Cattle Current Podcast—Oct. 9, 2023

Cattle Current Podcast—Oct. 9, 2023

Cattle futures closed higher Friday, helped along by lower Corn futures and the notion that boxed beef cutout values might be on the cusp of carving out a seasonal low.

Feeder Cattle futures closed an average of 79¢ higher.

Live Cattle futures closed an average of $1.01 higher.

Negotiated cash fed cattle trade ranged from limited on light to demand to a standstill through Friday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

For the week, FOB live prices were $1 lower in the Southern Plains at $182/cwt. $1 lower in Nebraska at $183 and steady to $1 lower in the western Corn Belt at $183-$184. Dressed delivered prices were steady to $2 lower at $288-$290 in Nebraska and steady in the western Corn belt at $290.

Choice boxed beef cutout value was $4.25 higher Friday afternoon at $302.01/cwt. Select was $1.01 higher at $275.78/cwt.

Estimated total cattle slaughter last week of 628,000 head was 16,000 head more than the previous week but 41,000 head fewer than the same week last year. Estimated year-to-date cattle slaughter of 24.9 million head was 1.2 million head less (-4.5%) than the same period last year. Estimated year-to-date beef production of 20.4 billion pounds was 1.1 billion pounds less (5.2%).

As for row crop futures, they closed lower Friday on likely week-end profit taking.

Corn futures closed 5¢ lower through Jly ‘24 and then fractionally lower to 3¢ lower.

KC HRW Wheat closed 12¢ to 16¢ lower through May ‘25 and then 9¢ lower.

Soybean futures closed 11¢ to 14¢ lower through May ‘24 and then mostly 5¢ to 9¢ lower.

2023-10-08T13:24:36-05:00

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