Cattle Current Market Update with Wes Ishmael
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.