Daily Cattle Current Podcast

Daily Cattle Current Podcast 2017-06-03T14:35:39-06:00

Daily Cattle Current Podcast

Stay in the Market

You can find more information about free and popular ways to subscribe to the podcast HERE.

Cattle Current Podcast—Feb. 3, 2023

Cattle futures rebounded Thursday after the previous day’s breather, buoyed by the bullish Cattle report, positive weekly exports and notions this week’s cash fed cattle prices will be higher.

Feeder Cattle futures closed an average of $2.03 higher ($1.80 to $2.68 higher).

Live Cattle futures closed an average of $1.12 higher (80¢ to $1.325 higher).

Negotiated cash fed cattle trade was limited on light demand in the Western Corn Belt through Thursday afternoon, with a few live sales at $154/cwt., according to the Agricultural Marketing Service. Elsewhere, trade ranged from standstill to mostly inactive.

Last week, live prices were $156/cwt. in the Southern Plains, $153-$156 in Nebraska and $152-$157 in the western Corn Belt. Dressed prices were $248.

Choice boxed beef cutout value was 3¢ higher Thursday afternoon at $265.10/cwt. Select was 88¢ higher at $253.66/cwt.

Corn futures closed 1¢ to 5¢ lower through Jly ’24.

KC HRW Wheat closed mostly fractionally lower to 3¢ lower.

Soybean futures closed 3¢ to 17¢ higher.

February 2nd, 2023|

Cattle Current Podcast—Feb. 2, 2023

Cattle futures paused and retraced Tuesday following the previous day’s gains and awaiting cash direction.

Feeder Cattle futures closed an average of $1.72 lower ($1.35 to $2.90 lower).

Live Cattle futures closed an average of 45¢ lower (35¢ to 80¢ lower).

Negotiated cash fed cattle trade was at a standstill through Wednesday afternoon in the Southern Plains and Nebraska, according to the Agricultural Marketing Service. In the Western Corn Belt, trading was inactive on very light demand with too few trades for a trend.

Last week, live prices were $156/cwt. in the Southern Plains, $153-$156 in Nebraska and $152-$157 in the western Corn Belt. Dressed prices were $248.

Choice boxed beef cutout value was $1.02 lower Wednesday afternoon at $265.07/cwt. Select was 14¢ lower at $252.78/cwt.

Corn futures closed mostly 1¢ to 5¢ higher.

KC HRW Wheat closed mostly 3¢ to 5¢ higher through May ’24 and then mostly 2¢ lower

Soybean futures closed fractionally lower to 17¢ lower through Jan’24, then mixed.

February 1st, 2023|

Cattle Current Podcast—Feb. 1, 2023

Feeder Cattle futures closed higher Monday in anticipation of the USDA Cattle report (see below).

Feeder Cattle futures closed an average of $1.36 higher (93¢ to $2.23 higher).

Live Cattle futures closed mixed, from 33¢ down to 45¢ higher.

Negotiated cash fed cattle trade was at a standstill through Tuesday afternoon, according to the Agricultural Marketing Service.

Last week, live prices were $156/cwt. in the Southern Plains, $153-$156 in Nebraska and $152-$157 in the western Corn Belt. Dressed prices were $248.

Choice boxed beef cutout value was $2.01 lower Tuesday afternoon at $266.09/cwt. Select was $1.40 higher at $252.92/cwt.

Corn futures closed mixed,  unchanged to down 4¢ through Sept. 23, then up 1¢ to 3¢.

KC HRW Wheat closed mostly down 2¢.

Soybean futures closed mixed, up fractionally to 2¢ higher in spot March and May respectively, then mostly down 1¢ to 4¢.

January 31st, 2023|

Cattle Current Podcast—Jan. 31, 2023

Cattle futures gained Monday, supported by higher cash trade in the South at the end of last week, as well as likely positioning ahead of Tuesday’s Cattle inventory report (see below).

Live Cattle futures closed an average of $1.26 higher (80¢ to $2.52 higher).

Feeder Cattle futures closed an average of 80¢ higher.

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

Last week, live prices were $1 higher in the Southern Plains at $156/cwt., from $2 lower to $1 higher in Nebraska at $153-$156 and $1-$4 lower in the western Corn Belt at $152-$157.

Dressed prices were steady in Nebraska at $248 and steady to $2 lower in the western Corn Belt at $248.

The weighted average five-area direct fed steer price last week was near steady with the previous week on a live basis at $155.25/cwt. The average steer price in the beef was 50¢ lower at $247.72.

Choice boxed beef cutout value was 34¢ higher Monday afternoon at $268.10/cwt. Select was 98¢ higher at $251.52/cwt.

Soybean futures led grains higher Monday, supported by recently more positive U.S. exports.

Soybean futures closed 21¢ to 25¢ higher through Aug ‘23, and then 10¢ to 17¢ higher.

Corn futures closed mostly 2¢ to 5¢ higher.

KC HRW Wheat futures closed mostly 4¢ to 6¢ higher through Mar ‘24 and then mostly 2¢ lower to 8¢ higher.

January 30th, 2023|

Cattle Current Podcast—Jan. 30, 2023

Cattle futures mostly edged higher Friday with support from weaker Corn futures.

Feeder Cattle futures closed an average of 40¢ higher, except for an average of 15¢ lower in the back two contracts.

Live Cattle futures closed an average of 15¢ higher, except for unchanged in spot Feb.

Corn futures closed mostly 1¢ to 3¢ lower.

KC HRW Wheat futures closed 1¢ to 5¢ higher through May ‘24 and then mostly 2¢ lower to 1¢ higher.

Soybean futures closed 2¢ to 14¢ lower through Sep ‘23, and then mostly 3¢ higher.

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

For the week dressed prices were steady in Nebraska at $248/cwt. and steady to $2 lower in the western Corn Belt at $248, where live prices were $1-$4 lower at $152-$157.

The previous week, live prices were $155 in the Southern Plains and Nebraska.

Choice boxed beef cutout value was 99¢ lower Friday afternoon at $267.76/cwt. Select was 94¢ lower at $250.54/cwt.

January 29th, 2023|

Cattle Current Podcast—Jan. 27, 2023

Negotiated cash fed cattle trade was slow on light to moderate demand in Nebraska and the western Corn Belt through Thursday afternoon, according to the Agricultural Marketing Service.

Dressed prices were steady in Nebraska at $248/cwt. and steady to $2 lower in the western Corn Belt at $248.

Last week, live prices were $155/cwt. in the Southern Plains and Nebraska, and $156-$158 in the western Corn Belt.

Choice boxed beef cutout value was 47¢ higher Thursday afternoon at $268.75/cwt. Select was 32¢ lower at $251.48/cwt.

Cattle futures faltered Thursday with weaker early cash fed cattle trade and firmer Corn futures.

Feeder Cattle futures closed an average of $1.09 lower, except for 17¢ higher in expiring Jan.

Live Cattle futures closed an average of 68¢ lower.

Corn futures closed 4¢ to 7¢ higher through the front three contracts, and then mostly 1¢ to 2¢ higher.

KC HRW Wheat futures closed mostly 12¢ to 16¢ higher.

Soybean futures closed 13¢ to 21¢ higher through the front six contracts, and then mostly 5¢ to 7¢ higher.

January 26th, 2023|

Cattle Curent Podcast—Jan. 26, 2023

Cattle futures edged higher Wednesday with fundamental support and simmering ahead of cash direction.

Feeder Cattle futures closed an average of 40¢ higher, except for 5¢ lower in the back contract.

Live Cattle futures closed an average of 23¢ higher, except for 25¢ lower in spot Feb.

Corn futures closed mostly 2¢ to 3¢ lower.

KC HRW Wheat futures closed 5¢ to 9¢ higher.

Soybean futures closed mostly 5¢ to 9¢ higher.

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

Last week, live prices were $155/cwt. in the Southern Plains and Nebraska, and $156-$158 in the western Corn Belt. Dressed prices were $248-$250.

Choice boxed beef cutout value was $1.36 lower Wednesday afternoon at $268.28/cwt. Select was 59¢ lower at $251.80/cwt.

January 25th, 2023|

Cattle Current—Jan. 25, 2023

Cattle futures closed narrowly mixed Tuesday in the face of higher grain futures and the lack of cash direction.

Feeder Cattle futures closed an average of 18¢ lower, except for unchanged and 32¢ higher toward the front.

Live Cattle futures closed an average of 35¢ higher.

Corn and Wheat futures rebounded Tuesday with likely short covering.

Corn futures closed 5¢ to 10¢ higher through Jly ‘24 and then mostly 2¢ higher.

KC HRW Wheat futures closed mostly 14¢ higher.

Soybean futures firmed, too, closing fractionally lower to 2¢ lower through Sep ‘24 and then 1¢ to 5¢ 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 $155/cwt. in the Southern Plains and Nebraska, and $156-$158 in the western Corn Belt. Dressed prices were $248-$250.

Choice boxed beef cutout value was $1.80 lower Tuesday afternoon at $269.64/cwt. Select was $2.10 lower at $252.39/cwt.

January 24th, 2023|

Cattle Current Podcast—Jan. 24, 2023

Cattle futures extended gains Monday, buoyed by sharply lower Corn futures, and an apparently neutral view of Friday’s Cattle on Feed report.

Feeder Cattle futures closed an average of $1.47 higher (85¢ to $2.30 higher).

Live Cattle futures closed an average of 63¢ higher.

Corn and Soybean futures eroded Monday, apparently mostly due to moisture in South America over the weekend.

Corn futures closed 8¢ to 10¢ lower through Jly ‘24 and then mostly 2¢ to 3¢ lower.

Soybean futures closed mostly 10¢ to 13¢ lower.

KC Wheat on the CME closed 22¢ to 29¢ lower.

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

Last week, live prices were $155/cwt. in the Southern Plains and Nebraska, and $156-$158 in the western Corn Belt. Dressed prices were $248-$250.

Choice boxed beef cutout value was 28¢ lower Monday afternoon at $271.44/cwt. Select was $1.94 lower at $254.49/cwt.

January 23rd, 2023|

Cattle Current Podcast—Jan. 23, 2023

Cattle futures mainly gained Friday helped along by higher outside markets.

Feeder Cattle futures closed an average of 74¢ higher (30¢ to $1.42 higher), except for 17¢ lower in spot Jan.

Live Cattle futures closed an average of 48¢ higher (12¢ higher at the back to 80¢ higher near the front).

Corn futures firmed and closed fractionally mixed with stronger weekly U.S. export sales.

Soybean futures were down again — mostly 12¢ to 13¢ lower — with more favorable moisture in Argentina.

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

For the week, live prices were $1 lower in the Southern Plains at $155/cwt. and $1-$2 lower in Nebraska at $155. Dressed sales in Nebraska were $2-$4 lower at $248. Live and dressed sales in the Western Corn Belt the previous week were $158 and $250-$252, respectively.

Choice boxed beef cutout value was 21¢ higher Friday afternoon at $271.72/cwt. Select was 74¢ higher at $256.43/cwt.

January 22nd, 2023|

Cattle Current Podcast—Jan. 20, 2023

Cattle futures softened Thursday with the lack of direction in weekly cash fed cattle prices and perhaps with some positioning ahead of Friday’s monthly Cattle on Feed report.

Feeder Cattle futures closed an average of 82¢ lower (2¢ lower toward the back to $1.40 lower near the front), except for 35¢ higher in the back contract.

Live Cattle futures closed an average of 75¢ lower.

Corn futures continued to soften — mostly 4¢ to 5¢ lower — with the wetter outlook for Argentina.

Soybean futures closed 8¢ to 10¢ lower through Jan ‘24. And then mostly 2¢ to 5¢ lower.

Negotiated cash fed cattle trade was limited on light demand through Thursday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service. There were some early live trades in Kansas at $155/cwt., as well as some early dressed sales at $248-$249 in Nebraska and $248 in the western Corn Belt.

Last week were $156/cwt. on a live basis in the Southern Plains, $156-$157 in Nebraska and $158 in the western Corn Belt. Dressed prices were $250-$252.

Choice boxed beef cutout value was $2.57 lower Thursday afternoon at $271.51/cwt. Select was $1.83 higher at $255.69/cwt.

January 19th, 2023|

Cattle Current Podcast — Jan. 19, 2023

Weaker Corn futures — mostly 1¢ to 4¢ lower — helped lift Feeder Cattle futures an average of 95¢ higher Wednesday (42¢ to $1.55 higher), except for 15¢ lower in spot Jan.

Live Cattle futures closed an average of 17¢ higher, except for an average of 10¢ lower in three contracts.

Soybean futures closed 13¢ to 19¢ lower.

Negotiated cash fed cattle trade ranged from limited on light demand to mostly inactive on very light demand in the North through Wednesday afternoon, with too few transactions to trend. Trade was at a standstill in the Southern Plains, according to the Agricultural Marketing Service.

Last week, prices were $156/cwt. on a live basis in the Southern Plains, $156-$157 in Nebraska and $158 in the western Corn Belt. Dressed prices were $250-$252

Choice boxed beef cutout value was $2.58 lower Wednesday afternoon at $274.08/cwt. Select was 67¢ lower at $253.86/cwt.

January 18th, 2023|

Cattle Current Podcast—Jan. 18, 2023

Cattle futures closed lower to start the trading week, pressured by last week’s softer cash fed cattle prices, the lack of direction so far this week and stronger Corn futures.

Live Cattle futures closed an average of 35¢ lower.

Feeder Cattle futures closed an average of $1.08 lower (70¢ to $1.60 lower).

Corn futures closed mostly 3¢ to 5¢ higher.

Soybean futures closed 6¢ to 12¢ higher through Aug ‘23 and then mostly unchanged to 3¢ lower.

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

Last week prices were $156/cwt. on a live basis in the Southern Plains, $156-$157 in Nebraska and $158 in the western Corn Belt. Dressed prices were $250-$252.

Choice boxed beef cutout value was 77¢ lower Tuesday afternoon at $276.66/cwt. Select was $2.02 lower at $254.53/cwt.

January 17th, 2023|

Cattle Current Podcast—Jan. 17, 2023

Note: Futures and equity markets were closed yesterday. As well, some AMS reports were unavailable due to the holiday.

Negotiated cash fed cattle prices last week were $156/cwt. on a live basis in the Southern Plains and Nebraska, where dressed prices were $252. Live prices in the western Corn Belt were $157-$159.

Choice boxed beef cutout value was 81¢ higher Monday afternoon at $277.43/cwt. Select was 34¢ lower at $256.55/cwt.

January 16th, 2023|

Cattle Current Podcast—Jan. 16, 2023

Negotiated cash fed cattle trade ranged from slow to moderate on moderate demand in the Southern Plains and Nebraska through Friday afternoon, according to the Agricultural Marketing Service. Elsewhere, it was limited on light demand.

For the week, in a light test, live prices were $1 lower at $156/cwt. in the Southern Plains and Nebraska, and at $157-$159 in the western Corn Belt. Dressed prices in Nebraska were generally steady at $252; they were $252 in the western Corn Belt a week earlier.

Choice boxed beef cutout value was 87¢ lower Friday afternoon at $276.62/cwt. Select was 12¢ lower at $256.89/cwt.

Live cattle futures firmed Friday despite lower cash fed cattle prices and the seasonal turn lower in wholesale beef prices.

Live Cattle futures closed an average of 31¢ higher, except for 7¢ lower in near Apr.

However, higher Corn futures pressured Feeder Cattle futures an average of 86¢ lower (2¢ to $1.40 lower).

Corn and Soybean futures continued to gain Friday on the bullish WASDE.

Corn futures closed mostly 1¢ to 4¢ higher

Soybean futures closed 3¢ to 8¢ higher through Aug ‘23 and then mostly 1¢ to 2¢ lower.

January 15th, 2023|

Cattle Current Podcast—Jan. 13, 2023

Cattle futures closed lower Thursday, with pressure from the continued lack of cash fed cattle direction and the Corn-friendly World Agricultural Supply and Demand Estimates (see below).

Corn futures closed to 13¢ to 15¢ higher through the front three contracts, then 5¢ to 7¢ higher through Jly ’24.

Soybean futures closed 14¢ to 25¢ higher through Aug ‘23 and then mostly 1¢ to 3¢ higher.

Feeder Cattle futures closed an average of $1.06 lower through the front half of the board, and then unchanged to an average of 17¢ higher.

Live Cattle futures closed an average of 26¢ lower, except for unchanged and 7¢ higher in two away contracts.

Negotiated cash fed cattle trade ranged from mostly inactive on very light demand in the Southern Plains to limited on light demand through Thursday afternoon, according to the Agricultural Marketing Service.

Although too few to trend, there were some early dressed sales in Nebraska at $252/cwt. and a few on a live basis in the western Corn Belt at $158-$159.

Live prices last week were $157/cwt. in the Southern Plains and Nebraska and $158-$160 in the western Corn Belt. Dressed prices were $252.

Choice boxed beef cutout value was $3.24 lower Thursday afternoon at $277.49/cwt. Select was $1.09 lower at $257.01/cwt.

January 12th, 2023|

Cattle Current Daily—Jan. 11, 2023

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

Live prices last week were $157/cwt. in the Southern Plains and Nebraska and $158-$160 in the western Corn Belt. Dressed prices were $252.

Choice boxed beef cutout value was $1.61 lower Tuesday afternoon at $284.53/cwt. Select was $1.27 lower at $258.33/cwt.

Cattle futures closed narrowly mixed Tuesday, despite early Corn futures momentum.

Feeder Cattle futures closed from an average of 16¢ lower to an average of 26¢ higher.

Live Cattle futures closed an average of 17¢ higher, except for unchanged in spot Feb.

Corn futures closed mostly 1¢ to 3¢ lower.

Soybean futures closed widely mixed.

January 10th, 2023|

Cattle Current Podcast—Jan. 10, 2023

Cattle futures strengthened Monday with firm to bullish fundamental support.

Feeder Cattle futures closed an average of 84¢ higher.

Live Cattle futures closed an average of 96¢ higher.

Corn and Soybean futures wavered to start the week as traders await the WASDE this week.

Corn futures closed mostly 1¢ lower.

Soybean futures closed mostly 4¢ to 7¢ lower.

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

Live prices last week were $157/cwt. in the Southern Plains and Nebraska and $158-$160 in the western Corn Belt. Dressed prices were $252.

Choice boxed beef cutout value was $3.15 higher Monday afternoon at $286.14/cwt. Select was 26¢ higher at $259.60/cwt.

January 9th, 2023|

Cattle Current Podcast—Jan. 9, 2023

Negotiated cash fed cattle trade was slow on light demand in Nebraska through Friday afternoon, according to the Agricultural Marketing Service. Live prices for the week were $1 lower at $157/cwt., and dressed prices were steady at $252.

Elsewhere, trade ranged from limited on light demand to mostly inactive on very light demand with too few transactions to trend.

For the week, live prices were steady in the Southern Plains at $157 and steady to $1 higher in the western Corn belt at $158-$160, where dressed prices were steady to $2 higher at $252.

Choice boxed beef cutout value was $1.36 higher Friday afternoon at $282.99/cwt. Select was $2.39 higher at $259.34/cwt.

Cattle futures eased lower Friday pressured in part by firming Corn futures and static cash trade.

Feeder Cattle futures closed an average of 65¢ lower, from 22¢ lower at the back to $1.10 lower in spot Jan, except for 22¢ higher in the back contract.

Live Cattle futures closed an average of 44¢ lower (20¢ to 72¢ lower).

Export announcements helped Corn and especially Soybean futures close higher Friday.

Corn futures closed 1¢ higher in the front three contracts and then mostly fractionally mixed to 2¢ lower.

Soybean futures closed 13¢ to 34¢ higher through Jan ‘24 and then mostly 3¢ to 6¢ higher.

January 7th, 2023|

Cattle Current Podcast—Jan. 6, 2023

Negotiated cash fed cattle trade was light on light to moderate demand in the Southern Plains through Thursday afternoon, according to the Agricultural Marketing Service. Early live sales were steady with last week at $157/cwt.

Elsewhere, trade was limited on light demand with too few transactions to trend.

Last week, live prices were $158 in Nebraska and $157-$160 in the western Corn Belt. Dressed prices were $250-$252.

Cattle futures traders took a breather Thursday, and likely some profits, following the strong session a day earlier and awaiting more cash direction.

Feeder Cattle futures closed an average of 96¢ lower, from 65¢ lower at the back to $1.67 lower toward the front.

Live Cattle futures closed an average of 36¢ lower, except for 7¢ higher in spot Feb.

Nearby grain and Soybean futures continued to drift lower.

Corn futures closed mostly 1¢ to 4¢ lower.

Soybean futures closed mostly 12¢ lower through Aug ‘23 and then 7¢ to 9¢ lower.

January 5th, 2023|

Cattle Current Podcast—Jan. 5, 2023

Feeder Cattle futures surged higher Wednesday, buoyed by early-week cash strength and sharply lower grain futures prices. Live Cattle followed along to a lesser degree.

Feeder Cattle futures closed an average of $2.42 higher, from $1.22 higher at the back to $3.45 higher toward the front.

Live Cattle futures closed an average of 50¢ higher.

Grain and soybean futures wilted beneath the weight of paltry U.S. export inspections, the high U.S. dollar and rains in South America.

Corn futures closed 11¢ to 16¢ lower through Jly ‘24 and then mostly 6¢ lower.

Soybean futures closed 6¢ to 9¢ lower through Nov ‘23 and then mostly 2¢ to 4¢ lower.

Negotiated cash fed cattle trade ranged from light on light to moderate demand in the western Corn Belt to inactive on light demand, with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, live prices were $157/cwt. in the Southern Plains, $158 in Nebraska and $157-$160 in the western Corn Belt. Dressed prices were $250-$252.

Choice boxed beef cutout value was $4.05 lower Wednesday afternoon at $282.89/cwt. Select was $1.77 higher at $256.40/cwt.

January 4th, 2023|

Cattle Current Podcast—Jan. 4, 2023

Cattle futures closed lower Tuesday, in correction mode after the long holiday weekend, and with softer outside markets.

Live Cattle futures closed an average of 66¢ lower (5¢ lower near the back to $1.05 lower in new spot Feb), not counting newly minted away Jun.

Feeder Cattle futures closed an average of 55¢ lower, from 7¢ lower at the back to $1.45 lower toward the front.

That was despite last week’s stronger cash fed cattle prices and persistent increases in wholesale beef prices.

Last week, live prices were $1 higher in the Southern Plains at $157/cwt., $1-$2 higher in Nebraska at $158 and steady to $3 higher in the western Corn Belt at $157-$160. Dressed prices were $3 higher in Nebraska at $252 and $2-$3 higher in the western Corn Belt at $250-$252. Negotiated cash fed cattle trade was at a standstill through Tuesday afternoon, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $4.97 higher Tuesday afternoon at $286.95/cwt. Select was $3.70 higher at $254.63/cwt.

Corn and grain futures closed sharply lower in nearby contracts amid the overall risk-off atmosphere of the day, as well as positive rains in South America.

Corn futures closed 3¢ to 8¢ lower through Jly ‘24 and then mostly 2¢ to 4¢ higher.

Soybean futures closed 23¢ to 32¢ lower through Sep ‘23 and then mostly 4¢ to 5¢ lower.

January 3rd, 2023|

Cattle Current Podcast—Jan. 2 and 3, 2023

Negotiated cash fed cattle trade was light to moderate on moderate demand in the Southern Plains and Nebraska through Friday afternoon, according to the Agricultural Marketing Service. Trade was light on light to moderate demand in the western Corn Belt.

For the week, live prices were $1 higher in the Southern Plains at $157/cwt., $1-$2 higher in Nebraska at $158 and steady to $3 higher in the western Corn Belt at $157-$160. Dressed prices were $3 higher in Nebraska at $252. Dressed prices in the western Corn Belt the previous week were $248-$249.

Total estimated cattle slaughter last week was 547,000 head, which was 15,000 head fewer than the previous week but 23,000 head more than the same week a year earlier. Year-to-date total estimated cattle slaughter of 33.68 million head was 499,000 head more (+1.5%) than the same time last year. Year-to-date estimated beef production of 27.85 billion lbs. was 369.7 million lbs. more (+1.3%).

Choice boxed beef cutout value was $3.12 higher Friday afternoon at $281.98/cwt. Select was 23¢ higher at $250.93/cwt. Week to week on Friday, Choice was up $10.03.

Cattle futures sagged lower Friday amid a general lack of trader interest and year-end position squaring. 

Live Cattle futures closed an average of 71¢ lower (2¢ lower near the back to $3.67 lower in expiring Dec on scant trade).

Feeder Cattle futures closed an average of 36¢ lower, except for unchanged and 2¢ higher in the back two contracts.

Corn futures closed mostly 1¢ to 2¢ lower.

Soybean futures closed 4¢ to 10¢ higher through Sep ‘23 on drier weather in Argentina and hopes of increased exports to China. The rest of the board was mostly 4¢ to 5¢ lower.

January 1st, 2023|

Cattle Current Podcast—Dec. 30, 2022

Cattle futures continued to gain Thursday with expectations of higher cash prices and softer nearby Corn futures.

Live Cattle futures closed an average of 40¢ higher (5¢ higher near the back to $1.05 higher in the front two contracts).

Feeder Cattle futures closed an average of 49¢ higher.

Negotiated cash fed cattle trade was light on moderate demand in the Southern Plains and Northern Plains through Thursday afternoon, according to the Agricultural Marketing Service. Although too few transactions to trend, there were some early live sales in the Southern Plains at $157/cwt.

Last week, live prices were $156 in the Southern Plains, $156-$157 in Nebraska and $157 in the western Corn Belt. Dressed prices were $248-$249.

Choice boxed beef cutout value was 55¢ lower Thursday afternoon at $278.86/cwt. Select was $3.42 higher at $250.70/cwt.

Corn futures closed 2¢ to 3¢ lower in the front three contracts and then 1¢ lower to 1¢ higher.

Soybean futures closed 1¢ to 3¢ higher through Sep ‘24 and then fractionally lower.

December 29th, 2022|

Cattle Current Podcast—Dec. 29, 2022

Cattle futures mostly gained Wednesday, supported by recently stronger wholesale beef prices and expectations from some that cash prices should strengthen this week.

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

Last week, live prices were $156/cwt. in the Southern Plains, $156-$157 in Nebraska and $157 in the western Corn Belt. Dressed prices were $248-$249.

Choice boxed beef cutout value was 63¢ lower Wednesday afternoon at $279.41/cwt. Select was $1.64 higher at $247.28/cwt.

Live Cattle futures closed an average of 57¢ higher (5¢ to 92¢ higher), except for an average of 6¢ lower in two contracts toward the front.

Feeder Cattle futures closed an average of 57¢ higher (5¢ to 92¢ higher).

That was with stronger feed prices.

Corn and Soybean futures gained Wednesday with support from the drier forecast in Argentina and notions that exports could get a boost from China’s easing Covid restrictions.

Corn futures closed 4¢ to 8¢ higher through Jly ‘24 and then mostly fractionally higher to 1¢ higher.

Soybean futures closed 15¢ to 25¢ higher through Jan ‘24 and then mostly 7¢ to 8¢ higher.

December 28th, 2022|

Cattle Current Podcast—Dec. 28, 2022

Feeder Cattle futures faltered Tuesday, pressured by more feedlot placements than expected in the latest Cattle on Feed report and pricier Corn futures. Feeder Cattle closed an average of 72¢ lower (30¢ to $1.35 lower).

Live Cattle futures paddled on either side of steady, helped along by surging wholesale beef prices and notions that cash trade could be higher this week. They closed from unchanged to an average of 12¢ lower to an average of 11¢ higher.

Choice wholesale beef prices continue to churn higher as buyers scramble to fill orders amid decreased packer production. Choice boxed beef cutout value was $8.09 higher Tuesday afternoon at $280.04/cwt. Select was 17¢ higher at $245.64/cwt. The Choice-Select spread was a whopping $34.40.

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

Last week, live prices were $156/cwt. in the Southern Plains, $156-$157 in Nebraska and $157 in the western Corn Belt. Dressed prices were $248-$249.

The five-area direct weighted average fed steer price last week was 57¢ higher on a live basis at $156.25/cwt. The weighted average steer price in the beef was 90¢ higher at $248.70.

Corn futures surged higher Tuesday, buoyed by the weaker U.S. dollar, weather concerns in South America and perhaps some year-end positioning. They closed 5¢ to 8¢ higher through Dec ‘23 and then mostly 3¢ to 4¢ higher.

Soybean futures closed 3¢ to of 6¢ higher through Aug ‘23 and then mostly fractionally lower to 2¢ lower.

December 27th, 2022|

Cattle Current Podcast—Dec. 26-27, 2022

Negotiated cash fed cattle trade had a firmer feel through Friday afternoon.

Live prices in the Texas Panhandle were $1 higher at $156/cwt.

Although too few to trend, there were some live sales in Kansas at $156 and at $157 in the western Corn Belt. Prices the previous week were $155 in Kansas and $155-$157 in the western Corn Belt where dressed prices were $248.

For the week, dressed prices in Nebraska were $1 higher at $249. Live prices there the previous week were $155-$157.

Choice Boxed beef cutout value was $6.74 higher Friday afternoon at $271.95/cwt. Select was $3.66 higher at $245.47/cwt. Both were helped by packers throttling back production.

Total weekly estimated cattle slaughter was 562,000 head, which was 63,000 head fewer than the previous week. However, the estimated total was 75,000 head more than the same week last year. Year-to-date total estimated cattle slaughter of 33.13 million head was 479,000 head more (+1.5%) more than a year earlier. Year-to-date estimated beef production of 27.40 billion lbs. was 363 million lbs. more (+1.3%) than the same time last year.

Cattle futures closed mainly higher Friday, supported by the higher tone to cash prices and the bounce in wholesale beef prices.

Live Cattle futures closed an average of 51¢ higher (20¢ to $1.00 higher), except for unchanged and 17¢ lower in the back two contracts.

Feeder Cattle futures closed an average of 24¢ higher, except for an average of 18¢ lower in the back two contracts.

Grain and Soybean futures found some technical support Friday with positive export news and positioning ahead of the holiday.

Corn futures closed 3¢ to of 5¢ higher through the front three contracts and then mostly fractionally higher.

Soybean futures closed 10¢ to of 14¢ higher through Jan ‘24 and then mostly 6¢ to 8¢ higher.

December 23rd, 2022|

Cattle Current Podcast—Dec. 23, 2022

Negotiated cash fed cattle trade was limited on light demand through Thursday afternoon, according to the Agricultural Marketing Service.

Although too few to trend, there were some live sales in the Southern Plains at $155/cwt. and in the western Corn Belt at $157. There were a few dressed trades in Nebraska at $249.

Last week, live prices were $155/cwt. in the Southern Plains and $155-$157 in Nebraska and the western Corn Belt. Dressed prices were $248.

Choice Boxed beef cutout value was 35¢ higher Thursday afternoon at $265.21/cwt. Select was $5.52 higher at $241.81/cwt.

Cattle futures mostly maintained the previous session’s strong gains.

Live Cattle futures closed an average of 18¢ higher, except for an average of 36¢ lower in the front two contracts.

Feeder Cattle futures closed an average of 35¢ higher.

Corn futures closed mostly 1¢ lower.

Soybean futures closed 10¢ to 13¢ lower through Aug ‘23 and then mostly 5¢ to 6¢ lower.

December 22nd, 2022|

Cattle Current Podcast—Dec. 22, 2022

Cattle futures surged higher Wednesday, led by Live Cattle, supported by recent wholesale boxed beef strength, performance-depressing winter weather forecast across the Northern Plains, as well as bullish expectations for Friday’s Cattle on Feed report. Evidence of tightening cattle numbers also continues to grow.

Live Cattle futures closed an average of 98¢ higher (25¢ higher at the back to $2.12 higher toward the front).

Feeder Cattle futures closed an average of 56¢ higher.

That was with Corn futures closing mostly 6¢ to 10¢ higher through Jly ‘24, supported by the drier outlook in South America. Soybean futures closed 1¢ to 4¢ higher through Nov ‘23 and then mostly 2¢ to 5¢ lower.

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

Last week, live prices were $155/cwt. in the Southern Plains and $155-$157 in Nebraska and the western Corn Belt. Dressed prices were $248.

Choice Boxed beef cutout value was 19¢ lower Wednesday afternoon at $264.86/cwt. Select was $2.39 higher at $236.29/cwt.

December 21st, 2022|

Cattle Current Podcast—Dec. 21, 2022

Feeder Cattle futures retraced the previous session’s losses, perhaps with support from early positioning ahead of Friday’s monthly Cattle on Feed report (see below). They closed an average of 96¢ higher (60¢ to $1.52 higher).

Live Cattle futures softened an average of 21¢ lower, except for an average of 17¢ higher in the back three contracts. Pressure included reduced packer production last week and likely again this week, diluting some opportunity for cash prices to advance.

Corn futures closed 1¢ to 4¢ higher through May ‘24 and then mostly 1¢ to 2¢ lower.

Soybean futures closed 11¢ to 17¢ higher through Sep ‘23 and then mostly 7¢ to 8¢ higher.

Choice wholesale beef prices continued their recent surge higher, due in part to the aforementioned reduction in packer production. Choice Boxed beef cutout value was $1.22 higher Tuesday afternoon at $265.05/cwt. However, Select was $4.67 lower at $233.90/cwt.

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 $155/cwt. in the Southern Plains and $155-$157 in Nebraska and the western Corn Belt. Dressed prices were $248.

December 20th, 2022|

Cattle Current Podcast—Dec. 20, 2022

Recently stronger wholesale beef prices and last week’s mostly steady-to-firmer cash fed cattle trade helped Live Cattle futures edge an average of 15¢ higher Monday.

Despite lower Corn futures, Feeder Cattle futures meandered to a mostly lower close Monday, presumably pressured in part by the lack of cash direction with many auction barns closed for the holidays. Feeder Cattle futures closed an average of 84¢ lower (15¢ to $1.67 lower), except for an average of 35¢ higher in the back two contracts.

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

Last week, live prices were $155/cwt. in the Southern Plains and $155-$157 in Nebraska and the western Corn Belt. Dressed prices were $248.

Choice Boxed beef cutout value was $1.00 higher Monday afternoon at $263.83/cwt. Select was $3.12 higher at $238.57/cwt.

Corn futures weakened on positive South American moisture. They closed 2¢ to 5¢ lower through May ‘24 and then mostly fractionally mixed.

Soybean futures closed 12¢ to 20¢ lower through Sep ’23 and then mostly 2¢ to 8¢ lower.

December 19th, 2022|

Cattle Current Podcast—Dec. 19, 2022

Firmer late-week cash prices and the bounce higher in wholesale beef prices helped push Cattle futures mostly higher on Friday.

Choice Boxed beef cutout value was $8.53 higher Friday afternoon at $262.83/cwt. Select was $6.94 higher at $235.45/cwt.

Feeder Cattle futures closed an average of 26¢ higher (2¢ to 72¢ higher), except for 12¢ lower in Apr. They closed an average of 24¢ lower week to week, except for an average of 30¢ higher in two away contracts.

Live Cattle futures closed an average of 48¢ higher (5¢ higher at the back to $1.00 higher in spot Dec, except for unchanged in away Feb. Week to week, they closed from unchanged to an average of 65¢ higher through the front four contracts week to week on Friday (22¢ to $1.37 higher), and then an average of 26¢ lower.

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

For the week, live prices were steady to $2 higher in the Texas Panhandle at $155/cwt., steady to $1 lower in Kansas at $155 and $1 lower to $1 higher in Nebraska and the western Corn Belt at $155-$157. Dressed prices were $1-$2 higher at $248.

Estimated total weekly cattle slaughter last week was 629,000 head, which was 23,000 head fewer than the previous week and 29,000 head fewer than the same week a year earlier. Year-do-date estimated total cattle slaughter of 32.58 million head was 412,000 head more (+1.3%) than the same time last year. Year-to-date estimated beef production of 26.93 billion lbs. was 307.7 million lbs. more (+1.1%) than a year earlier.

Corn futures closed mostly fractionally lower to 1¢ lower, but the front six contracts closed an average of 6’5¢ higher week to week on Friday.  

On Friday, Soybean futures closed 3¢ to 7¢ higher through Sep ’23 and then mostly 1¢ to 2¢ lower.

December 17th, 2022|

Cattle Current Podcast—Dec. 16, 2022

Cattle feeder patience paid off Thursday as packers paid mostly steady to higher money.

Negotiated cash fed cattle trade was slow on moderate demand in the Southern Plains through Thursday afternoon at $155/cwt. That was steady to $2 higher in the Texas Panhandle but steady to $1 lower in Kansas.

Trade was slow to moderate on moderate demand in Nebraska and the western Corn Belt. Dressed prices were $248, which was $1 higher in Nebraska and $1-$2 higher in the western Corn Belt, where live prices were unevenly steady at $155-$157. Live prices in Nebraska last week were $156-$158.

In Colorado, trade was mostly inactive on very light demand, with too few transactions to trend, according to the Agricultural Marketing Service. Live prices there last week were $157.

Choice Boxed beef cutout value was $4.23 higher Thursday afternoon at $254.30/cwt. Select was $1.82 higher at $228.51/cwt.

Bearish outside markets, firmer Corn futures and light trade helped pressure Cattle futures Thursday.

Feeder Cattle futures closed an average of 50¢ lower.

Live Cattle futures closed an average of 45¢ lower (7¢ to 85¢ lower).

Corn futures closed mostly 1¢ to 2¢ higher.

Soybean futures closed mostly 3¢ to 8¢ lower.

December 15th, 2022|

Cattle Current Podcast—Dec. 15, 2022

Cattle futures ran out of steam Wednesday as traders were apparently waiting for more cash direction.

Feeder Cattle futures closed an average of 24¢ lower.

Live Cattle futures closed an average of 34¢ lower.

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

Last week, live prices were at $153-$155/cwt. in the Texas Panhandle, $155-$156 in Kansas, $156-$158 in Nebraska and $156 in the western Corn Belt. Dressed prices were $246-$247.

Choice Boxed beef cutout value was $4.88 lower Wednesday afternoon at $250.07/cwt. Select was $1.23 higher at $226.69/cwt.

Corn futures closed 2¢ to 4¢ lower through Jly ‘23 and then mostly fractionally mixed.

Soybean futures closed narrowly mixed, mostly 1¢ lower to 1¢ higher.

December 14th, 2022|

Cattle Current Podcast—Dec. 14, 2022

Higher outside markets and recently surging wholesale beef prices helped Cattle futures mostly extend gains Tuesday.

Feeder Cattle futures closed an average of 36¢ higher.

Live Cattle futures closed narrowly mixed, from an average of 24¢ higher in the front four contracts to an average of 17¢ lower through the back, except for unchanged in Aug.

Choice Boxed beef cutout value was $2.07 lower Tuesday afternoon at $254.95/cwt. Select was 22¢ lower at $225.46/cwt. But, Choice was $3.31 higher in the morning report and the previous day’s CME Boxed Beef Index was $1.52 higher.

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

Last week, live prices were at $153-$155/cwt. in the Texas Panhandle, $155-$156 in Kansas, $156-$158 in Nebraska, $157 in Colorado and $156 in the western Corn Belt. Dressed prices were $246-$247.

Corn futures closed mostly 1¢ lower.

Soybean futures closed 15¢ to 19¢ higher through Aug ‘23, and then 4¢ to 8¢ higher.

December 13th, 2022|

Cattle Current Podcast—Dec. 13, 2022

Cattle futures mostly edged higher Monday with carryover support from last week’s strong close and the bounce higher in wholesale beef prices.

Choice Boxed beef cutout value was $8.09 higher Monday afternoon at $257.02/cwt. Select was $4.42 higher at $225.68/cwt.

Live Cattle futures closed an average of 39¢ higher.

Feeder Cattle futures closed an average of 14¢ higher, except for unchanged to 27¢ lower in three contracts.

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, live prices were at $153-$155/cwt. in the Texas Panhandle, $155-$156 in Kansas, $156-$158 in Nebraska and $156 in the western Corn Belt. Dressed prices were $246-$247.

The five-area direct weighted average fed steer price last week was 63¢ lower at $155.79/cwt. The average steer price in the beef was $1.73 lower at $246.82.

Corn futures closed 3¢ to 10¢ higher. Reportedly, bargain hunting was a primary driver.

Soybean futures closed 18¢ to 23¢ lower through Sep ‘23, and then mostly 10¢ to 14¢ lower., pressured by positive rains in South America.

December 12th, 2022|

Cattle Current Podcast—Dec. 12, 2022

Higher wholesale beef values and some stronger cash prices in the North helped lift Live Cattle futures Friday, which drug Feeder Cattle along.

Choice Boxed beef cutout value was $1.65 higher Friday afternoon at $248.93/cwt. Select was 71¢ higher at $221.26/cwt

Live Cattle futures closed an average of 84¢ higher (2¢ to $1.62 higher), except for 7¢ lower in the back contract.

Feeder Cattle futures closed an average of 29¢ higher.

Negotiated cash fed cattle trade was light to moderate on moderate demand in the Southern Plains through Friday afternoon, according to the Agricultural Marketing Service. Prices were mixed with live sales in the Texas Panhandle steady to $2 lower at $153-$155/cwt. and steady to $1 higher in Kansas at $155-$156.

Trade was light on moderate demand in Colorado at steady money of $157.

Elsewhere, trade was light on light to moderate demand with too few transactions to trend. For the week, live prices were $1-$3 lower in Nebraska at $156 and steady in the western Corn Belt at $157-$158. Dressed prices were $1-$2 lower in Nebraska at $247 but steady in the western Corn Belt at $249.

Estimated total cattle slaughter last week was 652,000 head, which was 11,000 head fewer than the previous week and 16,000 head fewer than the same week last year. Estimated total year-to-date cattle slaughter of 31.95 million head was 443,000 more (+1.4%) than the same time last year. Year-to-date estimated beef production of 26.41 billion lbs. was 334.5 million lbs. more (+1.3%).

Corn futures closed mostly 1¢ to 2¢ lower, except for 1¢ to 2¢ higher in the front three contracts.

Soybean futures closed 2¢ lower through Aug ‘23, and then fractionally lower to 1¢ lower.

December 10th, 2022|

Cattle Current Podcast—Dec. 9, 2022

Cattle futures firmed and gained Thursday with more trader interest and perhaps more confidence wholesale price volatility may be gentler.

Feeder Cattle futures closed an average of $1.62 higher ($1.15 to $2.75 higher).

Live Cattle futures closed an average of 42¢ higher (10¢ to 57¢ higher), except for 10¢ lower in the back contract.

Corn futures closed mostly 1¢ lower, except for 1¢ to 4¢ higher in the front four contracts.

Soybean futures closed mixed, 2¢ to 14¢ higher through Sep ’23 and then mostly 1¢ to 3¢ lower.

Negotiated cash fed cattle trade ranged from light on moderate demand in the Texas Panhandle to limited on moderate demand in the other regions through Thursday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

Live prices were $1 lower in Nebraska on Wednesday at $156/cwt. and dressed prices were $1-$2 lower at $247.

Last week, live prices were at $155 in the Southern Plains and $157-$158 in the western Corn Belt where dressed prices were $248-$249.

Choice Boxed beef cutout value was $1.68 lower Thursday afternoon at $247.28/cwt. Select was 78¢ higher at $220.55/cwt

December 8th, 2022|

Cattle Current Podcast—Dec. 8, 2022

Bearish sentiment from the sharp volatility in Choice boxed beef cutout values helped pressure negotiated cash fed cattle prices lower Wednesday. Live prices in Nebraska were $1 lower on a live basis at $156/cwt. and $1-$2 lower in the beef at $247, on slow trade and light to moderate demand.

Elsewhere, trade was limited on light demand with too few transactions to trend, according to the Agricultural Marketing Service. Last week, live prices were $155 in the Southern Plains, $157 in Colorado and $157-$158 in the western Corn Belt, where dressed prices were $249.

Choice Boxed beef cutout value was $6.31 higher through Wednesday afternoon at $248.96/cwt. It was $6.62 lower on Monday. Select was 63¢ higher at $219.66/cwt.

Live Cattle futures found some footing Wednesday, while a bounce in Corn futures weighed on Feeder Cattle.

Feeder Cattle futures closed an average of 56¢ lower (25¢ to 90¢ lower).

Live Cattle futures closed an average of 35¢ higher, except for unchanged to 12¢ lower in four contracts.

Corn futures closed mostly 2¢ to 3¢ higher.

Soybean futures closed mostly 11¢ to 15¢ higher.

December 7th, 2022|

Cattle Current Podcast—Dec. 7, 2022

Cattle futures and some other ag commodities lost ground Tuesday with much of the pressure apparently tied to recessionary fears in outside markets. The recent sharp decline in wholesale beef prices didn’t help.

Feeder Cattle futures closed an average of $2.08 lower ($1.75 to $2.25 lower).

Live Cattle futures closed an average of $1.69 lower ($1.32 to $2.20 lower).

Corn futures closed mostly 1¢ to 3¢ lower.

Soybean futures closed 14¢ to 17¢ higher through Aug ‘23 and then mostly 4¢ to 6¢ 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 at $155/cwt. in the Southern Plains, $157 in Nebraska, $157 in Colorado and $157-$158 in the western Corn Belt. Dressed prices were $248-$249.

Choice Boxed beef cutout value was 66¢ lower Tuesday afternoon at $242.65/cwt. Select was $1.97 lower at $219.14/cwt.

December 6th, 2022|

Cattle Current Podcast—Dec. 6, 2022

Cattle futures gained again Monday, supported by further erosion in Corn futures.

Feeder Cattle futures closed an average of 79¢ higher (27¢ to $1.32 higher).

Live Cattle futures closed mixed, from an average of 7¢ lower to an average of 11¢ higher.

Corn futures closed mostly 2¢ to 6¢ lower.

Soybean futures closed fractionally mixed 1¢ lower.

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

For the week, live prices were at $155/cwt. in the Southern Plains, $157-$159 in Nebraska, $157 in Colorado and $157-$158 in the western Corn Belt. Dressed prices were $248-$249.

Choice Boxed beef cutout value was $6.62 lower Monday afternoon at $243.31/cwt. Select was $3.45 lower at $221.11/cwt.

December 5th, 2022|

Cattle Current Podcast—Dec. 5, 2022

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

For the week, live prices were steady to $1 higher in the Southern Plains at $155/cwt., steady to $1 higher in Nebraska at $157-$159 and $1-$2 higher in the western Corn Belt at $157-$158. Dressed prices were $4 higher at $249.

Choice Boxed beef cutout value was $3.64 lower Friday afternoon at $249.93/cwt. Select was 44¢ lower at $224.56/cwt.

Cattle futures gained more ground Friday, led by Feeder Cattle and supported by lower Corn futures.

Feeder Cattle futures closed an average of 88¢ higher (65¢ to $1.37 higher).

Live Cattle futures closed an average of 30¢ higher.

Corn futures closed 9¢ to 15¢ lower through the front four contracts and then mostly 1¢ to 3¢ lower.

Soybean futures closed mostly 8¢ to 11¢ higher.

December 4th, 2022|

Cattle Current Podcast—Dec. 1, 2022

Feeder Cattle futures bounced an average of $2.01 higher Wednesday, helped along by lower Corn futures and bullish outside markets. Live Cattle futures closed an average of 53¢ higher.

Corn futures closed mostly 3¢ to 5¢ lower.

Soybean futures closed mostly 3¢ to 5¢ higher, supported by stronger Crude Oil prices.

Negotiated cash fed cattle trade was slow on light demand in the Southern Plains through Wednesday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were some early live sales in the Texas Panhandle steady at $155/cwt. Prices in Kansas last week were $154-$155.

Elsewhere, trade ranged from inactive on light demand to a standstill. Live prices last week were $157-$158 in Nebraska and $155-$157 in the western Corn Belt. Dressed prices were $245.

Choice Boxed beef cutout value was 14¢ higher Wednesday afternoon at $254.88/cwt. Select was 81¢ lower at $225.01/cwt.

November 30th, 2022|

Cattle Current Podcast—Nov. 30, 2022

Cattle futures firmed and closed mostly higher Tuesday, supported by recently lower Corn futures and cash fed cattle demand strength.

Feeder Cattle futures closed an average of 53¢ higher (7¢ to $1.12 higher), except for an average of 37¢ lower in the back three contracts.

Live Cattle futures closed an average of 18¢ higher.

Corn futures closed 1¢ to 3¢ lower in the front four contracts, and then mostly fractionally higher.

Soybean futures closed fractionally higher to 5¢ higher through Sep ‘24 and then fractionally lower.

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 $154-$155/cwt. in the Texas Panhandle, $155 in Kansas, $157-$158 in Nebraska and $155-$157 in the western Corn Belt. Dressed prices were $245.

Choice Boxed beef cutout value was 21¢ higher Tuesday afternoon at $254.74/cwt. Select was $2.71 lower at $225.82/cwt.

November 29th, 2022|

Cattle Current Podcast—Nov. 29, 2022

Lackluster interest in Cattle futures carried over from last week.

Feeder Cattle futures closed an average of 92¢ lower.

Live Cattle futures closed an average of 39¢ lower.

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

Last week, live prices were $154-$155/cwt. in the Texas Panhandle, $155 in Kansas, $157-$158 in Nebraska and $155-$157 in the western Corn Belt. Dressed prices were $245.

Choice Boxed beef cutout value was $2.70 higher Monday afternoon at $254.53/cwt. Select was $5.84 lower at $228.53/cwt.

Corn futures closed mostly fractionally higher.

Soybean futures closed 19¢ to 21¢ higher through Aug ‘23 and then 12¢ to 16¢ higher, supported by chatter about OPEC cutting production.

November 28th, 2022|

Cattle Current Podcast—Nov. 28, 2022

Negotiated cash fed cattle trade was limited on light demand in all regions through Friday afternoon, according to the Agricultural Marketing Service, with too few transactions to trend.

For the week, live prices were $4-$5 higher in the Texas Panhandle at $154-$155/cwt., $3-$5 higher in Kansas at $155, $3-$4 higher in Nebraska at $157-$158 and $2-$5 higher in the western Corn Belt at $157. Dressed prices were $3 higher at $245.

Choice Boxed beef cutout value was 73¢ lower Friday afternoon at $251.83/cwt. Select was $1.04 higher at $234.37/cwt.

Estimated total cattle slaughter for the holiday-shortened week was 93,000 head fewer than the previous week at 581,000 head. Year-to-date estimated total cattle slaughter of 30.6 million head was 472,000 head more (+1.6%) than the same time last year. Year-to-date estimated beef production of 25.3 billion lbs. was 356.3 million lbs. more (+1.4%).

Cattle slaughter in October of 2.9 million head was 2% more than a year earlier, according to USDA’s Livestock Slaughter report. Commercial beef production was also 2% more year over year at 2.4 billion lbs.

Cattle futures drifted lower on holiday-lightened trade again Friday, despite fundamental strength for the week. Higher Corn futures prices added pressure.

Feeder Cattle futures closed an average of 76¢ lower (17¢ to 95¢ lower), except for 27¢ higher and unchanged in the back two contracts.

Live Cattle futures closed an average of 19¢ lower, except for 10¢ higher in away Dec.

Corn futures closed 4¢ to 5¢ higher through Jly ’23 and the mostly 1¢ to 2¢ higher.

Soybean futures closed fractionally higher to 3¢ higher.

November 26th, 2022|

Cattle Current Podcast—Nov. 24 to 25, 2022

Packers were aggressive buyers Wednesday, pushing negotiated cash fed cattle prices $3-$5/cwt. higher on a live basis with moderate trade and good demand in all regions, according to the Agricultural Marketing Service.

Live prices were mostly $4-$5 higher in the Texas Panhandle at $154-$155, $3-$5 higher in Kansas at $154 to mostly $155, $3 higher in Nebraska at $156-$158 and $2 higher in the western Corn Belt at $155-$157. Dressed prices were $3 higher at $245.

Choice Boxed beef cutout value was $4.07 lower Wednesday afternoon at $252.56/cwt. Select was 85¢ lower at $233.33/cwt.

Higher Corn futures and light holiday trade pressured Cattle futures Wednesday.

Feeder Cattle futures closed an average of $1.66 lower ($1.10 to $2.43 lower).

Live Cattle futures closed an average of 51¢ lower, except for 5¢ higher in the back contract.

Corn futures closed 2¢ to 7¢ higher.

Soybean futures closed 1¢ to 6¢ higher through Nov ‘23 and then 1¢ to 2¢ lower.

November 23rd, 2022|

Cattle Current Podcast—Nov. 23, 2022

Cattle futures traded mostly narrowly lower Tuesday after early support, pressured by holiday-lightened trade.

Feeder Cattle futures closed an average of 45¢ lower, except for 15¢ higher in May.

Live Cattle futures closed an average of 15¢ lower, except for unchanged to 25¢ higher in three contracts.

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, with too few transactions to trend.

Last week, live prices were $150/cwt. in the Texas Panhandle, $150-$152 in Kansas, $153-$155 in Nebraska and $152-$155 in the western Corn Belt. Dressed prices were $242.

Choice Boxed beef cutout value was $1.06 higher Tuesday afternoon at $256.63/cwt. Select was 95¢ higher at $234.18/cwt.

Corn futures closed mostly 1¢ to 3¢ lower.

Soybean futures closed mostly 2¢ to 4¢ lower.

November 22nd, 2022|

Cattle Current Podcast—Nov. 22, 2022

Cattle futures closed higher Monday, buoyed by the bullish Cattle on Feed report, stronger cash prices last week and weaker Corn futures on the day.

Feeder Cattle futures closed an average of $1.65 higher.

Live Cattle futures closed an average of 85¢ higher (47¢ to $1.17 higher).

Corn futures closed 5¢ to 8¢ lower through Jly ‘23, and then mostly 1¢ to 3¢ lower, pressured in part by worries about economic growth in China, due to rising COVID cases.

Negotiated cash fed cattle trade was mostly inactive on light demand in all regions through Monday afternoon, according to the Agricultural Marketing Service.

Last week, live prices were mainly steady in the Texas Panhandle at mostly $150, steady to $2 higher in Kansas at $150-$152, steady to $2 higher in Nebraska at $153-$155 and steady to $2 higher in the western Corn Belt at $152-$155. Dressed prices were steady to $2 higher at $242.

Choice Boxed beef cutout value was 70¢ higher Monday afternoon at $255.57/cwt. Select was 40¢ higher at $233.23/cwt.

November 21st, 2022|

Cattle Current Podcast—Nov. 21, 2022

Cattle futures edged higher Friday, helped along by firm to stronger cash fed cattle prices and likely anticipation of a bullish Cattle on Feed report.

Feeder Cattle futures closed an average of 54¢ higher.

Live Cattle futures closed an average of 44¢ higher.

Negotiated cash fed cattle trade ranged from limited on light demand to mostly inactive on very light demand through Friday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were some live sales in the western Corn Belt at $155/cwt.

The last established live prices for the week were steady to $1 higher in the Texas Panhandle at $150-$151, $1-$2 higher in Kansas at $151-$152, steady to $2 higher in Nebraska at $153-$155 and $2 higher in the western Corn Belt at $154-$155. Dressed prices were steady to $2 higher at $242.

Estimated total cattle slaughter last week was 674,000 head, which was 3,000 head more than the previous week, but 6,000 head fewer than the same week last year. Year-to-date estimated total cattle slaughter of 30.1 million head was 459,000 head more (+1.5%) than the same period last year. Estimated year-to-date beef production of 24.8 billion lbs. was 346.8 million lbs. more (+1.4%).

Choice Boxed beef cutout value was $2.23 lower Friday afternoon at $254.87/cwt. Select was $1.09 higher at $232.83/cwt.

Corn futures closed mixed, from 1¢ lower to 1¢ higher.

Soybean futures closed 10¢ to 11¢ higher through Aug’23, and then mostly fractionally higher to 4¢ higher.

November 20th, 2022|

Cattle Current Podcast—Nov. 18, 2022

Cattle futures closed higher Thursday, helped along by lower Corn futures through much of the session, firm to stronger cash fed cattle prices and likely anticipation of a bullish Cattle on Feed report. The trend continued through mid-day on Friday.

Feeder Cattle futures closed an average of $1.79 higher.

Live Cattle futures closed an average of 78¢ higher.

Corn futures closed mixed, from fractionally higher to 2¢ higher through Jul ’23 then 1¢ to 3¢ lower.

Soybean futures closed mostly 10¢ to 22¢ lower through Aug’24, then down 2¢ to 5¢.

Negotiated cash fed cattle trade was slow to moderate on moderate demand in Kansas through Thursday afternoon with prices mostly $1 higher at $151/cwt., but a few up to $152, according to the Agricultural Marketing Service.

Elsewhere, trade was slow on light demand. So far this week, established live prices are steady to $1 higher in the Texas Panhandle at $150-$151, steady in Nebraska at $153 and steady to $1 lower in the western Corn Belt at $153. Dressed prices are steady at $240-$242.

Choice Boxed beef cutout value was 1¢ higher Thursday afternoon at $257.10/cwt. Select was 39¢ higher at $231.74/cwt.

November 18th, 2022|

Cattle Current Podcast—Nov. 17, 2022

Negotiated cash fed cattle trade got off to a slow start for the week on Wednesday, but a start none the less. Established trade was steady at $150 in the Texas Panhandle on light demand and slow to limited trade.

Although too few to trend, there were some live sales in Kansas at $150 and some in Nebraska at $153/cwt.

Choice Boxed beef cutout value (p.m.): $1.27 lower at $257.09/cwt. Select was 41¢ lower at $231.35/cwt.

Cattle futures firmed and edged higher Wednesday. Feeder Cattle futures closed an average of 48¢ higher. Live Cattle futures closed an average of 56¢ higher.

Corn futures closed mixed, down fractionally to 1¢ through Sep ’23 then up fractionally to 1¢.

Soybean futures closed mostly 13¢ to 28¢ lower.

November 16th, 2022|

Cattle Current Podcast—Nov. 16, 2022

Grain futures gained late in Tuesday’s session, apparently on reports that Russian missiles landed in Poland, causing fatalities.

Corn futures closed mostly 4¢ to 9¢ higher and Soybean futures closed mostly 12¢ to 16¢ higher.

Feeder Cattle futures closed an average of $1.84 lower. Live Cattle futures closed narrowly mixed, from an average of 15¢ lower in six contracts to an average of 27¢ higher.

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

Last week, live prices were $150/cwt. in the Southern Plains $153 in Nebraska and $153-$154 in the western Corn Belt. Dressed prices were $240-$242.

Choice Boxed beef cutout value was 38¢ higher Tuesday afternoon at $258.36/cwt. Select was $1.45 lower at $231.76/cwt.

November 15th, 2022|

Cattle Current Podcast—Nov. 15, 2022

Feeder Cattle futures closed mixed on Monday, from an average of 27¢ lower to unchanged to an average of 48¢ higher. They were supported by weaker Corn futures but challenged by softer Live Cattle futures which closed an average of 59¢ lower, except for 5¢ higher in spot Dec.

Corn futures closed mostly 2¢ to 4¢ lower.

Soybean futures closed mostly 5¢ to 9¢ lower.

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

Last week, live prices were $150/cwt. in the Southern Plains $153 in Nebraska and $153-$154 in the western Corn Belt. Dressed prices were $240-$242.

Choice Boxed beef cutout value was 96¢ lower Monday afternoon at $257.98/cwt. Select was $2.06 lower at $233.21/cwt.

November 14th, 2022|

Cattle Current Podcast—Nov. 14, 2022

Cattle futures sagged on Friday. Pressure included higher Corn and Soybean futures, sharply lower boxed beef prices and static cash prices. Still, it was hard to square the degree of decline with fundamentals.

Feeder Cattle futures closed an average of $2.13 lower ($1.32 lower at the back to $3.12 lower toward the front).

Live Cattle futures closed an average of $1.00 lower (52¢ lower at the back to $1.77 lower toward the front).

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

For the week, live prices were steady in the Southern Plains at $150, steady to $3 lower in Nebraska at $150-$153 and steady to $2 higher in the western Corn Belt at $153-$155. Dressed prices were steady to $2 higher at $242.

Estimated total cattle slaughter last week of 671,000 head was 4,000 head more than the previous week and 12,000 head more than the same week last year. Year-to-date estimated total cattle slaughter of 29.38 million head was 464,000 head more (+1.6%) than the same time last year. Year-to-date estimated beef production of 24.25 billon lbs. was 350 million lbs. more (+1.5%).

Choice Boxed beef cutout value was $4.33 lower Friday afternoon at $258.94/cwt. Select was $1.56 lower at $235.27/cwt.

Grain and Soybean futures rebounded Friday, helped along by the significant decline in the U.S. dollar in the latter part of the week, making U.S. exports more competitive.

Corn futures closed mostly 2¢ to 3¢ higher through Jly ‘24, and then mostly fractionally higher.

Soybean futures closed mostly 18¢ to 25¢ higher.

November 13th, 2022|

Cattle Current Podcast—Nov. 11, 2022

Grain and Soybean futures closed lower Thursday, apparently due in part to more money flowing into equities for the day.

Corn futures closed 6¢ to 11¢ lower through Jly ‘24. Soybean futures closed mostly 20¢ to 29¢ lower.

Softer grain futures helped boost Cattle futures.

Feeder Cattle futures closed an average of $1.52 higher (90¢ to $2.05 higher).

Live Cattle futures closed an average of 90¢ higher (70¢ to $1.50 higher).

Cattle futures were lower through mid-day today as grain futures trended higher.

Negotiated cash fed cattle trade and demand were slow through Thursday afternoon, according to the Agricultural Marketing Service.

Although too few to trend, there were some live sales at $149/cwt. in the Texas Panhandle, $153.00-$153.50 in Nebraska and $153-$154 in the western Corn Belt.

So far this week, live prices are steady in the Southern Plains at $150, steady in Nebraska at $153 and steady to $1 higher in the western Corn Belt at $153. Dressed prices are steady to $2 higher at $242.

Choice Boxed beef cutout value (p.m.): $1.40 lower at $263.27/cwt. Select was $1.61 higher at $236.83/cwt.

November 11th, 2022|

Cattle Current Podcast—Nov. 10, 2022

Negotiated cash fed cattle trade was slow on light demand through Wednesday afternoon, according to the Agricultural Marketing Service.

Live prices were steady to $1 higher in the Texas Panhandle at $150.00/cwt. and steady in Kansas at $150.

Last week, live prices were $153 in Nebraska and the western Corn Belt. Dressed prices were $242 in Nebraska and $240-$242 in the western Corn Belt.

Choice Boxed beef cutout value was 27¢ lower Wednesday afternoon at $264.67/cwt. Select was 83¢ lower at $235.22/cwt.

Lower outside markets helped pressure Cattle futures on Wednesday.

Feeder Cattle futures closed an average of 24¢ lower, except for an average of 11¢ higher in the back two contracts.

Live Cattle futures closed an average of 49¢ lower (20¢ to $1.47 lower).

Corn futures closed mostly 3¢ to 5¢ lower.

Soybean futures closed mostly 3¢ to 5¢ higher through Jly ‘23 and then mostly fractionally lower to 1¢ lower.

November 9th, 2022|

Cattle Current Podcast—Nov. 9, 2022

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

Last week, live prices were $149-$150/cwt. in the Texas Panhandle, $150 in Kansas and $153 in Nebraska and the western Corn Belt. Dressed prices were $242 in Nebraska and $240-$242 in the western Corn Belt.

Choice Boxed beef cutout value was 39¢ higher Tuesday afternoon at $264.94/cwt. Select was 13¢ higher at $236.05/cwt.

Cattle futures softened Tuesday, perhaps on election defensiveness.

Feeder Cattle futures closed mixed, from an average of 38¢ lower to an average of 4¢ to higher.

Live Cattle futures closed an average of 18¢ lower, except for unchanged and  22¢ higher in two contracts.

Corn futures closed mostly 3¢ to 8¢ lower.

Soybean futures closed mostly 3¢ to 6¢ lower.

November 8th, 2022|

Cattle Current Podcast—Nov. 8, 2022

Live Cattle futures closed higher Monday, supported by apparent front-end currentness. They were up an average of 59¢ higher, except for down 33¢ and unchanged in the back two contracts.

Strength in Live Cattle and softer Corn futures helped Feeder Cattle close an average of 53¢ higher (30¢ to 70¢ higher).

Corn futures closed mixed, down 2¢ to 5¢ through May ’24, then mostly 1¢ to 2¢ higher.

Soybean futures closed 8¢ to 12¢ lower.

Choice Boxed beef cutout value was 80¢ higher Monday afternoon at $264.55/cwt. Select was $4.02 higher at $235.92/cwt.

There was no afternoon cash fed cattle report from AMS.

November 7th, 2022|

Cattle Current Podcast—Nov. 7, 2022

Cattle futures closed mixed Friday with little added short-term support and plenty of uncertainty.

Feeder Cattle futures closed mixed, from an average of 20¢ lower to an average of 51¢ higher.

Live Cattle futures closed mixed from an average of 24¢ lower to an average of 11¢ higher.

Corn futures closed mostly 1¢ to 2¢ higher.

Kansas City Wheat futures closed 10¢ to 17¢ higher.

Soybean futures closed 22¢ to 25¢ higher through Aug ’23 and then mostly 9¢ to 12¢ higher.

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

For the week, live sales were steady in the Southern Plains at $150/cwt., steady to $1 higher in Nebraska at $152-$153 and steady in the western Corn Belt at $152-$153. Dressed prices were $2 higher in Nebraska at $242 and steady to $2 higher in the western Corn Belt at $240-$242.

Choice Boxed beef cutout value was $1.43 lower Friday afternoon at $263.75/cwt. Select was $1.16 lower at $231.90/cwt.

Total estimated cattle slaughter last week of 667,000 head was 1,000 head fewer than the previous week but 15,000 head more than the same week last year. Year-to-date estimated total cattle slaughter of 27.71 million head was 452,00 head more (+1.6%) than the same time last year. Year-to-date estimated beef production of 23.69 billion lbs. was 338.8 million lbs. more (+1.5%).

November 6th, 2022|

Cattle Current Podcast—Nov. 4, 2022

Negotiated cash fed cattle trade was slow on light demand through Thursday afternoon, according to the Agricultural Marketing Service. Live sales were steady in the Southern Plains at $150/cwt. and steady with the prior week in the western Corn Belt at $152-$153. Dressed prices in the western Corn Belt last week were $240.

Although too few to trend, there were some dressed trades $2-$3 higher in Nebraska at $242-$243. Live prices there last week were $152-$153.

Choice Boxed beef cutout value was $1.71 higher Thursday afternoon at $265.18/cwt. Select was 10¢ lower at $233.06/cwt.

Cattle futures wobbled Thursday as traders appeared to take a wait-and-see breather after the previous session’s gains.

Feeder Cattle futures closed an average of 59¢ lower, except for 12¢ higher in the back contract.

Live Cattle futures closed narrowly mixed from an average of 12¢ lower to an average of 22¢ higher.

Corn futures closed 7¢ to 8¢ lower through Jly ‘23 and then narrowly mixed.

Soybean futures closed mostly 12¢ to 17¢ lower.

November 3rd, 2022|

Cattle Current Podcast—Nov. 3, 2022

Feeder Cattle futures gained Wednesday on declining Corn futures. They closed an average of $1.18 higher (77¢ to $2.00 higher).

Corn and Wheat futures reversed direction as Russia reversed course and claimed it is rejoining the initiative that enabled Ukraine exports from the Black Sea.

Corn futures closed 8¢ to 10¢ lower through Jly ‘23 and then mostly 3¢ to 5¢ lower. Kansas City Wheat futures closed 34¢ to 49¢ lower through May ‘24. Soybean futures closed mostly 8¢ to 9¢ higher.

Live Cattle futures tread water, awaiting weekly cash direction. They closed narrowly mixed from an average of 29¢ lower to an average of 21¢ higher.

Negotiated cash fed cattle trade was limited on light demand through Wednesday afternoon, with too few transactions to trend in any region, according to the Agricultural Marketing Service. There were a few early live sales in the Texas Panhandle at $149/cwt. and a few in the western Corn Belt at $154. There were early dressed trades in Nebraska at $243.

Last week, live prices were $150/cwt. in the Southern Plains and $152-$153 in Nebraska and the western Corn Belt. Dressed prices were $240.

Choice Boxed beef cutout value was 84¢ higher Wednesday afternoon at $263.47/cwt. Select was 43¢ higher at $233.16/cwt.

November 2nd, 2022|

Cattle futures lost steam after early support Tuesday, as grain and soybean futures continued to gain and traders awaited weekly cash direction.

Corn futures closed mostly 3¢ to 6¢ higher. Kansas City Wheat futures closed mostly 9¢ to 11¢ higher. Soybean futures closed 22¢ to 28¢ higher through Aug ‘23.

Feeder Cattle futures closed an average of $1.02 lower (70¢ lower to $1.32 lower).

Live Cattle futures closed an average of 22¢ lower, except for 5¢ higher in Aug and $2.37 higher in new away-Apr.

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 $150/cwt. in the Southern Plains and $152-$153 in Nebraska and the western Corn Belt. Dressed prices were $240.

Choice Boxed beef cutout value was $1.02 lower Tuesday afternoon at $262.63/cwt. Select was $1.73 lower at $232.73/cwt.

November 1st, 2022|

Cattle Current Podcast—Nov. 1, 2022

Russia’s announcement over the weekend that it is suspending its participation in the Black Sea Grain Initiative (BSGI) propelled grain futures significantly higher Monday. The BSGI, brokered by the United Nations earlier this year, enabled resumption of Ukraine grain exports via the Black Sea as Russia’s war on Ukraine continued.

Corn futures closed 8¢ to 10¢ higher through Jly ‘23 and then mostly 4¢ to 5¢ higher.

Kansas City Wheat futures closed mostly 39¢ to 53¢ higher.

As logic would suggest, Feeder Cattle futures wilted in the face of the spike up in grain futures, closing an average of 81¢ lower (25¢ lower to $1.00 lower), except for an average of 9¢ higher in the back three contracts.

Added uncertainty came with the fact that there were no reports from the Agricultural Marketing Service during trading hours Monday, presume Bly due to technical difficulties.

Last week’s stronger cash fed cattle prices and higher wholesale beef values muted losses in Live Cattle futures, which closed an average of 27¢ lower, except for $3.60 lower in expiring Oct.

Last week, negotiated cash fed cattle prices were $2 higher on a live basis in the Southern Plains at $150/cwt.; they were $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.

October 31st, 2022|

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.

October 30th, 2022|

Cattle Current Podcast—Oct. 28, 2022

Negotiated cash fed cattle trade was slow on light demand through Thursday afternoon, according to the Agricultural Marketing Service.

Live prices were $2 higher in the Southern Plains at $150/cwt.

Although too few to trend, there were some early live sales at $152 in Nebraska and $151-$152 in the western Corn Belt; early dressed sales at $240 in Nebraska and $236 in the western Corn Belt.

Last week, live sales were $150-$152 in Nebraska and $150 in the western Corn Belt. Dressed prices were $236 in Nebraska and $232-236 in the western Corn Belt.

Choice Boxed beef cutout value was $1.63 higher Thursday afternoon at $262.49/cwt. Select was $3.31 higher at $231.91/cwt.

Cattle futures softened Thursday despite higher wholesale beef values and early stronger cash fed cattle prices.

Feeder Cattle futures closed an average of 50¢ lower (5¢ to 17¢ lower).

Live Cattle futures closed an average of 23¢ lower.

Corn futures closed mostly 1¢ to 2¢ lower.

Soybean futures closed mostly 1¢ to 2¢ lower, except for fractionally higher in the front contracts.

October 27th, 2022|

Cattle Current Podcast—Oct. 27, 2022

After retrenching in the previous session, Cattle futures mostly gained Wednesday with expectations of higher cash prices again this week.

Feeder Cattle futures closed an average of 81¢ higher, except for 17¢ lower in waning spot Oct.

Live Cattle futures closed an average of 28¢ higher, except for unchanged to an average of 16¢ lower in three contracts.

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

Live prices last week were $148/cwt. in the Southern Plains, $150-$152 in Nebraska and $150 in the western Corn Belt. Dressed prices were $236 in Nebraska and $232-$236 in the western Corn Belt.

Choice Boxed beef cutout value was 57¢ lower Wednesday afternoon at $260.86/cwt. Select was $1.25 higher at $228.60/cwt.

Corn futures closed 1¢ to 2¢ lower.

Soybean futures closed mostly 1¢ to 4¢ lower.

October 26th, 2022|

Cattle Current Podcast—Oct. 26, 2022

Recent momentum in Cattle futures stalled Tuesday amid higher Corn futures, likely profit taking and apparently waiting to see if this week’s cash fed cattle trade supports another step higher.

Feeder Cattle futures closed an average of $1.60 lower, except for 92¢ higher in waning spot Oct.

Live Cattle futures closed an average of 45¢ lower, except for 7¢ higher in spot Oct.

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.

Live prices last week were $148/cwt. in the Southern Plains, $150-$152 in Nebraska and $150 in the western Corn Belt. Dressed prices were $236 in Nebraska and $232-$236 in the western Corn Belt.

Corn futures closed mostly 3¢ to 4¢ higher.

Soybean futures closed mostly 10¢ to 12¢ higher.

October 25th, 2022|

Cattle Current Podcast—Oct. 25, 2022

Cattle futures continued to climb Monday on higher cash fed cattle prices, stronger wholesale beef values and Friday’s friendly Cattle on Feed report.

Feeder Cattle futures closed an average of $1.23 higher (40¢ to $1.57 higher).

Live Cattle futures closed an average of $1.18 higher.

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

Live prices last week were $148/cwt. in the Southern Plains, $150-$152 in Nebraska and $150 in the western Corn Belt. Dressed prices were $236 in Nebraska and $232-$236 in the western Corn Belt.

Choice Boxed beef cutout value was $4.21 higher Monday afternoon at $257.92/cwt. Select was $1.25 higher at $225.61/cwt.

Corn futures closed mostly 1¢ to 2¢ lower.

Soybean futures closed mostly 14¢ to 23¢ lower.

October 24th, 2022|

Cattle Current Podcast—Oct. 24, 2022

Negotiated cash fed cattle trade was inactive on very light demand through Friday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

For the week, live prices were $3 higher in the Southern Plains at $148/cwt., $3-$4 higher in Nebraska at $151-$152 and $2-$4 higher in the western Corn Belt at $150-$152. Dressed prices were $4 higher at $236.

Stronger cash prices and higher wholesale beef prices helped Cattle futures gain Friday.

Feeder Cattle futures closed an average of 79¢ higher, except for 30¢ lower in spot Oct.

Live Cattle futures closed an average of 54¢ higher.

Choice Boxed beef cutout value was 9¢ higher Friday afternoon at $253.71/cwt. Select was $2.28 higher at $224.36/cwt.

Total estimated cattle slaughter last week of 673,000 head was 13,000 head more than the previous week. Total year-to-date estimated cattle slaughter of 27.37 million head was 433,000 head more (+1.6%) than the same period last year. Total year-to-date beef production of 22.56 billion lbs. was 3.2 million lbs. more (+1.4%).

Corn futures closed mostly fractionally mixed.

Soybean futures closed 4¢ to 5¢ higher through Aug ’23 and then mostly 1¢ to 4¢ higher

October 23rd, 2022|

Cattle Current Podcast—Oct. 21, 2022

Snug supplies and demand-based aggressive slaughter helped negotiated cash fed cattle prices pull ahead with more gusto this week.

Live prices were $3 higher in the Texas Panhandle at $148/cwt. on moderate trade and light to moderate demand, according to the Agricultural Marketing Service. Prices were $4 higher in Nebraska at mostly $152 on moderate demand and trade. Dressed prices in Nebraska were $4 higher at $236.

There were some live sales in the western Corn Belt at $150 and $236 in the beef, but too few to trend. Live prices there Wednesday were $2 higher at $150. Dressed prices last week were $230-$232.

Choice Boxed beef cutout value was 23¢ higher Thursday afternoon at $253.62/cwt. Select was 11¢ lower at $222.08/cwt.

Cattle futures closed mixed, though, between resurgent Corn futures but stronger cash fed cattle prices.

Feeder Cattle futures closed an average of 79¢ lower (52¢ to $1.02 lower), except for 35¢ higher in spot Oct.

Live Cattle futures closed narrowly mixed, from an average of 22¢ lower in four contracts to an average 34¢ higher

Corn futures closed mostly 3¢ to 5¢ higher.

Soybean futures closed 14¢ to 19¢ higher through Jly ‘23.and then mostly 9¢ higher.

October 20th, 2022|

Cattle Current Podcast—Oct. 20, 2022

Cattle futures extended gains Wednesday, buoyed by stronger wholesale beef prices, upward cash momentum and weaker Corn futures.

Feeder Cattle futures closed an average of 89¢ higher (25¢ to $1.65 higher).

Live Cattle futures closed an average of $1.20 higher (88¢ to $1.83 higher).

Choice Boxed beef cutout value was $2.61 higher Wednesday afternoon at $253.39/cwt. Select was 91¢ higher at $222.19/cwt.

Negotiated cash fed cattle trade ranged from very limited on moderate demand to inactive on light to moderate demand through Wednesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service. There were some early live sales at $147/cwt. in the Southern Plains and at $150 in the western Corn Belt

Last week, live prices were $145/cwt. in the Southern Plains and $148 in Nebraska and the Western Corn Belt. Dressed prices were $232 in Nebraska and $230-$232 in the western Corn Belt.

October 20th, 2022|

Cattle Current Podcast—Oct. 19, 2022

Stronger cash fed cattle prices last week, the prospect for further gains this week and recently higher wholesale beef prices helped Cattle futures extend gains Tuesday.

Feeder Cattle futures closed an average of $1.73 higher, except for 7¢ higher in spot Oct.

Live Cattle futures closed an average of 50¢ higher (15¢ to 60¢ higher), except for unchanged in the back contract.

Negotiated cash fed cattle trade was at a standstill in the Southern Plains and Nebraska through Tuesday afternoon, according to the Agricultural Marketing Service. In the Western Corn Belt, trade was limited on light demand.

Last week, live prices were $145/cwt. in the Southern Plains and $148 in Nebraska and the Western Corn Belt. Dressed prices were $232 in Nebraska and $230-$232 in the western Corn Belt.

Choice Boxed beef cutout value was $2.64 higher Tuesday afternoon at $250.78/cwt. Select was $1.67 higher at $221.28/cwt.

Corn futures closed 2¢ to 3¢ lower. Soybean futures closed mostly 9¢ to 13¢ lower through Jly ’23 and then mostly 4¢ lower.

October 18th, 2022|

Cattle Current Podcast—Oct. 18, 2022

Cattle futures caught some wind Monday as traders seemed to focus more on the fundamentals, including recently stronger cash fed cattle prices and the likelihood that wholesale beef prices will begin their seasonal advance.

Feeder Cattle futures closed an average of $2.00 higher (95¢ higher in spot to $2.60 higher).

Live Cattle futures closed an average of 78¢ higher (55¢ to $1.42 higher).

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

Last week, live prices were $145/cwt. in the Southern Plains and $148 in Nebraska and the Western Corn Belt. Dressed prices were $232 in Nebraska and $230-$232 in the western Corn Belt.

The five-area direct weighted average fed steer price last week was $146.99/cwt., which was 76¢ more than the previous week. The average fed steer price in the beef was $1.32 higher at $231.60.

Choice Boxed beef cutout value was $1.16 higher Monday afternoon at $248.14/cwt. Select was $2.67 higher at $219.61/cwt.

Cattle futures were also helped along by Corn futures closing mostly 4¢ to 6¢ lower. Soybean futures closed mostly 3¢ to 7¢ lower.

October 17th, 2022|

Cattle Current Podcast—Oct. 17, 2022

Volatile and bearish outside markets weighed on most commodities Friday as shorter supplies battle with demand concerns stemming from steamy inflation, higher interest rates and slowing economic growth.

Feeder Cattle futures closed an average of 79¢ lower (25¢ lower at the back to $1.32 lower toward the front).

Live Cattle futures closed an average of 62¢ lower, except for 50¢ higher in spot Oct.

Corn futures closed mostly 5¢ to 8¢ lower.

Soybean futures closed mostly 8¢ to 12¢ lower.

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

For the week, live prices were $1 higher in the Southern Plains at $145/cwt., steady to $2 higher in Nebraska at $148 and unevenly steady in the western Corn Belt at $148. Dressed prices were $2 higher at $232.

Choice Boxed beef cutout value was 45¢ higher Friday afternoon at $246.98/cwt. Select was $1.08 higher at $216.94/cwt.

Total estimated cattle slaughter last week of 660,000 head was 4,000 head fewer than the previous week but 21,000 head more than the same week last year. Total estimated year-to-date cattle slaughter of 26.7 million head was 417,000 head more (+1.6%) than the same time last year. Total estimated year-to-date beef production of 22.0 billion lbs. was 306.9 million lbs. more (+1.4%).

October 15th, 2022|

Cattle Current Podcast—Oct. 14, 2022

Negotiated cash fed cattle trade ranged from limited on light demand in the Southern Plains to slow on light to moderate demand in the North through Thursday afternoon, according to the Agricultural Marketing Service.

So far this week, live prices are $1 higher in the Southern Plains at $145/cwt., steady to $2 higher in Nebraska at $147-$148 and unevenly steady in the western Corn Belt at $148. Dressed prices are $2 higher at $232.

Choice Boxed beef cutout value was 13¢ lower Thursday afternoon at $246.53/cwt. Select was $1.60 higher at $215.86/cwt.

Cattle futures softened Thursday amid volatile outside markets and despite higher cash trade.

Feeder Cattle futures closed an average of 65¢ lower, except for 5¢ higher in Aug.

Live Cattle futures closed an average of 23¢ lower, except for 27¢ higher in spot Oct.

Corn futures closed mostly 3¢ to 4¢ higher.

Soybean futures closed mostly 4¢ to 6¢ higher, except for fractionally lower to 2¢ higher in the front four contracts.

October 13th, 2022|

Cattle Current Podcast—Oct. 13, 2022

Weekly negotiated cash fed cattle trade remained undeveloped through Wednesday afternoon, according to the Agricultural Marketing Service.

Last week, live prices were $144/cwt. in the Southern Plains, $145-$148 in Nebraska and $145-$149 in the western Corn Belt. Dressed prices were $230.

Cattle futures edged higher, though, with the mainly friendly World Agricultural Supply and Demand Estimates (see below).

Feeder Cattle futures closed an average of 29¢ higher, except for unchanged and 12¢ lower in two away contracts.

Live Cattle futures closed an average of 31¢ higher, except for 12¢ lower in near Dec.

Corn futures closed mostly fractionally mixed through May ‘24 then mostly 1¢ to 3¢ higher.

Soybean futures closed 12¢ to 19¢ higher through Jly ‘23, and then mostly fractionally lower to 2¢ lower.

Choice Boxed beef cutout value was 9¢ lower Wednesday afternoon at $246.66/cwt. Select was $1.41 higher at $214.26/cwt.

October 12th, 2022|

Cattle Currrent Podcast—Oct. 12, 2022

Feeder Cattle futures bounced an average of $2.34 higher Tuesday, regaining some of the recent losses. Support included Corn futures closing 3¢ to 5¢ lower through Sep ’23 and then mostly 1¢ lower.

Feeder Cattle also received support from Live Cattle futures closing an average of 91¢ higher (22¢ higher at the back to $1.57 higher toward the front), likely due in part to notions that cash fed cattle prices can build on last week’s advance.

Negotiated cash fed cattle trade ranged from a standstill to limited on light demand through Tuesday afternoon, according to the Agricultural Marketing Service. There were a few early live sales in the western Corn Belt at $146/cwt., but too few to trend.

Last week, live prices were $144/cwt. in the Southern Plains, $145-$148 in Nebraska and $145-$149 in the western Corn Belt. Dressed prices were $230.

Choice Boxed beef cutout value was $2.12 higher Tuesday afternoon at $246.75/cwt. Select was 97¢ lower at $212.85/cwt.

October 11th, 2022|

Cattle Current Podcast—Oct. 11, 2022

Surging Corn futures prices took Feeder Cattle futures down a peg Monday.

Feeder Cattle futures closed an average of $2.10 lower (80¢ lower toward the back to $2.75 lower toward the front).

Grain futures spiked higher with heightened concerns about Russia’s ongoing war on Ukraine.

Corn futures closed 10¢ to 15¢ higher through Sep ’23 then mostly 8¢ to 9¢ higher.

Soybean futures closed 5¢ to 7¢ higher through Sep ’23 and then mostly 2¢ to 3¢ higher.

Live Cattle futures were unable to fade the strong pressure, closing an average of 75¢ lower (52¢ to $1.05 lower).

Negotiated cash fed cattle trade ranged from a standstill to mostly inactive on light demand in all major cattle feeding regions through Monday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, live prices were $144/cwt. in the Southern Plains, $145-$148 in Nebraska and $145-$149 in the western Corn Belt. Dressed prices were $230.

Choice Boxed beef cutout value was $1.44 lower Monday afternoon at $244.63/cwt. Select was $2.31 lower at $213.82/cwt.

October 10th, 2022|

Cattle Current Podcast—Oct. 10, 2022

Negotiated cash fed cattle trade was limited on light demand in all major cattle feeding regions through Friday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

For the week, live prices were $1 higher in the Southern Plains at $143/cwt. and $1-$3 higher in Nebraska and the western Corn belt at $146-$148. Dressed prices were $2 higher at $230.

Choice Boxed beef cutout value $1.29 lower Friday afternoon at $246.07/cwt. Select was 86¢ lower at $216.13.

Cattle futures limped to a narrowly mixed close on Friday.

Feeder Cattle futures closed mixed from an average of 38¢ lower through May ’23, then up 13¢ to 38¢.

Live Cattle futures closed mixed, down 15¢ to up 28¢.

The strong U.S. dollar capped Grain and Soybean futures Friday.

Corn futures closed mixed, 4¢ to 8¢ higher through Jul ’24 then down 1¢.

Soybean futures closed 3¢ to 9¢ higher through Sep ’24 and then 3¢ lower.

October 8th, 2022|

Cattle Current Podcast—Oct. 7, 2022

Negotiated cash fed cattle trade ranged from limited on light demand in the western Corn Belt to light to moderate on moderate demand in the Southern Plains through Thursday afternoon, according to the Agricultural Marketing Service.

So far this week, live prices are $1 higher in the Southern Plains at $143/cwt. and $1-$2 higher in Nebraska at $146-$147. Dressed prices are $2 higher at $230. Live prices in the western Corn Belt last week were $145.

Despite stronger cash prices, Cattle futures faded a bit.

Feeder Cattle futures closed an average of 37¢ lower (17¢ to 82¢ lower) except for an average of 25¢ higher in the back two contracts.

Live Cattle futures closed an average of 10¢ lower except for unchanged in one contract and 65¢ higher in spot Oct.

Choice Boxed beef cutout value was 30¢ higher Thursday afternoon at $247.36/cwt. Select was $2.23 lower at $216.99/cwt.

Grain futures weakened Thursday, pressured by slowing exports impeded by the strength of the U.S. Dollar.

Corn futures closed 6¢ to 8¢ lower through Jly ‘23 and then mostly 1¢ lower to 3¢ higher.

Soybean futures closed 7¢ to 11¢ lower through Jly ‘23 and then mostly 1¢ to 2¢ lower.

October 6th, 2022|

Cattle Current Podcast—Oct. 6, 2022

Cattle futures rose Wednesday as fundamental strength returned.

Feeder Cattle futures closed an average of $1.52 higher (57¢ higher at the back to $2.12 higher toward the front).

Live Cattle futures closed an average of 46¢ higher.

Negotiated cash fed cattle trade was limited on light demand in all major cattle feeding regions through Wednesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

Live prices last week were $143/cwt. in the Southern Plains and $145 in Nebraska and the western Corn Belt. Dressed prices were $228.

Choice Boxed beef cutout value was 98¢ lower Wednesday afternoon at $247.06/cwt. Select was $2.69 lower at $219.22.

Corn futures closed 1¢ to 2¢ higher.

Soybean futures closed 10¢ to 13¢ lower through Sep ‘23 and then mostly 7¢ lower.

October 5th, 2022|

Cattle Current Podcast—Oct. 5, 2022

Feeder Cattle futures closed an average of 64¢ lower Tuesday, pressured by higher Corn futures.

Live Cattle futures closed narrowly mixed, from an average of 24¢ lower to an average of 17¢ higher, supported by wholesale beef prices showing signs of reaching the seasonal bottom.

Choice Boxed beef cutout value was $2.10 higher Tuesday afternoon at $248.04/cwt. Select was 60¢ higher at $221.91/cwt.

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

Live prices last week were $143/cwt. in the Southern Plains and $145 in Nebraska and the western Corn Belt. Dressed prices were at $228.

Corn futures closed 2¢ to 4¢ higher, helped along by the export-positive decline in the Dollar.

Soybean futures closed mostly 11¢ to 16¢ higher with support from the rally in Crude Oil futures.

October 4th, 2022|

Cattle Current Podcast—Oct. 4, 2022

Cattle futures bounced back Monday, helped along by higher wholesale beef values.

Choice Boxed beef cutout value was $2.19 higher Monday afternoon at $245.94/cwt. Select was $1.18 higher at $221.31/cwt.

Feeder Cattle futures closed an average of $1.23 higher.

Live Cattle futures closed an average of 89¢ higher.

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

Live prices last week were $143/cwt. in the Southern Plains and $145 in Nebraska and the western Corn Belt. Dressed prices were at $228.

Corn futures closed 3¢ higher through Jly ‘23 and then 1¢ to 2¢ lower.

Soybean futures closed 5¢ to 9¢ higher.

October 3rd, 2022|

Cattle Current Podcast—Oct. 3, 2022

Feeder Cattle futures tanked Friday with pressure from Corn futures surging in response to USDA’s Grain Stocks report Friday (see below).

Corn futures closed 5¢ to 8¢ higher through Jly ’23 and then 2¢ to 3¢ higher.

Feeder Cattle futures closed an average of $2.68 lower.

Live Cattle futures closed an average of 53¢ lower (17¢ to 85¢ lower), except for unchanged in the back contract.

Soybean futures closed 32¢ to 46¢ lower through Aug. ’23 and then mostly 21¢ to 25¢ lower, reacting to softer oil prices and the Grain Stocks report.

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

For the week, live prices were steady at $143/cwt. in the Southern Plains and at $144-$145 in Nebraska. Prices were steady to $3 lower in the western Corn Belt at $145. Dressed prices were steady to $1 higher in Nebraska at $228-$233 and at the bottom of last week’s range in the western Corn Belt at $228.

Choice boxed beef cutout value was $2.33 lower Friday afternoon at $243.75/cwt. Select was 35¢ higher at $220.13.

Estimated total cattle slaughter was 3,000 head less week over week at 664,000 head, but was 24,000 head more than the same week last year. Year-to-date estimated total cattle slaughter of 25.36 million head was 385,000 head more (+1.5%) than the same time last year. Estimated total year-to-date beef production of 20.91 billion lbs. was 282 million lbs. more (+1.4%).

October 1st, 2022|

Cattle Current Podcast—Sept. 30, 2022

Cattle futures finally rallied back Thursday, supported by oversold conditions.

Feeder Cattle futures closed and average of $2.19 higher. Live Cattle futures closed an average of $1.02 higher.

Negotiated cash fed cattle trade was limited on light demand in all major cattle feeding regions through Thursday afternoon with too few transactions to trend, according to the Agricultural marketing Service.

So far this week, live prices are steady at $143/cwt. in the Southern Plains and at $144-$145 in Nebraska. Prices are steady to $3 lower in the western Corn Belt at $145. Dressed prices are steady to $1 higher in Nebraska at $228-$233 and at the bottom of last week’s range in the western Corn Belt at $228.

Choice boxed beef cutout value was $1.47 lower Thursday afternoon at $246.08/cwt. Select was 57¢ higher at $219.78.

Corn futures closed mostly fractionally higher toward the front and then 2¢ to 3¢ higher.

Soybean futures closed mostly 4¢ to 5¢ higher.

September 29th, 2022|

Cattle Current Podcast—Sept. 29, 2022

Negotiated cash fed cattle trade was active on very good demand in Nebraska Wednesday with live prices steady at $144-$145/cwt. and dressed prices mainly steady to $4 lower at $228.

Trade was slow on moderate demand in the western Corn Belt, where there were a few live sales at $144-$145 and a few in the beef at $228, but too few to trend, according to the Agricultural Marketing Service. Prices there last week were $145-$148 and $227-$234, respectively.

Trade in the Southern Plains ranged from limited to mostly inactive on light demand. Live prices there the previous day were steady at $143.

Choice boxed beef cutout value was 88¢ lower Wednesday afternoon at $247.55/cwt. Select was $2 lower at $219.21.

Cattle futures weakened again Wednesday with hangover pessimism from recent sessions.

Feeder Cattle futures closed an average of 72¢ lower (32¢ to $1.12 lower).

Live Cattle futures closed an average of 50¢ lower except for 15¢ higher in the back contract.

Corn and Soybean futures crawled higher, perhaps on increasing Russian rhetoric and positioning ahead of Friday’s Grain Stocks report.

Corn futures closed mostly 3¢ higher.

Soybean futures closed 5¢ to 9¢ higher.

September 28th, 2022|

Cattle Current Podcast—Sept. 28, 2022

Cattle futures continued lower with outside markets Tuesday.

Feeder Cattle futures closed an average of $1.02 lower.

Live Cattle futures closed an average of 67¢ lower.

Negotiated cash fed cattle trade was steady in the Southern Plains Tuesday at $143/cwt. on slow trade and moderate demand.

Elsewhere, trade was inactive on light demand.

Last week, live prices were $144-$145 in Nebraska and $145-$148 in the western Corn Belt. Dressed prices were $228-$232 in Nebraska and $227-$243 in the western Corn Belt.

Choice Boxed beef cutout value was $1.07 higher Tuesday afternoon at $248.91/cwt. Select was 1.27 lower at $222.08/cwt.

Corn futures closed 1¢ to 2¢ higher through Jly ‘23 and then mostly unchanged to fractionally lower.

Soybean futures closed 1¢ to 3¢ lower through Aug ‘23 and then mostly fractionally higher.

September 27th, 2022|

Cattle Current Podcast—Sept. 27, 2022

Cattle futures weakened further Monday, along with other commodities and financial markets as fears about a contracting economy, high unabated inflation and increasing interest rates ruled the day.

Feeder Cattle futures closed an average of $1.75 lower ($1.20 lower toward the front to $2.40 lower in the back contract.

Live Cattle futures closed an average of $1.32 lower (77¢ to $1.70 lower).

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

Last week, live prices were $143/cwt. in the Southern Plains, $144-$145 in Nebraska and $145-$148 in the western Corn Belt. Dressed prices were $228-$232 in Nebraska and $227-$243 in the western Corn Belt.

Choice boxed beef cutout value was 79¢ lower Monday afternoon at $247.84/cwt. Select was $4.04 higher at $223.35.

Corn futures closed 8¢ to 11¢ lower through Sep ’23 and then mostly 5¢ lower.

Soybean futures closed mostly 11¢ to 15¢ lower.

September 26th, 2022|

Cattle Current Podcast—Sept. 26, 2022

Cattle futures softened again Friday amid sharply lower outside markets, rising interest rates and perhaps some prescient defensiveness ahead of the monthly Cattle on Feed report.

Feeder Cattle futures closed an average of 61¢ lower, except for an average of 28¢ higher in two contracts.

Live Cattle futures closed an average of 89¢ lower.

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

Based on the last established trends, live prices for the week were $1 higher in the Southern Plains at $143/cwt., steady to $4 higher in the western Corn Belt at $148 and $1 higher in Nebraska at $144. Dressed prices were $2-$8 higher in the western Corn Belt at $228-$234 and $2-$5 higher in Nebraska at $228-$232.

Choice Boxed beef cutout value was 23¢ higher Friday afternoon at $248.63/cwt. Select was $2.80 lower at $219.31/cwt.

Corn and Soybean futures softened Friday with outside market concerns, including the impact the climbing U.S. dollar will have on exports.

Corn futures closed 10¢ to 13¢ lower.

Soybean futures closed 28¢ to 31¢ lower through Aug ‘23 and then 20¢ to 25¢ lower.

September 25th, 2022|

Cattle Current Podcast—Sept. 23, 2022

Negotiated cash fed trade ranged from slow to moderate on moderate demand in the Southern Plains through Thursday afternoon, according to the Agricultural Marketing Service. Prices so far this week are $1 higher at $143/cwt.

Elsewhere, trade was moderate on moderate to good demand.

Dressed trade in Nebraska was $2-$5 higher at $228-$232. Live prices there last week were $143.

In the western Corn Belt, live prices this week are steady to $1 higher at $144-$145 and $2 higher in the beef at $228

Even so, Cattle futures continued to weaken Thursday with pressure from struggling outside markets and likely positioning ahead of Friday’s Cattle on Feed report. Pre-report estimates expect placement to be down 1% or so compared to last year and on-feed numbers to be about even.

Feeder Cattle futures closed an average of $1.41 lower, except for 2¢ higher in spot Sep.

Live Cattle futures closed an average of 85¢ lower (30¢ to $1.40 lower).

Cattle futures are weaker again through noon today.

Corn and Soybean futures paddled in place Thursday with ongoing pressure from lower outside markets and the higher U.S. dollar, but also speculation about lower yields.

Corn futures closed mostly fractionally higher to 2¢ higher.

Soybean futures closed 2¢ to 4¢ lower through Jly ‘23 and then mostly fractionally mixed.

September 23rd, 2022|

Cattle Current Podcast—Sept. 22, 2022

Cattle futures weakened Wednesday with likely spillover pessimism from lower outside markets, the lack of cash direction and perhaps some defensiveness in the face of Friday’s Cattle on Feed report.

Feeder Cattle futures closed an average of 74¢ lower, except for 57¢ higher in the back contract.

Live Cattle futures closed an average of 25¢ lower, except for 17¢ higher in the back contract.

Negotiated cash fed cattle trade ranged from limited on light demand to a standstill through Wednesday afternoon, according to the Agricultural Marketing Service. There were a few trades at $145/cwt. in Nebraska and the western Corn Belt but too few to trend.

Live prices last week were $142/cwt. in the Southern Plains, $143 in Nebraska and $143-$145 in the western Corn Belt. Dressed prices were $226-$227 in Nebraska and $226 in the western Corn Belt.

Choice Boxed beef cutout value was $2.51 lower Wednesday afternoon at $249.13/cwt. Select was $1.09 lower at $226.14/cwt.

Corn futures closed 3¢ to 6¢ lower Wednesday with pressure from lower outside markets and the export-adverse rise in the U.S. dollar.

Soybean futures closed 13¢ to 17¢ lower through Aug ‘23 and then mostly 8¢ to 9¢ lower.

September 21st, 2022|

Cattle Current Podcast—Sept. 21, 2022

Feeder Cattle futures gave back the previous session’s gains and then some Tuesday, pressured by higher Corn futures.

Feeder Cattle futures closed an average of $1.80 lower Tuesday (35¢ lower at the back to $2.27 lower toward the front), giving back the previous session’s gains and then some. Much of the pressure came from Corn futures bouncing 12¢ to 13¢ higher through Jly ‘23 and then mostly 8¢ to 9¢ higher, supported by bleaker condition ratings than expected. Soybean futures closed 15¢ to 17¢ higher through Jly ‘23. and then mostly 7¢ to 9¢ higher.

Live Cattle futures closed an average of 12¢ lower, except for 27¢ higher in three contracts with firmness from growing optimism for higher cash fed cattle prices this week.

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

Live prices last week were $142/cwt. in the Southern Plains, $143 in Nebraska and $143-$145 in the western Corn Belt. Dressed prices were $226-$227 in Nebraska and $226 in the western Corn Belt.

Choice Boxed beef cutout value was 81¢ lower Tuesday afternoon at $251.64/cwt. Select was $1.34 higher at $227.23/cwt.

 

September 21st, 2022|

Cattle Current Podcast—Sept. 20, 2022

Cattle futures rose Monday, helped along by last week’s slightly stronger cash fed cattle prices.

Feeder Cattle futures closed an average of 87¢ higher.

Live Cattle futures closed an average of 37¢ higher., except for 7¢ lower in near Dec.

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

Last week, live prices were $1 higher in the Southern Plains at $142, steady to $1 higher in Nebraska at $143 and steady to $1 lower in the western Corn Belt at $143-$145. Dressed prices were steady to $1 higher in Nebraska at $226-$227 and unevenly steady in the western Corn Belt at $226.

Choice Boxed beef cutout value was 5¢ higher through Monday afternoon at $252.45/cwt. Select was 76¢ lower at $225.89/cwt.

September 19th, 2022|

Cattle Current Podcast—Sept. 19, 2022

Howdy to all, this is Wes Ishmael with your Cattle Current Market Update for the late weekend and Monday morning the 19th of September.

Estimated total cattle slaughter last week was 667,000 head, which was 63,000 more than the previous holiday-shortened week. Year-to-date estimated total cattle slaughter of 24.0 million head was 328,000 (+1.4%) more than last year. Estimated year-to-date beef production of 19.8 billion lbs. was 226.9 million lbs. more (+1.2%).

Cattle futures meandered Friday amid the heavy beef production, high Corn price outlook and recently lower wholesale beef values.

Live Cattle futures closed an average of 23¢ lower (5¢ to 35¢ lower).

Feeder Cattle futures closed mixed, from an average of 60¢ lower to 33¢ higher.

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

For the week, live prices were $1 higher in the Southern Plains at $142/cwt., steady to $1 higher in Nebraska at $143 and steady to $2 lower in the western Corn Belt at $143-$144. Dressed prices were steady to $1 higher in Nebraska at $226-$227. Dressed prices in the western Corn Belt the previous week were $225-$230.

Choice Boxed beef cutout value was 6¢ higher through Friday afternoon at $252.40/cwt. Select was $3.30 lower at $226.65/cwt.

September 18th, 2022|

Cattle Current Podcast—Sept. 16, 2022

Steady to higher cash prices helped lift Live Cattle futures an average of 64¢ higher (22¢ to $1.27 higher) on Thursday.

Negotiated cash fed cattle trade was slow on light demand in the Southern Plains through Thursday afternoon, according to the Agricultural Marketing Service. So far this week, live prices are $1 higher at $142/cwt.

Trade was slow on moderate demand in Nebraska with live prices steady to $1 higher at $143. Dressed prices are steady to $1 higher at $226-$227.

In the western Corn Belt, trade was limited on light demand. So far this week, live prices are steady to $2 lower at $143-$144. Dressed prices last week were $225-$230.

Choice Boxed beef cutout value was $1.13 lower Thursday afternoon at $252.34/cwt. Select was 16¢ lower at $229.95/cwt.

Feeder Cattle futures wobbled Thursday with more strength through the back half of the board. They closed mixed, from an average of 34¢ lower to an average of 41¢ higher.

That was despite softer grain futures with Corn following wheat and closing 4¢ to 8¢ lower. Soybean futures closed mostly 3¢ lower through Jly ‘23 and then mostly 9¢ lower.

September 15th, 2022|

Cattle Current Podcast—Sept. 15, 2022

Feeder Cattle futures closed an average of 52¢ higher Wednesday as Corn Futures retreated 8¢ to 10¢ lower through Jly ’23 and then mostly 2¢ to 4¢ lower.

Soybean futures closed mostly 18¢ to 23¢ lower.

Live Cattle futures closed an average of 26¢ lower except for unchanged to an average of 12¢ higher in three contracts.

The looming railroad strike continues to add uncertainty to the mix.

Negotiated cash fed cattle trade ranged from a standstill to limited on light demand through Wednesday afternoon, according to the Agricultural Marketing Service. There were a few dressed trades in Nebraska at $226-$227/cwt. and a few live trades in the western Corn Belt at $143, but too few to trend.

Last week, live prices were $141/cwt. in the Southern Plains, $142-$143 in Nebraska and $143-$146 in the western Corn Belt. Dressed prices were $226 in Nebraska and $225-$230 in the western Corn Belt.

Choice Boxed beef cutout value was $3.19 lower through Wednesday afternoon at $253.47/cwt. Select was $3.47 lower at $230.11/cwt.

September 14th, 2022|

Cattle Current Podcast—Sept. 14, 2022

Sharply lower outside markets pressured by higher inflation than expected compounded the previous day’s lower corn yield estimates, weighing on Cattle futures.

Feeder Cattle futures closed an average of $1.88 lower ($1.10 to $2.60 lower).

Live Cattle futures closed an average of 77¢ lower.

That was with Corn futures retreating on the same macroeconomic news.

Corn futures closed 1¢ to 3¢ lower through Sep ‘23, then mostly fractionally higher.

Soybean futures closed mostly 3¢ to 9¢ lower through Jly ‘23 and then mostly 1¢ 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 $141/cwt. in the Southern Plains, $142-$143 in Nebraska and $143-$146 in the western Corn Belt. Dressed prices were $226 in Nebraska and $225-$230 in the western Corn Belt.

Choice Boxed beef cutout value was $2.28 lower through Tuesday afternoon at $256.66/cwt. Select was $2.18 lower at $233.58/cwt.

September 13th, 2022|

Cattle Current Podcast—Sept. 13, 2022

Corn futures climbed 9¢ to 13¢ through July ’23 Monday, in response to the latest monthly World Agricultural Supply and Demand Estimates, which reduced expected production (see below).

Soybean futures closed 60¢ to 76¢ higher through Jly ‘23 and then mostly 32¢ to 40¢ higher.

Feeder Cattle futures closed an average of $1.32 lower (30¢ lower at the back to $2.45 lower toward the front).

Live Cattle edged an average of 19¢ higher, maintaining the previous session’s gains with some optimism for cash trade this week.

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

Last week, live prices were steady to $1 higher in the Southern Plains at $141/cwt., steady to $3 lower in Nebraska at $142-$143 and steady to $1 higher in the western Corn Belt at $143-$146. Dressed prices were $2-$4 lower in Nebraska at $226 and $2-$3 lower in the western Corn Belt at $225-$230.

The five-area direct fed steer price last week was $142.48 on a live basis, which was 40¢ less than the previous week. The average five-area direct steer price in the beef was $2.10 lower at $226.68.

Choice Boxed beef cutout value was $1.68 higher through Monday afternoon at $258.94/cwt. Select was $1.03 higher at $235.76/cwt.

September 12th, 2022|

Cattle Current Podcast—Sept. 12, 2022

Corn futures closed 11¢ to 24¢ higher through Sep ’23, then 6¢ to 8¢ higher on expectations Monday’s USDA crop report will show a reduction in yields.

Soybean futures closed mostly 17¢ to 26¢ higher.

Feeder Cattle futures closed an average of 66¢ higher, helped along by strong cash demand.

Live Cattle futures closed an average of $1.00 higher, apparently with some speculation that cash prices will move higher next week, given ho-hum interest from packers the last couple of weeks.

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

Regionally, negotiated cash fed cattle prices last week were mainly steady to lower. Live prices were steady to $1 higher in the Southern Plains at $141/cwt., steady to $2 lower in Nebraska at $143 and steady in the western Corn Belt at $143-$145. Dressed prices were $2-$4 lower in Nebraska at $226. The previous week, dressed prices were $228-$232 in the western Corn Belt.

Choice Boxed beef cutout value was 75¢ lower at $257.26/cwt. Select was $1.31 lower at $243.73/cwt.

September 11th, 2022|

Cattle Current Podcast—Sept. 9, 2022

Feeder Cattle futures edged an average of 36¢ higher Thursday, supported by weaker Corn futures that were mostly 2¢ lower.

Live Cattle futures closed mixed, from an average of 27¢ lower to an average of 8¢ higher with pressure from the steady to lower cash trade.

Live prices were steady in the Texas Panhandle and $1 higher in Kansas at $141/cwt. They were $1 lower in Nebraska at $142-$144 with dressed prices mostly $2-$4 lower at $226. Trade and demand were moderate in both regions, according to the Agricultural Marketing Service.

Trade was slow on light to moderate demand in the western Corn Belt. There were a few live trades at $143, but too few to trend. Last week, live prices were $143-$145 and dressed prices were $228-$232.

Choice Boxed beef cutout value was $3.33 lower Thursday afternoon at $258.01/cwt. Select was $1.47 lower at $236.04/cwt.

September 8th, 2022|

Cattle Current Podcast—Sept. 8, 2022

Cattle futures lost some steam Wednesday with the lack of cash direction and likely profit taking.

Feeder Cattle futures closed an average of $1.34 lower (70¢ lower at the back to $2.15 lower at the front).

Live Cattle futures closed an average of 59¢ lower.

Negotiated cash fed cattle trade continued at a standoff through Wednesday afternoon, but popular sentiment expected at least steady prices this week.

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.

Choice Boxed beef cutout value was 87¢ higher Wednesday afternoon at $261.34/cwt. Select was $1.79 lower at $237.51/cwt.

Corn futures weakened Wednesday — 4¢ to 6¢ lower through Jly ‘23 and then mostly 1¢ 3¢ lower — presumably due mostly to profit taking.

Soybean futures closed mostly 12¢ to 15¢ lower through Jly ‘23 and then mostly 5¢ lower, pressured by Crude Oil once again

September 7th, 2022|

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.

September 6th, 2022|

Cattle Current Podcast—Sept. 5-6, 2022

Cattle futures extended gains Friday with support from higher wholesale beef prices and despite higher Corn futures.

Feeder Cattle futures closed an average of 61¢ higher (25¢ at the back to 75¢ higher).

Live Cattle futures closed an average of 92¢ higher (25¢ higher at the back to $1.75 higher at the front).

Choice Boxed beef cutout value was $1.35 higher Friday afternoon at $259.42/cwt. Select was $1.99 higher at $238.58/cwt.

Negotiated cash fed cattle trade was mostly inactive on light demand in all cattle feeding regions through Friday afternoon, according to the Agricultural Marketing Service.

For the week, live prices were $1 lower in the Southern Plains at $141/cwt., $2 lower in Nebraska at $143 and $4 lower in the western Corn Belt at $143-$144. Dressed prices were $4 lower in Nebraska at $228 and $2-$4 lower in the western Corn Belt at $228-$232.

Estimated year-to-date total cattle slaughter Sept. 2 was 22.7 million head, which was 282,000 head more (+1.3%) than the same time last year. Estimated year-to-date beef production was 18.74 billion lbs., which was 192.1 million lbs. more (+1.0%) than a year earlier.

Corn and Soybean futures bounced back Friday with support including positive export announcements.

Corn futures closed mostly 6¢ to 7¢ higher. Soybean futures closed mostly 21¢ to 25¢ higher through Aug. 23 and then mostly 14¢ higher.

September 5th, 2022|

Cattle Current Podcast—Sept. 2, 2022

Sharply lower Corn futures helped lift Feeder Cattle futures an average of $1.15 higher (70¢ to $1.37 higher).

Corn and Soybean futures continued lower Thursday as it appeared funds continued to liquidate positions on concerns about slowing demand. Corn futures closed mostly 11¢ to 12¢ lower. Soybean futures closed mostly 19¢ to 27¢ lower.

Live Cattle futures closed an average of 24¢ higher, except for unchanged to 17¢ lower in three contracts, despite the week’s softer cash market.

So far this week, live prices are $1 lower in the Southern Plains at $141, $2 lower in Nebraska at $143 and $4 lower in the western Corn Belt at $143-$144. Dressed prices are $4 lower in Nebraska at $228 and $2-$4 lower in the western Corn Belt at $228-$232.

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

Choice Boxed beef cutout value was 27¢ lower Thursday afternoon at $258.07/cwt. Select was $1.15 lower at $236.59/cwt.

September 1st, 2022|

Cattle Current Podcast—Sept. 1, 2022

Sluggish cash trade with weaker undertones and recent significant declines in wholesale beef value pressured Cattle futures Wednesday.

Feeder Cattle futures closed an average of 40¢ lower, except for an average of 24¢ higher in the front two contracts.

Live Cattle futures closed an average of 77¢ lower (32¢ to $1.32 lower).

Negotiated cash fed cattle trade ranged from slow on light demand to a standstill through Wednesday afternoon, according to the Agricultural Marketing Service. Live sales on Tuesday were steady in Nebraska at $145/cwt.

Last week, live prices were $142 in the Southern Plains and $147-$148 in the western Corn Belt. Dressed prices were $232 in Nebraska and $232-$234 in the western Corn Belt.

Choice Boxed beef cutout value was $1.45 lower Wednesday afternoon at $258.34/cwt. Select was $1.94 lower at $237.74/cwt.

Corn futures continued to weaken Wednesday, closing 2¢ to 6¢ lower with pressure including concerns about global economic growth. Soybean futures closed mostly 5¢ to 9¢ lower.

August 31st, 2022|

Cattle Current Podcast—Aug. 31, 2022

Corn futures eased mostly 3¢ to 4¢ lower, providing some lift to Cattle futures.

Feeder Cattle futures closed an average of $1.26 higher (75¢ at the back to $2.25 in spot Sep). Live Cattle futures closed an average of 67¢ higher.

Negotiated cash fed cattle trade ranged from slow on light demand to a standstill through Tuesday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were a few early live sales in Nebraska at $145/cwt.

Last week, live prices were $142 in the Southern Plains, $145 in Nebraska and $147-$148 in the western Corn Belt. Dressed prices were $232 in Nebraska and $232-$234 in the western Corn Belt.

Choice Boxed beef cutout value was $3.25 lower Tuesday afternoon at $259.79/cwt. Select was $3.07 lower at $239.68/cwt.

August 30th, 2022|

Cattle Current Podcast—Aug. 30, 2022

Corn futures continued higher Monday with carryover support from last week’s significantly lower yield estimates by the Pro Farmer Tour, compared to USDA’s most recent forecast.

Corn futures closed 11¢ to 18¢ higher through Sep ‘23 and then mostly 4¢ to 7¢ higher.

Another day of rising Corn futures took Feeder Cattle future down another peg, an average of $2.05 lower (70¢ lower at the back to $2.32 lower).

Steady to higher beef values helped Live Cattle futures trickle an average of 22¢ lower., except for 75¢ higher in waning spot Aug.

Choice Boxed beef cutout value was 28¢ higher Monday afternoon at $263.04/cwt. Select was $3.99 higher at $242.75/cwt.

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

Last week, live prices were steady to $1 higher in the Southern Plains at $142/cwt., $1 to $3.50 lower in Nebraska at $145 and $1-$2 lower in the western Corn Belt at $147-$148. Dressed prices were $2 lower in Nebraska at $232 and steady to $2 lower in the western Corn Belt at $232-$234.

August 29th, 2022|

Cattle Current Podcast—Aug. 29, 2022

Corn futures surged mostly 9¢ to 13¢ higher Friday, fueled by significantly lower yield estimates by the Pro Farmer Tour, compared to USDA’s most recent forecast. Soybean futures closed mostly 20¢ to 30¢ higher.

Resurgent Corn futures pressured Feeder Cattle an average of $1.63 lower, except for 67¢ higher in the newly minted back contract.

Generally softer cash trade pressured Live Cattle futures an average of 55¢ lower.

Negotiated cash fed cattle trade ranged from limited on light demand to mostly inactive on light demand through Friday afternoon, according to the Agricultural Marketing Service. There were a few live trades in the western Corn Belt at $147/cwt., but too few to trend.

For the week, live prices were steady to $1 higher in the Southern Plains at $142/cwt., generally steady to $1 lower in Nebraska at $145-$148 and $2 lower in the western Corn Belt at $146-$148. Dressed prices in Nebraska were $1-$2 lower at $232-$233. Dressed prices in the western Corn Belt the previous week were $234.

Through Thursday, the five-area direct average fed steer price was $2.22 lower on a live basis at $144.54. The average steer price in the beef was $1.15 lower at $232.88.

Choice Boxed beef cutout value was 78¢ lower Friday afternoon at $262.76/cwt. Select was $1.22 higher at $238.76/cwt.

Total estimated cattle slaughter last week was 17,000 head more than the previous week at 678,000 head. Year-to-date estimated total cattle slaughter of 22.1 million head was 262,000 head more (+1.2%) than the same time last year. Estimated year-to-date beef production of 18.2 billion lbs. was 175.3 million lbs. more (+0.97%) than the prior year.

August 27th, 2022|

Cattle Current Podcast—Aug. 26, 2022

Feeder Cattle futures closed an average of 95¢ higher Thursday, strengthened by lower Corn futures.

Grain futures softened with likely profit taking. Corn futures closed mostly 4¢ to 8¢ lower. Soybean futures closed mostly 16¢ to 25¢ lower.

Live Cattle futures closed an average of 19¢ higher, except for an average of 15¢ lower in the front three contracts. 

Negotiated cash fed cattle trade was mostly inactive on light demand through Thursday afternoon, according to the Agricultural Marketing Service.

So far this week, live prices are steady to $1 higher in the Southern Plains at $142/cwt., generally steady to $1 lower in Nebraska at $145-$148 and $2 lower in the western Corn Belt at $146-$148. Dressed prices in Nebraska are $1-$2 lower at $232-$233. Dressed prices in the western Corn Belt last week were $234.

Choice Boxed beef cutout value was 71¢ higher Thursday afternoon at $263.54/cwt. Select was 8¢ lower at $237.54/cwt.

August 25th, 2022|

Cattle Current Podcast—Aug. 25, 2022

Cattle futures edged lower Wednesday, with technical pressure and the week’s higher grain futures prices.

Live Cattle futures closed an average of 38¢ lower.

Feeder Cattle futures closed an average of 51¢ lower, except for unchanged to an average of 45¢ higher up front.

Negotiated cash fed cattle trade ranged from mostly inactive on light demand to slow on moderate demand with too few transactions to trend in any region, according to the Agricultural Marketing Service. There were a few live sales in Nebraska at $145/cwt. and a few in the western Corn Belt at $147. There were also some early dressed trades in Nebraska at $232-$233.

On Tuesday, live sales in the Southern Plains were steady to $1 higher at $142.

Last week, live prices were $146.00-$148.50 in Nebraska and $148-$150 in the western Corn Belt. Dressed prices were $234.

Choice Boxed beef cutout value was 3¢ higher Wednesday afternoon at $262.83/cwt. Select was $1.18 lower at $237.62/cwt.

Grain futures softened Wednesday with likely profit taking from the recent price surge.

Corn futures closed mostly 1¢ to 2¢ lower.

Soybean futures closed mostly 7¢ to 11¢ lower.

 

August 25th, 2022|

Cattle Current Podcast—Aug. 24, 2022

The grain complex roared ahead Tuesday, fueled by mounting concerns about yields based on recent crop ratings and private-company assessments (see Crop Progress below).

Corn futures closed 22¢ to 26¢ higher through Jly ‘23 and then mostly 13¢ to 16¢ higher.

Soybean futures closed mostly 17¢ to 25¢ higher.

Feeder Cattle futures sagged beneath the weight of sharply higher grain futures, closing an average of $1.71 lower (50¢ to $2.25 lower).

Live Cattle futures edged an average of 26¢ higher, except for unchanged in two contracts, supported by recently stronger cash prices and the aggressive packing pace.

Choice Boxed beef cutout value was $1.72 lower Tuesday afternoon at $262.80/cwt. Select was 44¢ higher at $238.80/cwt.

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

There were some live sales in the Southern Plains steady to $1 higher at $142/cwt. There were a few live trades in the western Corn Belt at $148 but too few to trend.

Last week, live prices were $146.00-$148.50 in Nebraska and $148-$150 in the western Corn Belt. Dressed prices were $234.

August 23rd, 2022|

Cattle Current Podcast—Aug. 23, 2022

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

Last week, live prices were $141-$142/cwt. in the Southern Plains, $146.00-$148.50 in Nebraska and $148-$150 in the western Corn Belt. Dressed prices were $234.

The five-area direct weighted average fed steer price last week was $146.88/cwt. on a live basis, which was $2.49 more than the previous week. The weighted average price in the beef was $4.30 higher at $234.23.

Choice Boxed beef cutout value was 24¢ higher Monday afternoon at $264.52/cwt. Select was 42¢ higher at $238.36/cwt.

Apparently, bullish supply fundamentals were enough to help Cattle futures mainly fade the bearish Cattle on Feed report, especially given higher Corn futures prices.

Live Cattle futures closed mixed, from an average of 42¢ lower to an average of 22¢ higher.

Feeder Cattle futures closed an average of 16¢ lower, except for unchanged to an average of 20¢ higher in the back two contracts.

Grain and Soybean futures gained more traction with concerns about drought in China.

Corn futures closed mostly 5¢ to 7¢ higher.

Soybean futures closed mostly 28¢ to 31¢ higher.

August 22nd, 2022|

Cattle Current Podcast—Aug. 22, 2022

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

For the week, live prices were $2 higher in the Southern Plains at $142/cwt., 50¢ to $1 higher in Nebraska at $145.00-$148.50 and $2 higher in the western Corn Belt at $148-$150. Dressed prices were $4-$5 higher at $234.

Choice Boxed beef cutout value was 11¢ lower Friday afternoon at $264.28/cwt. Select was 47¢ higher at $237.94/cwt.

Estimated total cattle slaughter last week of 661,000 head was 14,000 head more than the previous week. Estimated total year-to-date total cattle slaughter of 21.4 million head was 239,000 head more (+1.1%) year over year. Estimated year-to-date beef production of 17.65 billion lbs. was 156.1 million lbs. (+0.9%) more.

Stronger cash prices helped Live Cattle edge an average of 22¢ higher on Friday, except for an average of 6¢ lower in two contracts. Week to week they closed an average of 49¢ higher (17¢ to $1.37 higher), except for an average of 7¢ lower in two contracts.

Resurgent Corn futures prices and likely defensiveness ahead of the Cattle on Feed report pressured Feeder Cattle futures an average of 46¢ lower on Friday, except for 12¢ higher in the back contract. Week to week, they closed an average of $1.66 higher (77¢ to $2.32 higher).

Starting the week, traders will likely try to balance recent rains and improved fall grazing prospects in the Southern Plains with Friday’s bearish Cattle on Feed report (see below).

Grain and Soybean futures continued to gain Friday but remained lower week to week with concerns about economic growth in China, as well as the stronger U.S. Dollar.

Corn futures closed 6¢ to 8¢ higher through Sep ‘23 on Friday and then 1¢ to 4¢ higher. They closed an average of 16’6¢ lower through the front six contracts week to week on Friday.

Soybean futures closed mixed, mostly 1¢ lower to 1¢ higher on Friday. Week to week they closed an average of 45’7¢ lower through the front six contracts.

August 21st, 2022|

Cattle Current Podcast—Aug. 19, 2022

Negotiated cash fed cattle prices continued $2 higher Thursday at $142/cwt. in the Southern Plains and $148-$150 in the western Corn Belt. That was on slow trade and moderate demand, according to the Agricultural Marketing Service. There were a few dressed trades in the western Corn Belt $5 higher than last week at $234, but too few to trend.

Trade was also slow on moderate demand in Nebraska. There were some early live sales at $146-$148 and a few in the beef at $234, but too few to trend. Last week, prices there were at $144-$148 and $229-$230.

Choice Boxed beef cutout value was 5¢ higher Thursday afternoon at $264.39/cwt. Select was 42¢ lower at $237.47/cwt.

Cattle futures softened Thursday amid over-bought conditions and likely positioning ahead of Friday’s Cattle on Feed report. 

Live Cattle futures closed an average of 58¢ lower with most pressure in front contracts.

Feeder Cattle futures closed an average of $1.10 lower, from 10¢ lower at the back to $1.87 lower.

Grain and Soybean futures continued to gain Thursday, supported by international weather concerns for corn and higher oil prices for soybeans.

Corn futures closed mostly 3¢ to 8¢ higher.

Soybean futures closed mostly 12¢ to 16¢ higher.

August 19th, 2022|

Cattle Current Podcast—Aug. 18, 2022

Cattle futures extended gains Wednesday, buoyed by strong cash feeder cattle prices and the growing prospects of higher money for cash fed cattle this week.

Feeder Cattle futures closed an average of $1.60 higher. Live Cattle futures edged an average of 36¢ higher.

Negotiated cash fed cattle trade was limited on light demand through Wednesday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were some live trades in the Southern Plains at $141/cwt. and a few in the western Corn Belt at $147.

Last week, live prices were $140/cwt. in the Southern Plains, $144-$148 in Nebraska and $146-$148 in the western Corn Belt. Dressed prices were $229-$230.

On Wednesday, slaughter steers and heifers sold steady to $2 higher at Sioux Falls Regional in South Dakota. At Tama Livestock in Iowa, Choice slaughter steers and heifers sold $3.50-$4.50 higher amid a light offering.

Choice Boxed beef cutout value was $1.10 lower Wednesday afternoon at $264.34/cwt. Select was $1.23 lower at $237.89/cwt.

Grain and Soybean futures firmed Wednesday.

Corn futures closed fractionally higher to 4¢ higher through Jly ‘23 and then 2¢ to 3¢ lower.

Soybean futures closed mostly 6¢ to 9¢ higher through Aug. ’23 and then mostly 1¢ higher.

August 17th, 2022|

Cattle Current Podcast—Aug. 17, 2022

Cattle futures rallied Tuesday, helped along by another day of lower Corn futures, recently stronger wholesale beef prices and improving supply fundamentals.

Live Cattle futures closed an average of $1.13 higher (60¢ higher at the back to $1.87 higher toward the front).

Feeder Cattle futures closed an average of $2.03 higher ($1.60 to $2.47 higher).

Negotiated cash fed cattle trade ranged from limited on light demand to mostly inactive on light demand with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, live prices were $140/cwt. In the Southern Plains, $144-$148 in Nebraska and $146-$148 in the western Corn Belt. Dressed prices were $229-$230.

Choice Boxed beef cutout value was 98¢ higher Tuesday afternoon at $265.44/cwt. Select was 60¢ lower at $239.12/cwt.

Grain and Soybean futures continued lower Tuesday with continued pressure from uncertain Chinese demand, given slower economic growth in that nation and heightened tension with the U.S.

Corn futures closed 14¢ to 18¢ lower through Sep ‘23 and then 6¢ to 12¢ lower.

Soybean futures closed 22¢ to 39¢ lower through Aug ‘23 and then 10¢ to 17¢ lower.

August 16th, 2022|

Cattle Current Podcast—Aug. 16, 2022

Cattle futures weakened Monday, apparently under technical pressure.

Live Cattle futures closed an average of 70¢ lower (25¢ to $1.07 lower). Feeder Cattle futures closed an average of 58¢ lower (37¢ to 87¢ lower), except for 30¢ higher in spot Aug.

That was despite a down day in the grain complex, where prices were challenged by the stronger dollar, weaker oil prices, positive weather and slowing economic growth in China.

Corn futures closed 12¢ to 14¢ lower through Jly ‘23 and then mostly unchanged to 3¢ lower.

Soybean futures closed 34¢ to 42¢ lower through Jly ‘23 and then mostly 20¢ to 23¢ lower.

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

Last week, live prices were $140/cwt. in the Southern Plains, $144-$148 in Nebraska and $146-$148 in the western Corn Belt. Dressed prices were $229-$230.

Choice Boxed beef cutout value was $1.09 higher Monday afternoon at $264.46/cwt. Select was 13¢ higher at $239.72/cwt.

August 15th, 2022|

Cattle Current Podcast—Aug. 15, 2022

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

For the week, live prices were $4-$5 higher in the Southern Plains at $140/cwt., $4-$5 higher in Nebraska at $144-$148 and $1-$4 higher in the western Corn Belt at $145-$148. Dressed prices were $2-$3 higher in Nebraska at $229-$230 and near the top of the previous week’s trade in the western Corn Belt at $229.

Choice Boxed beef cutout value was 27¢ higher Friday afternoon at $263.37/cwt. Select was $2.13 higher at $239.59/cwt.

Estimated total cattle slaughter last week of 647,000 was 4,000 fewer than the previous week but 11,000 head more than the previous year. Total estimated year-to-date cattle slaughter of 20.77 million head was 246,000 head more (+1.2%) than a year earlier. Total estimated year-to-date beef production of 17.12 billion lbs. was 171.3 million lbs. more (+1.0%).

Although supported by the week’s stronger cash prices, Live Cattle futures wobbled Friday — an average of 37¢ lower in the front five contracts and then unchanged to an average of 4¢ higher. 

Feeder Cattle futures closed an average of $1.02 lower, pressured by Corn futures, which were 10¢ to 14¢ higher through Jly ‘23, fueled by the latest World Agricultural Supply and Demand Estimates (see below).

Soybean futures closed mostly 1¢ to 5¢ higher after 40¢ lower in spot Aug and 14¢ higher in near Sep.

Despite the latest pressure from feed prices, Feeder Cattle futures mainly maintained the previous two week’s strong gains, week to week on Friday. Week to week on Thursday, The CME Feeder Cattle Index closed $2.85 higher at $178.28/cwt. That’s almost $6 higher over the last two weeks.

August 14th, 2022|

Cattle Current Podcast—Aug. 12, 2022

Negotiated cash fed cattle trade was moderate on moderate demand in the Southern Plains through Thursday afternoon, according to the Agricultural Marketing Service. Live prices were $4-$5 higher in the Texas Panhandle at $140/cwt. and $4 higher in Kansas at $140.

Elsewhere, trade was limited on light demand with too few transactions to trend. On Wednesday, live prices were $4-$5 higher in Nebraska at $144-$148 and mostly $4 higher in the western Corn Belt at $145-$148. Dressed prices were $2-$3 higher in Nebraska at $229-$230 and toward the top of last week’s trading range in the western Corn Belt at $229.

Choice Boxed beef cutout value was 13¢ lower Thursday afternoon at $263.10/cwt. Select was 38¢ higher at $237.46/cwt.

Cattle futures closed narrowly mixed Thursday, up for Live Cattle with stronger cash prices and lower for Feeder Cattle amid higher Corn futures.

Feeder Cattle futures closed an average of 37¢ lower.

Live Cattle futures closed an average of 35¢ higher (7¢ higher toward the back to $1.40 higher in spot Aug).

Corn and soybean futures rose Thursday, with likely positioning ahead of Friday’s World Agricultural Supply and Demand Estimates.

Corn futures closed mostly 4¢ to 8¢ higher.

Soybean futures closed mostly 19¢ to 20¢ higher.

August 11th, 2022|

Cattle Current Podcast—Aug. 11, 2022

Cattle futures closed higher Wednesday, buoyed by higher outside markets and the positive outlook for cash prices this week.

Feeder Cattle futures closed an average of $1.56 higher ($1.22 to $2.50 higher). Live Cattle futures closed an average of 99¢ higher (57¢ to $1.30 higher).

Negotiated cash fed cattle trade ranged from mostly inactive on light demand to slow on light to moderate demand, according to the Agricultural Marketing Service. Although too few to trend, there were some early live sales at $146/cwt. in Nebraska and the western Corn Belt and some early dressed sales in Nebraska at $229.

Last week, live prices were $135-$136/cwt. in the Texas Panhandle, $136 in Kansas, $140-$143 in Nebraska and $141-$147 in the western Corn Belt. Dressed prices were $227 in Nebraska and $225-$232 in the western Corn Belt.

Choice Boxed beef cutout value was $1.50 lower Wednesday afternoon at $263.23/cwt. Select was 62¢ lower at $237.08/cwt.

Corn futures closed mostly 3¢ to 4¢ higher. Soybean futures closed mixed but mostly fractionally higher to 3¢ higher.

August 10th, 2022|

Cattle Current Podcast—Aug. 10, 2022

Corn futures rallied Tuesday, apparently fueled by more negative crop conditions (see below). They closed 5¢ to 7¢ higher through Jly ‘23 and then 2¢ to 3¢ higher. Soybean futures closed mostly 22¢ to 28¢ higher through Aug ‘23, except for sharply higher in the two front contracts, and then 15¢ to 19¢ higher.

Higher grain Futures and oversold conditions pressured Feeder Cattle futures an average of $1.73 lower (90¢ lower at the back to $3.15 lower toward the front). Live Cattle futures closed an average of 47¢ lower (25¢ to $1.05 lower).

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

Last week, live prices were $135-$136/cwt. in the Texas Panhandle, $136 in Kansas, $140-$143 in Nebraska and $141-$147 in the western Corn Belt. Dressed prices were $227 in Nebraska and $225-$232 in the western Corn Belt.

Choice Boxed beef cutout value was $1.51 lower Tuesday afternoon at $264.73/cwt. Select was $1.16 lower at $237.70/cwt.

August 9th, 2022|

Cattle Current Podcast—Aug. 9, 2022

Last week’s stronger cash prices for feeder and fed cattle, along with softer Corn futures helped Cattle futures extend gains Monday, especially Feeder Cattle, which closed an average of $1.49 higher. Live Cattle futures closed an average of 31¢ higher, except for unchanged in the back contract.

Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Monday afternoon with too few transactions to trend, according to the Agricultural marketing Service.

Last week, live prices were $135-$136/cwt. in the Texas Panhandle, $136 in Kansas, $140-$143 in Nebraska and $141-$147 in the western Corn Belt. Dressed prices were $227 in Nebraska and $225-$232 in the western Corn Belt.

The five-area direct weighted average steer price last week was $140.84/cwt. on a live basis, which was $1.01 more than the previous week. The weighted average price in the beef was $2.20 higher at $227.83.

Choice Boxed beef cutout value was $1.62 higher Monday afternoon at $266.24/cwt. Select was 19¢ higher at $238.86/cwt.

Corn futures closed mostly 1¢ to 2¢ lower.

Soybean futures closed mostly 3¢ to 8¢ lower.

August 8th, 2022|

Cattle Current Podcast — Aug. 8, 2022

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

For the week, live prices were 50¢ to $1 higher in the Southern Plains at $136/cwt., $2 higher at $140 in Nebraska and at $143-$147 in the western Corn Belt. Dressed prices were $2 higher in Nebraska at $227 and $1-$4 higher in the western Corn Belt at $225-$232.

Cattle futures edged higher Friday, supported by stronger cash prices.

Live Cattle futures closed an average of 24¢ higher.

Feeder Cattle futures closed an average of 37¢ higher, except for 12¢ lower in Mar.

Choice Boxed beef cutout value was $1.66 lower Friday afternoon at $264.62/cwt. Select was $1.68 lower at $238.67/cwt.

Corn and Soybean futures were mixed Friday amid weather speculation and biding time for next week’s USDA yield estimates.

Corn futures closed mostly 3¢ to 8¢ higher.

Soybean futures closed mostly 6¢ to 9¢ lower through Aug ‘23 and then mostly 1¢ to 2¢ lower.

Total estimated cattle slaughter last week of 651,000 head was 18,000 fewer than the previous week but 7,000 head more than the same week last year. Total year-to-date estimated cattle slaughter of 10.1 million head was 238,000 head more (+1.2%) than a year earlier. Total estimated year-to-date beef production of 16.6 billion lbs. was 168.9 million lbs. more (+1.0%) than a year earlier.

The five-area direct weighted average steer price in July was $142.16/cwt. on a live basis. That was 62¢ less than the prior month but $20.13 higher year over year. The average steer price in the beef was $228.25 for July, which was $1.51 less than the previous month but 30.63 higher than the previous year.

August 7th, 2022|

Cattle Current Podcast—Aug. 5, 2022

Negotiated cash fed cattle trade was moderate with light to moderate demand in the Southern Plains through Thursday afternoon. Prices were 50¢ to $1 higher at $135.50 to $136/cwt.

Elsewhere, trade was limited on light demand with too few transactions to trend, according to the Agricultural Marketing Service.

So far this week, live prices are $2 higher in Nebraska at $140 and generally steady in the western Corn Belt at $141-$145. Dressed prices are steady to $7 higher in Nebraska at $225-$232.

Choice Boxed beef cutout value was $1.66 lower Thursday afternoon at $266.28/cwt. Select was 95¢ lower at $240.35/cwt.

Firm to stronger cash fed cattle prices helped Live Cattle futures mostly edge higher and Feeder Cattle futures mostly fade higher Corn futures.

Live Cattle futures closed narrowly mixed from an average of 18¢ lower in the front three contracts to an average of 41¢ higher.

Feeder Cattle futures closed an average of 18¢ lower, except for an average of 17¢ higher in the back two contracts.

Corn futures closed mostly 6¢ to 10¢ higher and Soybean futures closed mostly 40¢ to 57¢ higher, apparently buoyed by technical buying and weather speculation.

August 4th, 2022|

Cattle Current Podcast—Aug. 4, 2022

Steady to firmer cash prices helped Live Cattle futures close an average $1.17 higher on Wednesday (67¢ higher at the back to $1.82 higher in spot Aug).

Negotiated cash fed cattle trade was slow on moderate demand in Nebraska through Wednesday afternoon with live prices at $140-$142/cwt. but mostly $2 higher at $140. Dressed trade there last week was at $225.

Elsewhere, trade ranged from limited on light demand to mostly inactive on light demand with too few to trend.

On Tuesday, live prices were steady at $135 in the Southern Plains and unevenly steady in the western Corn Belt at $143. Dressed prices there last week were $224-$228.

Choice Boxed beef cutout value was 52¢ lower Wednesday afternoon at $267.94/cwt. Select was 25¢ lower at $241.30/cwt.

Recently lower Corn futures and continued cash strength helped boost Feeder Cattle futures an average of $1.62 higher ($1.22 higher at the front to $2.15 higher at the back).

Corn futures firmed Wednesday and closed mostly fractionally higher to 2¢ higher, following the previous session’s steep decline.

Soybean futures closed 11¢ to 16¢ lower, pressured by lower oil prices.

August 3rd, 2022|

Cattle Current Podcast—Aug. 3, 2022

Cattle futures weakened Tuesday, pressured by lower wholesale beef prices, the weaker cash outlook and worries about House Speaker Nancy Pelosi’s visit to Taiwan potentially straining the already frayed relationship between the U.S. and China.

Feeder Cattle futures closed an average of $1.08 lower (57¢ to $1.65 lower).

Live Cattle futures closed an average of 17¢ lower, except for 2¢ higher in Jun.

Grain and Soybean futures closed lower again Tuesday with weather pressure and steady crop condition ratings week to week and year over year.

Corn futures closed 11¢ to 15¢ lower through Sep ‘23 and then mostly 5¢ to 8¢ lower.

Soybean futures closed mostly 12¢ to 19¢ lower.

Negotiated cash fed cattle trade was slow on light demand in the western Corn Belt through Tuesday afternoon, according to the Agricultural Marketing Service. There were a few live trades at $143/cwt. but too few to trend. Elsewhere, trade was at a standstill.

Last week, live prices were $135/cwt. in the Southern Plains, $138 in Nebraska and $141-$145 in the western Corn Belt. Dressed prices were $225 in Nebraska and $224-$228 in the western Corn Belt.

Choice Boxed beef cutout value was $2.14 lower Tuesday afternoon at $268.46/cwt. Select was $1.35 lower at $241.55/cwt.

August 2nd, 2022|

Cattle Current Podcast—Aug. 2, 2022

A reprieve in Corn futures helped Feeder Cattle climb an average of $1.64 on Monday, further bolstered by last week’s strong cash trade.

Corn futures closed 9¢ to 10¢ lower through new-crop contracts and then mostly 1¢ to 2¢ lower. Pressure was likely due in part to reports that the first load of Ukraine grain exports in too many months left from the port at Odessa.

Live Cattle futures closed an average of 66¢ higher, with another day of higher wholesale beef prices.

Choice Boxed beef cutout value was $1.36 higher Monday afternoon at $270.60/cwt. Select was 65¢ higher at $242.90/cwt.

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

Last week, live prices were $135/cwt. in the Southern Plains, $138 in Nebraska and $141-$145 in the western Corn Belt. Dressed prices were $225 in Nebraska and $224-$228 in the western Corn Belt.

August 1st, 2022|

Cattle Current Podcast—Aug. 1, 2022

Feeder Cattle futures closed an average of 98¢ higher on Friday with continued cash strength and stabilizing Corn futures. Week to week, though, they were an average of $3.37 lower, pressured by surging Corn futures, which were an average of 52’1¢ higher through the front six contracts.

Live Cattle futures closed an average of 32¢ higher on Friday, supported by firmer wholesale beef values.

Choice Boxed beef cutout value was $1.47 higher Friday afternoon at $269.24/cwt. Select was $1.44 higher at $242.25/cwt.

Negotiated cash fed cattle trade ranged from slow on light to moderate demand to mostly inactive on light demand through Friday afternoon, according to the Agricultural Marketing Service. There were a few live sales in the western Corn Belt at $144-$145/cwt., but too few to trend.

For the week, live prices were $1 lower in the Southern Plains at $135/cwt., $1.00-$5.50 lower in Nebraska at $139.00-$143.50 and steady in the western Corn Belt at $141-$145. Dressed prices were $2 lower in Nebraska at $225 and $3-$5 lower in the western Corn Belt at $224-$225.

Estimated total cattle slaughter for the week of 669,000 head was 4,000 head more than the previous week and 23,000 head more than the same week last year. Total estimated year-to-date cattle slaughter of 19.48 million head was 234,000 head more (+1.2%) than the previous year. Estimated total year-to-date beef production of 16.07 billion lbs. was 169.5 million lbs. more (+1.1%) than a year earlier.

August 1st, 2022|

Cattle Current Podcast—July 29, 2022

Feeder Cattle futures closed an average of $1.55 lower Thursday beneath the weight of higher Corn futures, which were 14¢ to 16¢ higher through new-crop contracts and then mostly 9¢ to 11¢ higher. Soybean futures closed mostly 27¢ to 31¢ higher — both supported by the hotter, drier weather forecast in the Corn Belt.

Live Cattle futures closed narrowly mixed, from an average of 37¢ lower to an average of 15¢ higher, supported by positive weekly exports but pressured from lower cash prices and weaker wholesale beef values.

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

So far, this week, live prices are $1 lower in the Southern Plains at $135/cwt., $1.00-$5.50 lower in Nebraska at $138 and steady in the western Corn Belt at $141-$145. Dressed prices are $2 lower in Nebraska at $225 and $3-$7 lower in the western Corn Belt at $224-$225.

Choice Boxed beef cutout value was 22¢ lower Thursday afternoon at $267.77/cwt. Select was $1.00 lower at $240.81/cwt.

Net U.S. beef export sales of 25,300 metric tons were 6% more than the previous week and 66% more than the prior four-week average, according to the U.S. Export Sales report for the week ending July 21. Increases were primarily for South Korea, Japan, China, Taiwan and Mexico.

July 28th, 2022|

Cattle Current Podcast—July 28, 2022

Feeder Cattle futures rose an average of $1.08 Wednesday, bolstered by strong cash demand.

Live Cattle futures edged an average of 13¢ higher, except for an average of 6¢ lower in the front two contracts, despite the weaker cash outlook for the week and wobbly beef prices.

Negotiated cash fed cattle trade was moderate on moderate demand in Nebraska through Wednesday afternoon, according to the Agricultural Marketing Service. Live prices were $1.00-$5.50 lower at $138/cwt. Dressed prices were $2 lower at $225.

Elsewhere, trade ranged from limited on light demand to mostly inactive on very light demand.

Prices in the Southern Plains were $1 lower on Tuesday at $135.

In the western Corn Belt last week, prices were $141-$145 on a live basis and $227-$232 in the beef.

Choice Boxed beef cutout value was $1.12 lower Wednesday afternoon at $267.99/cwt. Select was $2.07 lower at $241.81/cwt.

Higher oil prices helped lift Soybean futures mostly 15¢ to 26¢ higher while Corn futures were up mostly 3¢.

July 27th, 2022|

Cattle Current Podcast—July 27, 2022

Feeder Cattle futures closed an average of $1.79 lower Tuesday, pressured by Corn futures that were 15¢ to 17¢ higher through new-crop contracts as traders added weather premium based on the latest crop conditions, along with further uncertainty regarding Ukrainian exports.

Soybean futures closed 31¢ to 59¢ higher through Jly ‘23 and then mostly 20¢ to 22¢ higher.

Live Cattle futures closed an average of 61¢ lower, uninspired by early cash direction.

Negotiated cash fed cattle trade was slow on light demand in the Texas Panhandle through Tuesday afternoon, according to the Agricultural Marketing Service. There were a few live trades $1 lower at $135/cwt.

Elsewhere, trade ranged from mostly inactive on light demand to a standstill with too few transactions to trend.

Last week, live prices were $136 in Kansas, $139.00-$143.50 in Nebraska and $141-$145 in the western Corn Belt. Dressed prices were $227-$232.

Choice Boxed beef cutout value was $1.00 higher Tuesday afternoon at $269.11/cwt. Select was $1.12 lower at $243.88/cwt.

July 26th, 2022|

Cattle Current Podcast—July 26, 2022

Feeder Cattle futures closed an average of $1.76 lower Monday, pressured by higher Corn futures, bearish feedlot placements in Friday’s Cattle on Feed report and likely profit taking.

Corn futures reversed direction and closed 15¢ to 19¢ higher through new-crop contracts after Russia attacked one of Ukraine’s deep seaports before the ink dried on the agreement signed Friday which was supposed to enable resumption of Ukraine grain exports in the Black Sea region. Soybean futures closed mostly 28¢ to 30¢ higher.

Live Cattle futures closed narrowly mixed, from an average of 22¢ lower in three contracts to an average of 25¢ higher, supported by stronger wholesale beef prices.

Choice Boxed beef cutout value was 99¢ higher Monday afternoon at $268.11/cwt. Select was $2.50 higher at $245.00/cwt.

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

Last week, live prices were $136 in the Southern Plains, $139.00-$143.50 in Nebraska and $142-$144 in the western Corn Belt. Dressed prices were $227 in Nebraska and $227-$230 in the western Corn Belt.

July 25th, 2022|

Cattle Current Podcast—July 25, 2022

Cattle futures took a step higher Friday, apparently buoyed by bullish expectations for the USDA reports that came out later that day (see below).

Feeder Cattle futures closed an average of $2.38 higher.

Live Cattle futures closed an average of $1.42 higher (85¢ higher at the back to $2.02 higher toward the front).

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

For the week, live prices were $1 lower in the Southern Plains at $136/cwt. and $1.00 to $1.50 lower at $139.00-$143.50 in Nebraska and $142-$144 in the western Corn Belt. Dressed prices in Nebraska were $3 lower at $227.

Choice Boxed beef cutout value was 64¢ lower Friday afternoon at $267.12/cwt. Select was $1.97 higher at $242.50/cwt.

Estimated total cattle slaughter last week of 665,000 head was 9,000 head fewer than the previous week, but 10,000 head more than the same week last year. Estimated year-to-date cattle slaughter of 18.8 million head was 212,000 more (+1.1%). Estimated year-to-date beef production of 15.5 billion lbs. was 152.6 million lbs. more (+1.0%).

Corn futures closed 9¢ to 11¢ lower through new-crop contracts and then mostly 4¢ to 5¢ lower, apparently pressured by favorable weather and the agreement between Ukraine and Russia which is supposed to enable resumption of Ukraine grain exports in the Black Sea region.

Soybean futures closed mostly 12¢ to 16¢ higher.

July 24th, 2022|

Cattle Current Podcast—July 22, 2022

Corn futures dredged 15¢ to 16¢ lower through new-crop contracts and then mostly 12¢ to 13¢ lower, pressured by favorable weather and reports suggesting Ukraine, Russia, Turkey and the UN would sign an agreement Friday that would enable resumption of Ukraine Black Sea grain exports.

Soybean futures closed mostly 24¢ to 30¢ lower, also pressured by lower Crude Oil.

Feeder Cattle futures gained an average of 49¢ with the lower Corn futures, although reluctantly.

Live Cattle futures closed an average of 41¢ lower, except for 20¢ higher in the back contract, on the week’s lower cash tone and perhaps with some deference to Friday’s semiannual Cattle report and monthly Cattle on Feed report.

Negotiated cash fed cattle trade was limited on light trade through Thursday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were some live trades in Kansas at $136/cwt. and a few dressed sales in the western Corn Belt at $232.

In established trade for the week, live prices are $1 lower in the Texas Panhandle at $136 and $1.00-$1.50 lower in Nebraska at $139.00-$143.50, where dressed prices are $3 lower at $227.

Last week, live prices were $137 in Kansas and $143.50-$145.00 in the western Corn Belt, where dressed prices were $228-$230.

Wholesale beef values resumed the seasonal decline. Choice Boxed beef cutout value was $2.77 lower Thursday afternoon at $267.76/cwt. Select was $1.72 lower at $240.53/cwt.

U.S. net beef export sales of 23,800 metric tons for the week of July 14 were up noticeably from the previous week and were 97% more than the prior four-week average, according to the weekly U.S. Export Sales report. Increases were primarily for South Korea, Japan, China, Mexico and Hong Kong.

July 21st, 2022|

Cattle Current Podcast—July 21, 2022

Negotiated cash fed cattle prices were $1-$3 lower in Nebraska Wednesday at $139-$142/cwt. Dressed prices were $3 lower at $227. That was on slow trade and light demand, according to the Agricultural Marketing Service.

Elsewhere, trade was limited on light demand with too few transactions to trend.

Live sales were $1 lower in the Texas Panhandle on Tuesday at $136.

Last week, live sales were $137 in Kansas and $143.50-$145.00 in the western Corn Belt, where dressed prices were $228-$230.

Despite the softer cash tone, recently firmer wholesale beef values helped Live Cattle close narrowly mixed, from 32¢ lower to 25¢ higher.

However, Choice Boxed beef cutout value was $2.04 lower Wednesday afternoon at $270.53/cwt. Select was $1.48 lower at $242.25/cwt.

Feeder Cattle futures closed an average of 80¢ lower with likely profit taking and retrenching ahead of Friday’s semiannual Cattle report and the monthly Cattle on Feed report.

Favorable weather pressured Corn and Soybean futures Wednesday.

Corn futures closed 3¢ to 5¢ lower through new-crop contracts and then mostly fractionally lower to 1¢ lower.

Soybean futures closed mostly 22¢ to 25¢ lower.

July 20th, 2022|

Cattle Current Podcast—July 20, 2022

Feeder Cattle futures rallied an average of $2.13 higher Tuesday, propelled by lower Corn futures and ongoing cash demand strength.

Corn futures closed 13¢ to 15¢ lower through new-crop contracts on weather pressure and then mostly 7¢ to 8¢ lower.

Soybean futures closed 17¢ to 22¢ lower through Jly ‘23 and then mostly 9¢ to 12¢ lower.

Positive outside markets, Feeder Cattle and higher wholesale beef values helped pull Live Cattle futures an average of 48¢ higher.

Choice Boxed beef cutout value was $2.02 higher Tuesday afternoon at $272.57/cwt. Select was $1.07 higher at $243.73/cwt.

Negotiated cash fed cattle trade was $1 lower in the Texas Panhandle on Tuesday at $136/cwt. with moderate trade and light to moderate demand.

Elsewhere, trade was mostly inactive on light demand with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, live prices were $137 in Kansas, $140-$145 in Nebraska and $143.50 to $145.00 in the western Corn Belt. Dressed prices were $230 in Nebraska and $228-$230 in the western Corn Belt.

July 19th, 2022|

Cattle Current Podcast—July 19, 2022

Soybean futures closed sharply higher Monday, boosted by a bounce in oil prices, carrying Corn along for the ride. Extreme heat in the short-term forecast added support.

Soybean futures closed 31¢ to 38¢ higher through Sep ‘23 and then mostly 26¢ to 27¢ higher.

Corn futures closed mostly 5¢ to 6¢ higher.

Even so, Cattle futures firmed Monday, supported by stronger wholesale beef values.

Choice Boxed beef cutout value was $1.64 higher Monday afternoon at $270.55/cwt. Select was 87¢ higher at $242.66/cwt.

Live Cattle futures closed an average of 42¢ higher (42¢ to $1.05 higher).

Feeder Cattle futures closed an average of 37¢ higher, except for an average of 18¢ lower in two nearby contracts.

There was no established negotiated cash fed cattle trade through Monday afternoon, according to the Agricultural Marketing Service.

Last week, live prices were $137/cwt. in the Southern Plains, $140-$145 in Nebraska and $143.50-$145.00 in the western Corn Belt. Dressed prices were $228-$230.

July 18th, 2022|

Cattle Current Podcast—July 18, 2022

Cattle futures continued to soften Friday on the week’s lower cash fed cattle prices and ongoing recession fears.

Pressure could have also included uncertainty regarding the railroad strike set to begin Monday. Ultimately the strike was averted, at least for now, when President Biden signed an executive order Friday, creating a Presidential Emergency Board (PEB). The PEB has 30 days to recommend a resolution. The railroads and the unions then have another 30 days to negotiate a settlement.

Feeder Cattle futures closed an average of $1.29 lower (57¢ to $2.55 lower).

Live Cattle futures closed an average of 64¢ lower.

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

For the week, live prices were steady in the Southern Plains at $137/cwt., steady to $4 lower in Nebraska at $144-$145 and $2-$5 in the western Corn Belt at $145. Dressed prices were $2 lower in Nebraska at $230 and $2-$4 lower in the western Corn Belt at $228-$230.

Choice Boxed beef cutout value was $1.16 higher Friday afternoon at $268.91/cwt. Select was 12¢ lower at $241.79/cwt.

Estimated total cattle slaughter last week of 677,000 head was 84,000 head more than the previous holiday-shortened week. Total estimated year-to-date cattle slaughter of 18.2 million head was 211,000 head more (+1.2%) than last year. Estimated year-to-date beef production of 15.0 billion lbs. was 153.5 million lbs. more (+1.0%).

Corn and Soybean futures closed narrowly mixed Friday as traders positioned following the massive selloff earlier in the week.

Corn futures closed mixed from fractionally lower to 2¢ higher through Sep ‘23, and then 1¢ to 2¢ lower.

Soybean futures closed mostly fractionally mixed to 1¢ higher through Sep ‘23 and then 1¢ to 2¢ lower.

July 17th, 2022|

Cattle Current Podcast—July 15, 2022

Cattle futures ran out of steam Thursday amid higher Corn futures, softer cash fed cattle prices and continued volatility in outside markets. Perhaps the possibility of a U.S. railroad strike on Monday also played a role.

Feeder Cattle futures closed an average of $1.29 lower (87¢ to $1.90 lower).

Live Cattle futures closed an average of $1.33 lower through the front four contracts, then an average of 79¢ lower.

Negotiated cash fed cattle trade was mostly inactive on light demand through Thursday afternoon, according to the Agricultural Marketing Service.

So far this week, live prices are steady in the Southern Plains at $137/cwt., steady to $4 lower in Nebraska at $144-$145 and $2-$5 lower in the western Corn Belt at $145. Dressed prices are $2 lower in Nebraska at $230 and $2-$4 lower in the western Corn Belt at $228-$230.

Choice Boxed beef cutout value was 30¢ lower through Thursday afternoon at $267.75/cwt. Select was 65¢ lower at $241.91/cwt.

A hotter, drier forecast helped lift Corn futures mostly 5¢ to 8¢ higher, except for 45¢ lower in spot Jly. However, declining oil prices weighed on Soybean futures, which were mostly 7¢ to 13¢ lower, except for 22¢ higher in spot Jly.

So far Friday, Cattle futures are trending lower.

July 15th, 2022|

Cattle Current Podcast—July 14, 2022

Strong cash demand continued to bolster Feeder Cattle futures, Wednesday, helping Live Cattle to continue edging higher.

Feeder Cattle futures closed an average of $1.17 higher. Live Cattle futures closed an average of 30¢ higher, except for unchanged in one contract.

Negotiated cash fed cattle trade was moderate in the Southern Plains and Nebraska through Wednesday afternoon, according to the Agricultural Marketing Service. Live prices were steady in the Southern Plains at $137/cwt. and steady to $4 lower in Nebraska at $144-$145, where dressed prices were $2 lower at $230.

Trade was limited on light demand in the western Corn Belt with too few transactions to trend. Last week, live prices were $145-$150 on a live basis and $232 in the beef.

Choice Boxed beef cutout value was 46¢ lower through Wednesday afternoon at $268.05/cwt. Select was 91¢ lower at $241.26/cwt.

Grain markets firmed Wednesday as traders retrenched following recent steep losses.

Corn futures closed mostly 7¢ to 8¢ higher. Soybean futures closed mostly 6¢ to 12¢ higher.

July 13th, 2022|

Cattle Current Podcast—July 13, 2022

Grain markets were the story once again on Tuesday, melting down beneath the weight of bearish outside markets, the climbing U.S. dollar, a more optimistic weather outlook and apparently little impact from the latest monthly World Agricultural Supply and Demand Estimates (WASDE-see below).

Corn futures closed 36¢ to 48¢ lower through Jly ‘23 and then mostly 15¢ to 19¢ lower.

Soybean futures closed 48¢ to 63¢ lower through Sep ’23, then mostly 38¢ to 43¢ lower.

Sharply lower Corn futures and strong cash demand boosted Feeder Cattle an average of $3.48 higher, (from $2.98 higher to $4.70 higher).

That and firm wholesale Choice beef value helped Live Cattle edge an average of 41¢ higher, except for unchanged and down 25¢ in two contracts.

Last week, live prices were $137/cwt. in the Southern Plains, $144-$149 in Nebraska and $147-$150 in the western Corn Belt. Dressed prices were $232.

Choice Boxed beef cutout value was 37¢ higher through Tuesday afternoon at $268.51/cwt. Select was 83¢ lower at $242.17/cwt.

July 13th, 2022|

Cattle Current Podcast—July 12, 2022

Strong cash demand for calves and feeder cattle, with snugger supplies looming, helped boost

Feeder Cattle futures an average of $2.09 higher Monday ($1.60 higher toward the back to $3.15 higher in spot Aug).

Live Cattle futures closed an average of $1.26 higher (82¢ higher toward the back to $2.20 higher in spot Aug), helped along by firm wholesale beef values.

Choice Boxed beef cutout value 25¢ higher through Monday afternoon at $268.14/cwt. Select was $1.15 higher at $243.00.

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

Last week, live prices were steady to $1 lower in the Southern Plains at $137/cwt., $1-$2 lower in Nebraska at $144-$149 and steady in the western Corn Belt at $147-$150. Dressed prices were $2 lower at $232.

The average five-area direct fed steer price last week was $144.35/cwt. on a live basis, which was $1.81 less than the previous week. The average price in the beef was $1.74 less at $232.22.

Corn futures closed 1¢ to 5¢ higher through new-crop contracts on Monday and then mostly 6¢ to 8¢ lower.

Soybean futures closed mostly 7¢ to 8¢ higher.

July 11th, 2022|

Cattle Current Podcast—July 11, 2022

Grain and Soybean futures rallied higher Friday, apparently mostly due to a wetter, drier forecast. 

Corn futures closed mostly 25¢ to 31¢ higher through Jly ‘23 and then mostly 10¢ to 22¢ higher.

Soybean futures closed mostly 24¢ to 39¢ higher through Aug ’24 and then mostly 10¢ to 21¢ higher.

Stronger grain futures pressured Feeder Cattle futures an average of $1.28 lower, (from 75¢ lower to $1.58 lower).

Live Cattle futures closed mixed, from an average of 53¢ lower through the front four contracts to an average of 21¢ higher, except for unchanged in the back contract. The anemic weekly export sales report could have provided some pressure. Net U.S. beef export sales the week ending the week of June 30 were 3% less than the previous week and 23% less than the prior four-week average, according to USDA.

Negotiated cash fed cattle trade was mostly inactive on light demand in all major cattle feeding regions through Friday afternoon, according to the Agricultural Marketing Service, with too few transactions to trend.

For the week, live prices were steady to $1 lower in the Southern Plains at $137/cwt., $1-$2 lower in Nebraska at $144-$149 and steady in the western Corn Belt at $147-$150. Dressed prices in Nebraska were $2 lower at $232.

Choice Boxed beef cutout value 18¢ lower through Friday afternoon at $267.89/cwt. Select was 73¢ lower at $241.85

July 10th, 2022|

Cattle Current Podcast—July 8, 2022

Negotiated cash fed cattle trade was moderate on moderate demand through Thursday afternoon in the Southern Plains and Nebraska. Live prices were steady to $1 lower in the Texas Panhandle at $137/cwt., mostly $1 lower in Kansas at $137 and $1-$2 lower in Nebraska at $144-$149, where dressed prices were $2 lower at $232.

Trade was limited on light to moderate demand in the western Corn Belt. Live prices the previous day were $150 — the top of last week’s range — and dressed prices were steady at $234.

Choice Boxed beef cutout value was 2¢ higher Thursday afternoon at $268.07/cwt. Select was 35¢ lower at $242.58.

Stronger grain futures pressured Feeder Cattle Thursday, while firmer beef values helped Live Cattle stay the course.

Feeder Cattle futures closed an average of 82¢ lower (42¢ to $1.05 lower).

Live Cattle futures closed an average of 18¢ higher, except for 10¢ lower in near Oct.

Grain and Soybean futures rallied back Thursday on oversold conditions and supportive outside markets.

Corn futures closed mostly 9¢ to 11¢ higher through Jly ‘23 and then mostly 2¢ to 5¢ higher.

Soybean futures closed mostly 38¢ to 43¢ higher through Jly ‘23 and then mostly 12¢ to 20¢ higher.

July 7th, 2022|

Cattle Current Podcast—July 7, 2022

Cattle futures gained Wednesday, helped along by a bounce higher in wholesale beef values.

Choice Boxed beef cutout value was $3.39 higher Wednesday afternoon at $268.05/cwt. Select was $3.06 higher at $242.93.

Feeder Cattle futures closed an average of $1.17 higher (60¢ higher in spot Aug to $1.32 higher at the back).

Live Cattle futures closed an average of 96¢ higher ($1.57 higher in spot Aug to 12¢ higher at the back).

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

Last week, live prices were $137-138/cwt. in the Southern Plains, $145 in Colorado, $145-$151 in Nebraska and $147-$150 in the western Corn Belt. Dressed prices were $234.

Grain and Soybean futures firmed Wednesday as traders re-trenched after recent steep losses.

Corn futures closed 5¢ to 7¢ higher through new-crop contracts and then 2¢ to 5¢ higher.

Soybean futures closed 4¢ to 7¢ higher through Jan ‘23 and then mostly fractionally higher to 1¢ higher.

July 6th, 2022|

Cattle Current Podcast—July 6, 2022

Another round of heavy fund selling — tied to recessionary fears — held sway in commodity markets Tuesday.

Corn futures closed mostly 24¢ to 29¢ lower. Soybean futures closed 70¢ to 79¢ lower through Aug ‘23 and then mostly 55¢ to 60¢ lower. Both were also pressured by favorable weather.

Cattle futures were caught in the commodity backwash with Feeder Cattle futures closing an average of $1.49 lower and Live Cattle futures closing an average of $1.65 lower.

Negotiated cash fed cattle trade was at a standstill in all major feeding regions through Tuesday afternoon with too few transactions to trend, according to the Agricultural Marketing Service.

Last week, live prices were $137-138/cwt. in the Southern Plains, $145 in Colorado, $145-$151 in Nebraska and $147-$150 in the western Corn Belt. Dressed prices were $234.

Choice Boxed beef cutout value was 84¢ higher Tuesday afternoon at $264.66/cwt. Select was 60¢ lower at $239.87.

July 5th, 2022|

Cattle Current Podcast—July 4 and 5—2022

Weaker grain futures and strong country trade helped Feeder Cattle futures take another step higher Friday.

Feeder Cattle futures closed an average of $1.57 higher, while Live Cattle futures closed an average of $1.14 higher (55¢ to $2.62 higher).

Grain and Soybean futures were down again on extended fund liquidation and plummeting open interest.

Corn futures closed mostly 7¢ to 12¢ lower. Soybean futures closed 47¢ to 62¢ lower through Aug. ‘23 and then mostly 25¢ to 37¢ lower.

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

For the week (last established) live prices were $1 lower in the Texas Panhandle at $137/cwt., steady to $1 higher in Kansas at $138, steady in Colorado at $145, steady to $3 higher in Nebraska at $145-$151 and unevenly steady ($2 lower to $3 higher) in the western Corn Belt at $148. Dressed prices were steady in Nebraska at $234 and steady to $6 lower in the western Corn Belt at $234.

The average five-area direct fed steer price was $1.60 higher on a live basis at $146.10/cwt. The average steer price in the beef was 97¢ lower at $233.94.

Choice Boxed beef cutout value was 18¢ lower Friday afternoon at $263.82/cwt. Select was 10¢ lower at $240.47.

July 3rd, 2022|

Cattle Current Podcast—July 1, 2022

Grain markets were the story on Thursday as Corn and Soybean futures tumbled, likely having more to do with quarter-end fund liquidation than the latest USDA Grain Stocks and Acreage reports, which were likely regarded as neutral overall.

On Thursday, Corn futures closed 24¢ to 35¢ lower through new-crop contracts and then mostly 11¢ to 20¢ lower.

Soybean futures closed mostly 19¢ to 29¢ lower.

Feeder Cattle futures climbed an average of $2.17 higher Thursday, from $1.50 higher at the back to $2.87 higher in spot August.

Expiring spot June Live Cattle futures closed $1.20 higher at $138 and then an average of 32¢ higher, except for unchanged to an average of 21¢ lower in three contracts.

Cattle futures are higher again so far today.

Negotiated cash fed cattle trade in the Texas Panhandle Thursday was $1 lower than the previous day at $137/cwt.; steady to $1 lower for the week.

Elsewhere, trade ranged from limited on light demand to a standstill with too few transactions to trend.

For the week, live prices are steady to $1 higher in Kansas at $138, steady in Colorado at $145, steady to $3 higher in Nebraska at $145-$151 and steady to $2 higher in the western Corn Belt at $147-$150. Dressed prices are steady in Nebraska at $234 and steady to $6 lower in the western Corn Belt at $234.

Choice Boxed beef cutout value was 88¢ lower through Thursday afternoon at $264.00/cwt. Select was 24¢ lower at $240.57.

July 1st, 2022|

Cattle Current Podcast—June 30, 2022

Negotiated cash fed cattle trade was light to moderate on moderate demand in Nebraska and the Southern Plains through Wednesday afternoon, according to the Agricultural Marketing Service.

Live prices were steady in the Texas Panhandle at $138/cwt, steady to $1 higher in Kansas at $138 and steady to $3 higher in Nebraska at $145-$151. Dressed prices in Nebraska were steady at $234.

Elsewhere, trade was limited on moderate demand with too few transactions to trend. Last week live prices were $145 in Colorado and $145-$150 in the western Corn Belt, where dressed prices were $234-$240.

Choice Boxed beef cutout value was $2.26 lower through Wednesday afternoon at $264.88/cwt. Select was $2.50 lower at $240.81.

Cattle futures extended losses Wednesday, with a lack of cash direction early in the session. 

Feeder Cattle futures closed an average of 66¢ lower (7¢ lower toward the back to $1.17 lower toward the front).

Live Cattle futures an average of 53¢ lower, except for 50¢ higher in expiring spot Jun.

Corn and Soybean futures closed mixed ahead of Thursday’s much-anticipated USDA Grain Stocks and Acreage reports. 

Corn futures closed 5¢ to 6¢ lower through new-crop contracts and then mostly fractionally higher to 1¢ higher. 

Soybean futures closed 10¢ to 15¢ higher through Aug ‘23. And then 8¢ to 9¢ higher.

June 29th, 2022|

Cattle Current Podcast—June 29, 2022

Cattle futures closed lower Tuesday, basically giving back what was gained the previous session as Corn futures gained and cash fed cattle prices for the week remained unestablished.

Feeder Cattle futures closed an average of $1.42 lower (77¢ lower at the back to $2.30 lower in spot Aug).

Live Cattle futures an average of 44¢ lower, except for 5¢ higher in waning spot Jun.

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

Last week, live prices were $137-$138/cwt. in the Southern Plains, $145-$148 in the Northern Plains and $145-$150 in the western Corn Belt. Dressed prices were $234-$240.

Choice Boxed beef cutout value was $1.54 lower Tuesday afternoon at $267.14/cwt. Select was $1.93 lower at $243.31.

Corn and Soybean futures closed higher on lower week-to-week crop ratings.

Corn futures closed mostly 5¢ to 8¢ higher through new-crop contracts and then mostly fractionally higher to 1¢ lower.

Soybean futures closed mostly 25¢ to 29¢ higher.

June 28th, 2022|

Cattle Current Podcast—June 28, 2022

Feeder Cattle futures rallied back Monday, closing an average of $1.63 higher (65¢ higher at the back to $2.20 higher). They recovered the previous session’s losses, helped along by lower Corn futures and carried Live Cattle along.

Live Cattle futures an average of an average of 47¢ higher, also helped by higher wholesale values.

Choice Boxed beef cutout value was $3.70 higher Monday afternoon at $268.68/cwt. Select was 22¢ higher at $245.24.

Corn futures closed 18¢ to 20¢ lower through new-crop contracts on the positive weather outlook.

Higher crude oil and vegetable oil prices helped boost Soybean futures mostly 5¢ to 8¢ higher through Jly ‘23 

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

Last week, live prices were $137-$138/cwt. in the Southern Plains, $145-$148 in the Northern Plains and $145-$150 in the western Corn Belt. Dressed prices were $234-$240.

June 27th, 2022|

Cattle Current Podcast—June 27, 2022

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

For the week, live prices were $3-$4 lower in the Southern Plains at $137/cwt., steady in Colorado at $145, steady to $5 higher in Nebraska at $145-$150 and $2-$5 higher in the western Corn Belt at $147-$150. Dressed prices were $4-$8 higher at $234-$238.

Through Thursday, the five-area direct average fed steer price was 77¢ higher on a live basis at $144.50/cwt. The average price in the beef was $5.18 higher at $234.91.

Estimated total cattle slaughter last week of 666,000 head was 1,000 head fewer than the previous week but 6,000 head more than the same week last year. Estimated year-to-date total cattle slaughter of 16.24 million head was 159,000 more than last year. Estimated year-to-date beef production of 13.45 billion lbs. was 127.10 million lbs. more than the same time last year.

Live Cattle futures closed narrowly mixed, from an average of 26¢ lower to an average of 16¢ higher.

Choice Boxed beef cutout value was 32¢ higher Friday afternoon at $264.98/cwt. Select was 8¢ higher at $245.02.

June 26th, 2022|

Cattle Current Podcast—June 24, 2022

Feeder Cattle futures gained Thursday, closing an average of $1.11 higher and supported by the selloff in Corn futures, which closed 26¢ to 38¢ lower. Soybean futures closed 55¢ to 61¢ lower through Aug ’23 and then mostly 41¢ to 45¢ lower. Grain futures were pressured by the crop-friendly weather forecast in the Corn Belt and an overall meltdown in commodities.

Despite higher cash prices in the North, lower wholesale beef values and looming larger supplies helped pressure Live Cattle an average of 96¢ lower.

Premiums for fed cattle up north continued to climb Thursday.

Negotiated cash fed cattle trade and demand were moderate in Nebraska on Thursday with live prices steady to $3 higher at $145-$148/cwt. Dressed prices were $4 higher at $234.

Trade in the western Corn Belt was slow to moderate with moderate demand. Live prices were $2-$3 higher than the previous day at $150. Dressed prices the previous day were $8-$10 higher than last week at $238-$240.

In Colorado, trade was slow on light demand with live prices steady at $145.

Trade in Kansas was slow on light demand. Live prices were steady to $4 lower than previous day at $137. Prices in the region last week were $140.

Trade was mostly inactive on light demand in the Texas Panhandle. So far this week, prices are mainly $3 lower at $137.

The average dressed steer weight for the week ending June 11 was 879 lbs., which was 3 lbs. less than the prior week and year, according to the USDA Actual Slaughter Under Federal Inspection report. The average dressed heifer weight of 814 lbs. was the same as the previous week but 3 lbs. heavier than the prior year. Total fed cattle slaughter of 528,748 head was 5,089 head fewer than the same week last year. Beef production of 542.8 million lbs. was 4 million lbs. less year over year.

Choice Boxed beef cutout value was $1.91 lower through Thursday afternoon at $264.66/cwt. Select was $1.05 lower at $244.94.

June 23rd, 2022|

Cattle Current Podcast—June 23, 2022

Negotiated cash fed cattle prices were mostly $2 lower on a live basis in Kansas through Wednesday afternoon at $138/cwt. That was on slow trade and moderate demand, according to the Agricultural Marketing Service. Prices were $2 lower to $2 higher at $138 in the Texas Panhandle on Tuesday.

Elsewhere, trade ranged from limited on light demand to mostly inactive on very light demand.

Last week, live prices were $145/cwt. in the Northern Plains and western Corn Belt. Dressed prices were $230.

Softer cash prices, wavering outside markets and anemic technical support pressured Cattle futures.

Feeder Cattle futures closed an average of $1.38 lower.   

Live Cattle futures closed an average of $1.26 lower.

Choice Boxed beef cutout value was 99¢ lower through Wednesday afternoon at $266.57/cwt. Select was 71¢ lower at $245.99.

Corn and Soybean futures mainly extended losses, pressured by crop progress and lower Crude Oil. 

Corn futures closed 7¢ lower through new crop contracts and then 1¢ to 4¢ lower.

Soybean futures closed 30¢ to 34¢ lower through Jly ’23 and then mostly 20¢ to 27¢ lower.

June 22nd, 2022|

Cattle Current Podcast—June 22, 2022

Feeder Cattle futures extended gains Tuesday, closing an average of $2.37 higher on Corn futures that were 23¢ to 29¢ lower through Jly ’23, pressured by a favorable short-term weather outlook and positive crop progress and conditions. Soybean futures closed 20¢ to 28¢ lower through Mar ’23.  

Live Cattle hovered ahead of the week’s cash direction closing an average of 19¢ lower, except for an average of 35¢ higher in the back two contracts.

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 $145/cwt. in the Northern Plains and western Corn Belt. They were $140 in Kansas and $136-$140 in the Texas Panhandle. Dressed prices were $230.

Choice Boxed beef cutout value was $1.06 higher through Tuesday afternoon at $267.56/cwt. Select was 31¢ higher at $246.70.

June 21st, 2022|

Cattle Current Podcast—June 20-21, 2022

Negotiated cash fed cattle trade was mostly inactive on light demand in all major cattle feeding regions through Friday afternoon, according to the Agricultural Marketing Service.

Last week, live prices ended up $3-$4 higher in the Southern Plains at $140/cwt., $2-$4 higher in the Northern Plains at $145 and mostly steady to $4 higher in the western Corn Belt at $140-$146. Dressed prices were $4-$5 higher at $230.

The five-area direct fed steer price through Thursday was $3.21 higher at $143.73. The average steer price in the beef was $3.71 higher at $229.73.

Estimated total cattle slaughter last week of 667,000 head was 7,000 fewer than the previous week but 3,000 head more than the same week last year. Year-to-date total estimated cattle slaughter of 15.58 million head was 156,000 more (+1.0%) than the same period last year. Total estimated year-to-date beef production of 12.92 billion lbs. was 130.5 million lbs. more (+0.8%).

Choice Boxed beef cutout value was 90¢ lower through Friday afternoon at $266.26/cwt. Select was $1.15 higher at $246.53.

Cattle futures continued to gain Friday with the week’s higher cash prices, aggressive fed cattle slaughter and weaker Corn futures.

Feeder Cattle futures closed an average of $1.32 higher (40¢ higher at the back to $1.65 higher in spot Aug). 

Live Cattle futures closed an average of 38¢ higher.

Corn futures closed mostly 4¢ to 7¢ lower.

Soybean futures closed mostly 5¢ to 7¢ lower.

June 19th, 2022|

Cattle Current Podcast—June 17, 2022

Grain and soybean futures rallied Thursday with extreme heat and dry conditions forecast for the Corn Belt.

Corn futures closed 11¢ to 14¢ higher through Jly ‘23, and then mostly 3¢ to 5¢ higher.

Soybean futures closed mostly 14¢ to 19¢ higher.

Stouter corn prices helped pressure Feeder Cattle futures an average of $1.66 lower.

Live Cattle futures mostly held their ground, supported by stronger cash prices, closing an average of 30¢ lower, except for unchanged to an average of 13¢ higher in three contracts.

Negotiated cash fed cattle trade was slow on light demand in all major cattle feeding regions through Thursday afternoon, according to the Agricultural Marketing Service. Live sales were $3 higher than last week in Kansas at $140 and $2-$4 higher than Tuesday in the Texas Panhandle at $140.

Elsewhere, for the week, live prices are $2-$4 higher in the Northern Plains at $145 and $3 higher in the western Corn Belt at $144-$146. Dressed prices are $4-$5 higher at $230.

Choice Boxed beef cutout value was $1.06 lower through Thursday afternoon at $267.16/cwt. Select was 30¢ lower at $267.16.

June 16th, 2022|

Cattle Current Podcast—June 16, 2022

Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to slow with moderate demand through Wednesday afternoon, according to the Agricultural Marketing Service.

So far this week, live prices are steady to $2 higher in the Texas Panhandle at $136-$138/cwt., $4 higher in Colorado at $145, $2-$4 higher in Nebraska at $145 and $2-$3 higher in the western Corn Belt at $144-$145. Dressed prices are $4-$5 higher at $230. Live prices in Kansas last week were $137-$138.

Cash price strength helped boost Cattle futures.

Feeder Cattle futures closed an average of $1.22 higher (55¢ to $1.97 higher).

Live Cattle futures closed an average of $1.22 higher (20¢ higher toward the back to $2.72 higher toward the front).

Choice Boxed beef cutout value was $1.22 lower through Wednesday afternoon at $268.22/cwt. Select was $1.14 lower at $245.68.

Corn futures closed mostly fractionally mixed, except for 5¢ higher in the spot month.

Soybean futures closed mostly 1¢ to 2¢ lower through Sep ‘23 and then mostly fractionally lower.

June 15th, 2022|

Cattle Current Podcast—June 15, 2022

Packers showed their hand early and came out swinging in Nebraska Tuesday where live prices were $4-$6 higher at $145-$149/cwt. That was on slow trade and light demand. Dressed trade there last week was $225-$226.

Elsewhere, trade was limited on light demand with too few transactions to trend, according to the Agricultural Marketing Service. However, early prices were steady to higher.

Last week, live prices were $136-$137 in the Southern Plains, $141 in Colorado and $141-$143 in the western Corn Belt, where dressed trade was $225.

Choice Boxed beef cutout value was $1.10 lower through Tuesday afternoon at $269.44/cwt. Select was 63¢ lower at $246.82.

Cattle futures closed little changed Tuesday but firmed following the previous day’s decline.

Feeder Cattle futures closed an average of 14¢ lower, except for an average of 8¢ higher in two contracts.

Live Cattle futures closed an average of 42¢ higher (7¢ to $1.20 higher).

Corn futures closed fractionally lower to 1¢ lower through Jly ‘23 and then mostly 5¢ lower.

Soybean futures closed 5¢ to 11¢ lower through Aug ‘23 and then mostly fractionally lower.

June 14th, 2022|

Cattle Current Podcast—June 14, 2022

Cattle futures sagged Monday beneath the weight of continued sharply lower outside markets as traders try to navigate everything from slowing economic growth, to increasing COVID cases in China and Russia’s war with Ukraine.

Feeder Cattle futures closed an average of $2.04 lower ($1.42 to $3.15 lower).

Live Cattle futures closed an average of $1.97 lower ($1.52 to $2.32 lower).

Corn futures closed mostly fractionally mixed to 1¢ higher.

Soybean futures closed 27¢ to 38¢ lower through Jly ‘23 and then mostly 19¢ to 21¢ lower.

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

Live prices last week were $136 in the Texas Panhandle, $137 in Kansas, $141 in Colorado, and $141-$143 in Nebraska and the western Corn Belt. Dressed prices were $225-$226.

Choice Boxed beef cutout value was 78¢ lower through Monday afternoon at $270.54/cwt. Select was $1.44 lower at $247.45.

June 13th, 2022|

Cattle Current Podcast—June 13, 2022

Negotiated cash fed cattle prices were $2 higher in Kansas through Friday afternoon at $137/cwt. That was on slow to moderate trade and moderate demand, according to the Agricultural Marketing Service. There were also a few trades in the Texas Panhandle at $137, but too few to trend; established trade for the week was $1 higher at $136.

Elsewhere, trade ranged from mostly inactive on light demand to a standstill. For the week, live prices were $3 higher in Nebraska at $142-$143 and $2 higher in the western Corn Belt at $142-$143. Dressed prices were $3-$4 higher at $225-$226.

Choice Boxed beef cutout value was 22¢ higher Friday afternoon at $271.32/cwt. Select was 72¢ lower at $248.89.

Estimated total cattle slaughter last week of 674,000 head was 71,000 more than the previous holiday-shortened week and 4,000 head more than the same week last year. Estimated year-to-date total cattle slaughter of 14.9 million head is 149,000 head more than last year. Estimated year-to-date beef production of 12.4 billion lbs. is 129 million lbs. more than last year.

Cattle futures softened Friday, pressured by sharply lower outside markets and likely week-end profit taking.

Feeder Cattle futures closed an average of $1.07 lower (75¢ to $1.55 lower).

The CME Feeder Cattle Index closed $7.58 higher week to week on Thursday at $161.87/cwt.

Live Cattle futures closed an average of 64¢ lower, from 50¢ lower at the back to $1.00 lower toward the front.

Corn futures closed mostly 3¢ to 6¢ higher.

Soybean futures closed mostly 14¢ to 20¢ lower.

June 12th, 2022|

Cattle Current Podcast—June 10, 2022

Cattle futures closed narrowly mixed Thursday, retaining most of the previous strong gains, supported by stronger cash fed cattle prices and aggressive slaughter.

Feeder Cattle futures closed 12¢ and 38¢ higher in the front two contracts and then an average of 45¢ lower.

Live Cattle futures closed mixed, from 33¢ lower 28¢ higher.

Negotiated cash fed cattle trade ranged from limited on light demand to mostly inactive on very light demand through Thursday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.

So far this week, live prices are $1 higher in the Texas Panhandle at $136/cwt., $3 higher in Nebraska at $142-$143 and $2 higher in the western Corn Belt at $142-$143. Dressed prices are $3-$4 higher at $225-$226.

Choice Boxed beef cutout value was 64¢ lower through Thursday afternoon at $271.10/cwt. Select was 20¢ higher at $249.61

Corn futures closed narrowly mixed, mostly 1¢ lower to up 3¢ higher.

Soybean futures closed 11¢ to 29¢ higher through Jan ‘23. And then mainly 1¢ to 3¢ higher.

June 9th, 2022|

Cattle Current Podcast—June 9, 2022

Negotiated cash fed cattle prices continued to gain Wednesday with live prices $1 higher in the Texas Panhandle at $136/cwt., $1-$2 higher in Nebraska at $142-$143 and steady in Colorado at $141. Dressed prices in Nebraska are mostly $3-$4 higher at $225-$226, but a few up to $228. That was on moderate trade and demand, according to the Agricultural Marketing Service.

Trade was limited on moderate demand in the western Corn Belt. So far this week, live prices are steady to $2 higher at $141-$142. Dressed prices in the region last week were $222.

Stronger cash prices helped Cattle futures step higher.

Live Cattle futures closed an average of $2.10 higher, while Feeder Cattle futures closed an average of $2.29 higher.

Choice Boxed beef cutout value was 32¢ higher through Wednesday afternoon at $271.74/cwt. Select was 15¢ lower at $249.41.

Corn futures closed mostly 3¢ to 7¢ higher through new-crop contracts and then 1¢ to 6¢ lower.

Soybean futures closed mostly 9¢ to 18¢ higher.

June 8th, 2022|

Cattle Current Podcast—June 8, 2022

Recently stronger wholesale beef prices helped Cattle futures firm Tuesday, despite another day of higher Corn futures.

Live Cattle futures closed an average of 71¢ higher (3¢ higher at the back to $1.22 higher toward the front).

Feeder Cattle futures closed an average of 17¢ higher except for unchanged in Jan.

Corn futures closed mostly 12¢ to 14¢ higher through new-crop contracts and then 16¢ to 20¢ higher.

Soybean futures closed mostly 9¢ to 29¢ higher.

Negotiated cash fed cattle trade was limited on light demand in the western Corn Belt through Tuesday afternoon, according to the Agricultural Marketing Service. A few live sales traded at $141/cwt. Trading was at a standstill in the Southern Plains and Nebraska.

Last week, live prices were $135 in the Southern Plains, $139-$140 in Nebraska and $140-$141 in the western Corn Belt. Dressed prices were $222.

Choice Boxed beef cutout value was $1.84 higher Tuesday afternoon at $271.42/cwt. Select was $1.53 lower at $249.56

June 7th, 2022|

Cattle Current Podcast—June 7, 2022

Corn futures surged 11¢ to 15¢ higher through Jly ‘23 on Monday, tied to increased uncertainty stemming from Russia’s weekend destruction of a major grain export terminal in the southern part of Ukraine.

That helped pressure Feeder Cattle futures an average of $1.32 lower (85¢ lower at the back to $1.90 lower in spot Aug).

Live Cattle futures closed an average of 57¢ lower, except for 22¢ higher in the back contract. 

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, live prices were $2 lower in the Southern Plains at $135/cwt. and steady to $1 lower at $139-$140 in Nebraska and $140-$141 in the western Corn Belt. Dressed prices were $1-$2 lower in Nebraska at $222 and steady to $5 lower in the western Corn Belt at $222.

The five-area weighted average direct fed steer price last week was $1 lower on a live basis at $138.07/cwt. The average steer price in the beef was $2.10 lower at $221.89.

Choice Boxed beef cutout value was $2.32 higher through Monday afternoon at $269.58/cwt. Select was $1.07 higher at $251.09.

June 6th, 2022|

Cattle Current Podcast—June 6, 2022

Overall, Cattle futures extended gains Friday as nearby Corn futures continued to soften.

Feeder Cattle futures closed an average of 58¢ higher. They were an average of $6.23 higher week to week on Friday as Corn futures declined an average of 40.3¢ through the front six contracts during the same period.

Live Cattle futures closed mixed on Friday, down 3¢ to 28¢ in the front two contracts, then up an average of 21¢. Week to week, however, they were an average of $1.96 higher.

Negotiated cash fed cattle trade was limited on light demand through Friday afternoon, with too few transactions to trend accord to the agricultural Marketing Service. 

For the week, live prices were $2 lower in the Southern Plains at $135/cwt., $1 lower in Nebraska at $139 and steady to $2 lower in the western Corn Belt at $140. Dressed prices were $1-$2 lower in Nebraska at $222 and steady to $5 lower in the western Corn Belt at $222.

Wholesale beef prices continued to gain last week. Choice boxed beef cutout value was $1.84 higher week to week on Friday at $267.26/cwt. Select was $3.52 higher at $250.02.

June 5th, 2022|

Cattle Current Podcast—June 3, 2022

Cattle futures extended the previous day’s rally, apparently helped along by technical support and perhaps emboldened by corn planting progress and recent rains across the country.

Feeder Cattle futures closed an average of $2.70 higher.

Live Cattle futures closed an average of $1.74 higher, from 83¢ in spot June to $2.15 in Dec.

Choice Boxed beef cutout value was 77¢ lower Thursday afternoon at $266.65/cwt. Select was 72¢ higher at $249.63.

Negotiated cash fed cattle trade was limited on light demand in all major cattle feeding regions through Thursday afternoon, with too few transactions to trend accord to the agricultural Marketing Service. 

For the week, live prices are $2 lower in the Southern Plains at $135/cwt., $1 lower in Nebraska at $139 and steady to $2 lower in the western Corn Belt at $140. Dressed prices are $1-$2 lower in Nebraska at $222 and steady to $5 lower in the western Corn Belt at $222.

Corn futures closed mostly 1¢ to 3¢ higher.

Soybean futures closed 21¢ to 39¢ higher through Jly ‘23 and then mostly 10¢ to 18¢ higher.

June 2nd, 2022|

Cattle Current Podcast—June 2, 2022

A second consecutive day of sharply lower new-crop Corn futures prices helped Feeder Cattle futures roar an average of $3.87 higher.

Corn futures closed 17¢ to 22¢ lower through Jly ‘23, and then mostly 11¢ to 13¢ lower.

Soybean futures closed 4¢ to 7¢ higher through Jly ‘23 and then mostly 4¢ to 6¢ lower.

Live Cattle futures closed an average of $1.41 higher, from 25¢ higher at the back to $2.52 higher toward the front. That was despite the softer start to negotiated cash fed cattle prices this week of $2 lower in the Southern Plains at $135/cwt.

Live prices last week were $140 in Nebraska and $140-$142 in the western Corn Belt. Dressed prices were $223-$224 in Nebraska and $222-$227 in the western Corn Belt.

Choice Boxed beef cutout value was 12¢ lower Wednesday afternoon at $267.42/cwt. Select was 26¢ higher at $248.91.

June 2nd, 2022|

Cattle Current Podcast—June 1, 2022

Cattle futures took a step lower Tuesday to start the trading week, caught in the broader commodity market downdraft and amid month-end positioning.

Feeder Cattle futures closed an average of $1.20 lower.

Live Cattle futures closed an average of $1.31 lower, from 20¢ lower at the back to $2.02 lower toward the front.

Corn futures closed 15¢ to 23¢ lower through old-crop contracts, and then mostly 7¢ lower.

Soybean futures closed 30¢ to 49¢ lower through Sep ‘23 and then 23¢ to 24¢ lower.

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

Live prices last week were $137/cwt. in the Southern Plains, $140 in Nebraska and $140-$142 in the western Corn Belt. Dressed prices were $223-$224 in Nebraska and $222-$227 in the western Corn Belt.

Choice Boxed beef cutout value was $2.12 higher Tuesday afternoon at $267.54/cwt. Select was $2.15 higher at $248.65.

May 31st, 2022|

Cattle Current Podcast—May 30-31, 2022

Wholesale beef prices gained on Friday heading into the unofficial start of grilling season. Choice Boxed beef cutout value was $1.45 higher Friday afternoon at $265.42/cwt. Select was $2.07 higher at $246.50.

Firmer beef prices helped Live Cattle futures close an average of 22¢ higher, except for an average of 18¢ lower in the front three contracts and unchanged in Apr. They were an average of 48¢ higher week to week on Friday.

Feeder Cattle futures closed an average of 67¢ lower, from 35¢ lower in new spot Aug to $1.02 lower, amid continued light trade and under pressure from higher Corn futures once gain. However, Feeder Cattle futures closed an average of $2.53 higher week to week on Friday, despite the previous week’s bearish Cattle on Feed report.

Corn futures closed 10¢ to 12¢ higher through Jly ‘23, and then mostly 4¢ higher, presumably helped along by dry weather in South America. Soybean futures closed mostly 2¢ to 4¢ higher. 

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

For the week, live prices were $1 lower in the Southern Plains at $137/cwt., steady to $2 lower at $140 in Nebraska and $140-$142 in the western Corn Belt. Dressed prices were $3 lower in Nebraska at $223. The previous week dressed prices were $223-$227 in the western Corn belt, and live prices in Colorado were $142.

Estimated total cattle slaughter last week of 644,000 head was 36,000 head fewer than the previous week, but 14,000 head more than the same week last year. Estimated year-to-date total cattle slaughter of 13.63 million head was 92,000 head more (+0.7%) than the same period last year. Estimated year-to-date total beef production of 11.36 billion lbs. was 101.5 million lbs. more (+0.9%) than the same time last year.

May 29th, 2022|

Cattle Current Podcast—May 27, 2022

Cattle futures softened with the week’s weaker cash prices.

Feeder Cattle futures closed an average of 80¢ lower, from 2¢ lower in waning spot May to $1.32 lower.

Live Cattle futures closed an average of 33¢ lower, except for an average of 8¢ higher in the front two contracts.

Negotiated cash fed cattle trade ranged from slow trade on light demand to mostly inactive on very light demand through Thursday afternoon, according to the Agricultural Marketing service.

Although too few to trend, there were a few live trades in Kansas at $136/cwt. and a few dressed trades in Nebraska at $224.

Established live cattle prices so far this week are $1 lower in the Southern Plains at $137, steady to $2 lower in Nebraska at $140 and $2 lower in the western Corn Belt at $140. Dressed prices are $3 lower in Nebraska at $223.

Choice Boxed beef cutout value was $1.04 higher Thursday afternoon at $263.97/cwt. Select was 37¢ higher at $244.43.

Corn futures closed mixed, 3¢ to 5¢ lower in new-crop contracts and then mostly fractionally higher to 1¢ higher.

Soybean futures closed 30¢ to 45¢ higher through Jan ’23 and then mostly 13¢ to 24¢ higher, helped along by oil prices. 

May 26th, 2022|

Cattle Current Podcast—May 26, 2022

Negotiated cash fed cattle trade was slow to moderate on moderate demand in Nebraska through Wednesday afternoon, according to the Agricultural Marketing Service. Live prices were $2 lower at $140/cwt. and dressed prices were generally $3 lower at $222-$225.

Elsewhere, trade was limited on light demand with too few transactions to trend.

Earlier in the week, live prices were $1 lower in the Southern Plains at $137.

Last week, live prices were $142 in Colorado and the western Corn Belt. Dressed prices in the Western Corn Belt were $223-$227.

Choice Boxed beef cutout value was 72¢ lower Wednesday afternoon at $262.93/cwt. Select was $1.29 lower at $244.06.

Feeder Cattle futures eased an average of 33¢ higher, except for an average of 11¢ lower in two contracts, helped along by weaker Corn futures.

Live Cattle futures closed an average of 29¢ lower, except for an average of 34¢ higher in the back three contracts, struggling with lower cash prices and the likelihood seasonal beef prices are near the peak.

Grain futures were under pressure Wednesday, due to planting progress, China’s announcement that it will begin importing corn from Brazil and Russia’s announcement that it would allow grain exports from Ukraine in exchange for the easing of some current sanctions.

Corn futures closed mostly 2¢ to 7¢ lower.

Soybean futures closed 10¢ to 12¢ lower in old-crop contracts, 1¢ 4¢ lower through May ’23 and then mostly 1¢ higher.

May 25th, 2022|

Cattle Current Podcast—May 25, 2022

Lower Corn futures helped Feeder Cattle extend gains Tuesday. They closed an average of $2.56 higher ($1.05 higher in spot May to $3.17 higher at the back).

Live Cattle futures closed an average of 23¢ higher, except for an average of 14¢ lower in the front two contracts and unchanged at the back.

Corn futures closed 12¢ to 14¢ lower through Jly ‘23 and then mostly 2¢ lower, pressured by resurgent planting progress.

Soybean futures closed mostly unchanged to 3¢ lower, except for fractionally higher to 6¢ higher in the front three contracts.

Negotiated cash fed cattle trade in the Southern Plains was $1 lower through Tuesday afternoon at $137/cwt., according to the Agricultural marketing Service. That was on moderate trade and demand in the Texas Panhandle and slow trade on moderate demand in Kansas.

Elsewhere, trade was limited on light demand with too few transactions to trend.

Last week, live prices were $140-$142 in the Northern Plains and $142 in the western Corn Belt. Dressed prices were $226 in Nebraska and $223-$227 in the western Corn Belt.

Choice Boxed beef cutout value was 63¢ lower Tuesday afternoon at $263.65/cwt. Select was $1.12 higher at $245.35.

May 24th, 2022|

Cattle Current Podcast—May 24, 2022

Apparently, Cattle futures were too cheap and/or traders had already factored in what turned out be a bearish Cattle on Feed report Friday.

Feeder Cattle closed an average of 98¢ higher (5¢ higher in spot May to $1.70 higher).  

And that was with Corn futures futures closed 5¢ to 7¢ higher through Jly ‘23 and then mostly fractionally higher to 1¢ higher.

Higher wholesale beef prices helped Live Cattle close an average of 69¢ higher, except for 2¢ lower in away Aug. 

Choice Boxed beef cutout value was $2.11 higher through Monday afternoon at $264.28/cwt. Select was $1.21 higher at $244.23.

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

Last week, live prices were $138/cwt. in the Southern Plains, $140-$142 in the Northern Plains and $142 in the western Corn Belt. Dressed prices were $226 in Nebraska and $223-$227 in the western Corn Belt.

The five-area weighted average fed steer price last week was $2.19 lower at $140.25/cwt. The average price in the beef was $3.02 lower at $225.80.