Cattle Current Podcast—Nov. 1, 2022

Cattle Current Podcast—Nov. 1, 2022

Russia’s announcement over the weekend that it is suspending its participation in the Black Sea Grain Initiative (BSGI) propelled grain futures significantly higher Monday. The BSGI, brokered by the United Nations earlier this year, enabled resumption of Ukraine grain exports via the Black Sea as Russia’s war on Ukraine continued.

Corn futures closed 8¢ to 10¢ higher through Jly ‘23 and then mostly 4¢ to 5¢ higher.

Kansas City Wheat futures closed mostly 39¢ to 53¢ higher.

As logic would suggest, Feeder Cattle futures wilted in the face of the spike up in grain futures, closing an average of 81¢ lower (25¢ lower to $1.00 lower), except for an average of 9¢ higher in the back three contracts.

Added uncertainty came with the fact that there were no reports from the Agricultural Marketing Service during trading hours Monday, presume Bly due to technical difficulties.

Last week’s stronger cash fed cattle prices and higher wholesale beef values muted losses in Live Cattle futures, which closed an average of 27¢ lower, except for $3.60 lower in expiring Oct.

Last week, negotiated cash fed cattle prices were $2 higher on a live basis in the Southern Plains at $150/cwt.; they were $1-$2 higher in Nebraska at $152-$153 and $1-$3 higher in the western Corn Belt at $151-$153. Dressed prices were $4 higher in Nebraska at $240 and $4-$8 higher in the western Corn Belt at $240.

2022-10-31T18:20:57-06:00

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This Sliding Bar can be switched on or off in theme options, and can take any widget you throw at it or even fill it with your custom HTML Code. Its perfect for grabbing the attention of your viewers. Choose between 1, 2, 3 or 4 columns, set the background color, widget divider color, activate transparency, a top border or fully disable it on desktop and mobile.