Cattle Current Podcast—Nov. 7, 2022

Cattle futures closed mixed Friday with little added short-term support and plenty of uncertainty.

Feeder Cattle futures closed mixed, from an average of 20¢ lower to an average of 51¢ higher.

Live Cattle futures closed mixed from an average of 24¢ lower to an average of 11¢ higher.

Corn futures closed mostly 1¢ to 2¢ higher.

Kansas City Wheat futures closed 10¢ to 17¢ higher.

Soybean futures closed 22¢ to 25¢ higher through Aug ’23 and then mostly 9¢ to 12¢ higher.

Negotiated cash fed cattle trade ranged from limited on light demand to mostly inactive on very light demand through Friday afternoon, according to the Agricultural Marketing Service.

For the week, live sales were steady in the Southern Plains at $150/cwt., steady to $1 higher in Nebraska at $152-$153 and steady in the western Corn Belt at $152-$153. Dressed prices were $2 higher in Nebraska at $242 and steady to $2 higher in the western Corn Belt at $240-$242.

Choice Boxed beef cutout value was $1.43 lower Friday afternoon at $263.75/cwt. Select was $1.16 lower at $231.90/cwt.

Total estimated cattle slaughter last week of 667,000 head was 1,000 head fewer than the previous week but 15,000 head more than the same week last year. Year-to-date estimated total cattle slaughter of 27.71 million head was 452,00 head more (+1.6%) than the same time last year. Year-to-date estimated beef production of 23.69 billion lbs. was 338.8 million lbs. more (+1.5%).