Live Cattle firmed, closing narrowly mixed, from an average of 38¢ lower to an average of 14¢ higher. However, contra-seasonally lackluster wholesale beef prices and the dwindling premium in deferred contracts continued to cast a gloomy pall.
Feeder Cattle futures closed an average of 76¢ lower (52¢ to $1.72 lower) amid extremely light trade.
Corn futures closed mixed, mostly 4¢ lower to 2¢ higher.
Soybean futures closed mostly 12¢ to 15¢ higher.
Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Thursday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
So far this week, live prices are $2 lower in the Southern Plains at $138, $2-$4 lower in Nebraska at $140-$142 and $2-$3 lower in the western Corn Belt at $142. Dressed prices are $4 lower in Nebraska at $226.
Last week, live prices were $140-$144 in Colorado. Dressed prices were $227-$230 in the western Corn Belt.
Choice Boxed beef cutout value was $1.23 higher Thursday afternoon at $261.70/cwt. Select was 4¢ lower at $246.06.
Net U.S. beef export sales of 23,300 metric tons for the week ending May 12 were 18% less than the previous week but 35% more than the previous four-week average, according to the U.S. Export Sales report. Increases were primarily for Japan, South Korea, China, Taiwan, and Canada.
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