Cattle Current Market Update with Wes Ishmael

Cattle Current Market Update with Wes Ishmael


Cattle Current Podcast—March 6, 2023

March 05, 2023

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


For the week, the only established trade reported by AMS was live prices of $164.50-$165.00/cwt. in the western Corn Belt, which was 50¢ to $1 higher. Dressed prices there the previous week were $260-$262.


Elsewhere the previous week, live prices were mostly at $164/cwt. and dressed prices were $262.


However, various private sources suggested more trade developing in other regions on Friday at $1-$2 higher. For instance, the Texas Cattle Feeders Association reported its members trading steers and heifers about $1 higher at $165.40) and $165.25, respectively.


Through Thursday, the weighted average five-area direct fed steer price was $1.19 higher at $164.84/cwt. The average steer price in the beef was $2.61 higher at $262.54.


Cattle futures gained Friday, supported by stronger cash fed cattle prices.


Feeder Cattle futures closed an average of $1.76 higher ($1.22 to $2.17 higher).


Live Cattle futures closed an average of $1.12 higher.


Choice boxed beef cutout value was 82¢ higher Friday afternoon at 289.32/cwt. Select was 72¢ lower at $276.86/cwt.


Corn futures closed 4¢ to 7¢ higher in old-crop contracts, mostly 1¢ to 3¢ lower.


KC HRW Wheat closed 5¢ to 9¢ lower.


Soybean futures closed mostly 5¢ higher.