Cattle Current Market Update with Wes Ishmael

Cattle Current Market Update with Wes Ishmael


Cattle Current Podcast—March 2, 2023

March 01, 2023

Cattle futures took a breather Wednesday on likely profit taking and awaiting weekly cash direction.


Feeder Cattle futures closed an average of 61¢ lower.


Live Cattle futures closed narrowly mixed, from an average of 42¢ lower to unchanged to an average of 2¢ higher.


Wholesale beef prices declined on Wednesday for the first time in a while. Choice boxed beef cutout value was $1.12 lower in the afternoon at 287.83/cwt. Select was $2.82 lower at $276.43/cwt.


By all accounts, negotiated cash fed cattle trade remained stuck in the gate Wednesday. There was no afternoon USDA summary available at press time.


Last week, live prices were mostly at $164/cwt. in all regions. Dressed prices were $260-$262.


Grain and Soybean futures found some footing Wednesday.


Corn futures closed mostly fractionally lower to 1¢ lower, except for 3¢ to 11¢ higher in old-crop contracts.


KC HRW Wheat closed 1¢ to 5¢ higher through Sep ’24 and then fractionally lower to 2¢ lower.


Soybean futures closed 10¢ to 15¢ higher through May ’24 and then mostly 4¢ to 5¢ higher.