Cattle Current Podcast—Oct. 31, 2022

Negotiated cash fed cattle prices continued to gain last week amid aggressive cattle slaughter, resilient beef demand, and narrowing supplies.

For the week, live prices were $2 higher in the Southern Plains at $150/cwt., $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.

Choice Boxed beef cutout value was  77¢ higher Friday afternoon at $263.26/cwt. Select was $2.58 higher at $234.49/cwt.

Cattle futures closed narrowly mixed to marginally lower Friday with week-end positioning and traders apparently reluctant to advance prices.

Feeder Cattle futures closed narrowly mixed from an average of 12¢ lower to an average of 11¢ higher.

Live Cattle futures closed an average of 44¢ lower (22¢ lower at the back to $1.02 lower in nearly-spent spot Oct).

Estimated total cattle slaughter last week of 668,000 head was 5,000 head less than the previous week and on par with the same week last year. Year-to-date total estimated cattle slaughter of 28.04 million head was 436,000 head more (+1.6%) than the same period last year. Year-to-date beef production of 23.13 billion lbs. was 320.9 million lbs. more (+1.4%).

Corn futures closed mostly fractionally lower to 1¢ lower.

Soybean futures closed mostly 6¢ to 9¢ higher.