Cattle Current Podcast—May 8, 2023

Cattle Current Podcast—May 8, 2023

Cattle futures mostly softened Friday, unable to shake off the week’s lower cash fed cattle prices and growing concerns about domestic and global economic growth.

Feeder Cattle futures closed an average of 84¢ lower (15¢ to $1.72 lower). They were an average of $7.34 lower week to week on Friday. The CME Feeder Cattle Index was $3.74 lower week to week on Thursday at $199.46.

Live Cattle futures closed an average of 17¢ lower, except for an average of 21¢ higher in the front two contracts. They were an average of $3.38 lower week to week on Friday.

Negotiated cash fed cattle trade was mostly inactive on light demand in all regions through Friday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

For the week, live prices were $1 lower in the Southern Plains at $172/cwt., $2 lower in Nebraska at $176 and $2-$8 lower in the western Corn Belt at $172-$178. Dressed prices were $2-$5 lower in Nebraska at $281. The previous week, dressed prices were $285 in the western Corn Belt.

Choice boxed beef cutout value was 33¢ lower Friday afternoon at $309.19/cwt. Select was 67¢ higher at $288.16/cwt.

Estimated total cattle slaughter for the week was 623,000 head, which was 1,000 head less than the previous week and 38,000 head less than a year earlier. Year-to-date estimated total cattle slaughter of 11.3 million head was 384,000 head fewer (-3.3%). Year-to-date estimate beef production of 9.3 billion pounds was 477.6 million pounds less (-4.9%) than the same time last year.

Grain and Soybean futures continued higher Friday, led by wheat, with more support from worries about renewal of the Black Sea Initiative.

KC HRW Wheat closed mostly 26¢ to 34¢ higher through May ‘24 and then 16¢ to 21¢ higher.

Corn futures closed mostly 3¢ to 7¢ higher.

Soybean futures closed 10¢ to 18¢ higher through Jan ‘24 and then 5¢ to 8¢ higher through Mar ’25.

2023-05-07T15:46:18-05:00

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