Cattle futures gained Thursday, recovering more of the early-week losses as traders positioned for the end of the week and quarter, and ahead of a long weekend.
Live Cattle closed an average of $1.49 higher.
Feeder Cattle futures closed an average of 89¢ higher, except for 30¢ lower in expiring Mar.
Negotiated cash fed cattle trade was moderate on moderate demand in the Texas Panhandle through Thursday afternoon, according to the Agricultural Marketing Service. FOB live prices were $2 lower at $186/cwt.
A day earlier FOB live prices were $3 lower in Kansas at $185.
Elsewhere, trade was slow on light demand with too few transactions to trend.
Last week, FOB live prices were $190 in Nebraska and $190-$191 in the western Corn Belt. Dressed delivered prices were $302.
Choice boxed beef cutout value was 22¢ lower Thursday afternoon at $308.36/cwt. Select was $2.74 higher at $301.17/cwt.
Net U.S. beef export sales of 12,700 metric tons (mt) for 2024 were 15% more than the previous week and 4% more than the prior four-week average, according to USDA’s weekly U.S. Export Sales report for the week ending Mar. 21. Increases were primarily for South Korea, Japan, China, Mexico and Taiwan.
Turning to row crops, Corn futures climbed higher, up mostly 10¢ to 15¢, fueled by USDA’s Prospective Plantings report (see below).
KC HRW Wheat futures closed mostly 4¢ to 5¢ higher.
Soybean futures closed mixed: 1¢ lower to 3¢ higher through Jan ’25 and then mostly 8¢ to 10¢ higher.
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