Cattle Current Podcast—Sept. 18, 2023

Cattle futures extended gains Friday, supported by higher cash fed cattle prices.

Live Cattle futures closed an average of $1.29 higher.

Feeder Cattle futures closed an average of $2.92 higher ($2.20 higher in spot Sep to $3.35 higher).

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

For the week, FOB live prices were $2-$3 higher in the Southern Plains at $182-$183/cwt., steady to $1 higher in Nebraska at $184-$185 and $1 higher in the western Corn Belt at $185. Dressed delivered prices were $2 higher in Nebraska at $292 and $2-$4 higher in the western Corn Belt at $292.

Choice boxed beef cutout value was 66¢ lower Friday afternoon at $305.71/cwt. Select was $3.74 lower at $283.12/cwt.

Estimated total cattle slaughter last week of 632,000 head was 73,000 head more than the previous week, but 41,000 head fewer than the same week last year. Estimated year-to-date total cattle slaughter of 23.0 million head was 1.03 million head fewer (-4.3%) than the same period last year. Estimated year-to-date beef production of 18.8 billion pounds was 999.1 million pounds less (-5.0%).

Turning to grains, Corn futures closed fractionally lower to 4¢ lower with likely early harvest pressure. KC HRW Wheat closed mostly 5¢ to 10¢ higher through Jly ‘25 and then mostly fractionally higher. Soybean futures closed 16¢ to 20¢ lower.