Cattle Current Market Update with Wes Ishmael
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.