Cattle Current Podcast—Sept. 7, 2022

Stronger recent wholesale beef values helped lift Cattle futures Tuesday.

Choice Boxed beef cutout value was $1.05 higher through Tuesday afternoon at $260.47/cwt. Select was 72¢ higher at $239.30/cwt.

Live Cattle futures closed an average of 79¢ higher (50¢ higher at the front to $1.37 higher at the back).

Feeder Cattle futures closed an average of 56¢ higher (30¢ at the back to $1.15 higher).

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

Last week, live prices were $140-$141/cwt. in the Southern Plains and $143-$145 in Nebraska and the western Corn Belt. Dressed prices were $228-$232.

The five-area direct weighted average steer price last week was $1.91 lower on a live basis at $142.88. The average steer price in the beef was $4.10 lower at $228.78.

Corn futures gained Tuesday, mostly 8¢ to 11¢, perhaps with some positioning ahead of next Monday’s Crop Production report which could include changes to expected yield.

Soybean futures faded with lower outside markets and weak Crude Oil futures. They closed mostly 19¢ to 21¢ lower through Aug ‘23 and then mostly 13¢ 14¢ lower.