Very strong first quarter in beef markets

Cattle markets are approaching the end of the first quarter of 2023 on a very strong note. Animal prices across the board have been very robust. Fed cattle have traded above $165, 7-8 cwt feeder cattle have traded above $190, and 5-6 cwt calves have traded just short of $235/cwt. Live cattle futures approached within $11/cwt of all-time high prices established in November 2014. However, feeder cattle are well below their records due to the strength in the forage and feedgrain markets. Cow-quality hay is routinely above $200/Ton and corn has only recently shown enough weakness to…