher. 

2022-05-05T18:22:10-05:00

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