Cattle Current Podcast—Oct. 31, 2023

Cattle futures extended gains Monday, supported by stronger cash fed cattle prices late last week and more positive outside markets.

Feeder Cattle futures closed an average of 68¢ higher.

Live Cattle futures closed an average of 88¢ higher (12¢ higher in spot Oct to $1.30 higher at the back).

Negotiated cash fed cattle trade was at a standstill in all major cattle feeding regions through Monday afternoon, according to the Agricultural Marketing Service.

Last week, FOB live prices were steady to $1 higher in the Southern Plains at $184-$185/cwt., steady to $4 lower in Nebraska at $183-$186 and $2-$3 lower in the western Corn Belt at $183-$185. Dressed delivered prices were mainly $4 lower at $290.

The weighted average five-area direct FOB fed steer price was $2.12 lower at $184.02. The weighted average dressed delivered steer price was $3.51 lower at $290.06.

Choice boxed beef cutout value was $1.71 higher Monday afternoon at $309.28/cwt. Select was 77¢ higher at $280.89/cwt.

Corn futures closed lower Monday on likely month-end profit taking. They were 2¢ lower through new crop contracts and then fractionally higher to 2¢ higher.

KC HRW Wheat closed mostly 1¢ higher.

Soybean futures closed 7¢ to 14¢ lower.