Cattle Current Podcast—Nov. 17, 2023

Cattle futures closed sharply lower Thursday with lower cash fed cattle prices and likely positioning ahead of Friday’s Monthly Cattle on Feed report.

Feeder Cattle futures closed an average of $3.59 lower, except for 5¢ lower in expiring Nov.

Live Cattle futures closed an average of $2.85 lower ($2.25 to $3.45 lower).

Negotiated cash fed cattle trade ranged from light on light to moderate demand to light on moderate demand through Thursday afternoon, according to the Agricultural Marketing Service.

FOB live prices were $178/cwt. in all regions, which was $3 lower in the Texas Panhandle, mostly $2 lower in Kansas, $3.50 lower in Nebraska and steady to $2 lower in the western Corn Belt.

So far this week, dressed delivered prices are $5 lower in Nebraska at $282. Dressed prices in the western Corn Belt last week were $283-$287.

Choice boxed beef cutout value was $1.61 lower Thursday afternoon at $294.72/cwt. Select was 20¢ lower at $267.65/cwt.

Net U.S. beef export sales for 2023 of 8,900 metric tons the week ending Nov. 9 were 35% less than the previous week and 27% less than the prior four-week average. Increases were primarily for South Korea, Mexico, China, Japan  and Taiwan.

Turning to row crops, Corn futures closed mostly 3¢ to 4¢ higher. KC HRW Wheat closed mostly 10¢ to 12¢ lower. Soybean futures closed 19¢ to 24¢ lower through Jan ‘25 and then mostly 14¢ to 17¢ low.