There was light to moderate demand and trade for fed cattle in the Northern Plains on Thursday. Live prices were steady to 50¢ higher than the previous day at $128.00-$128.50/cwt., which is $1.50-$2.00 lower than last week. Dressed trade in Nebraska was steady to $1 lower than the previous week at $204-$205. Although there was also light to moderate demand and trade in the western Corn Belt, there were too few transactions to establish a trend on a live basis or in the beef.
Futures traders seemed mostly content with newfound price levels following the previous session’s downturn. There was some follow-through pressure on Thursday, especially in nearby contracts on apparent position taking, but nothing steep.
After $1.30 and 85¢ lower in the front two contracts, respectively, Live Cattle futures closed 27¢ lower to 22¢ higher.
Feeder Cattle futures closed an average of 53¢ lower (7¢ to $1.02 lower).
Choice boxed beef cutout value was $1.03 higher on Thursday afternoon at $218.40/cwt. Select was 14¢ higher at $212.06.
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