Cattle futures extended losses Thursday with likely technical selling, profit taking and positioning ahead of Friday’s monthly Cattle on Feed report.
Toward the close, Live Cattle futures were an average of $2.21 lower. Feeder Cattle futures were an average of $3.71 lower.
Negotiated cash fed cattle trade was limited on moderate demand in the Southern Plains through Thursday afternoon, according to the Agricultural Marketing Service. Although too few transactions to trend, there were some early FOB live trades at $248/cwt. Prices last week were mostly $246 in the Texas Panhandle and $246-$249 in Kansas on a light test.
Trade was light to moderate on moderate demand in Nebraska with dressed delivered prices steady to $1 lower at $388. FOB live prices there last week were mostly $248-$249.
Trade in the western Corn Belt was light on moderate demand with steady FOB live prices at $248. Dressed delivered prices there last week were mostly $388.
Choice boxed beef cutout value was 41¢ lower Thursday afternoon at $381.57/cwt. Select was 10¢ lower at $378.48.
Grain and Soybean futures were mixed Thursday.
Toward the close, and through near Dec contracts, Kansas City HRW Wheat futures were 12¢ to 19¢ higher supported by worries about the winter wheat crop. Corn futures were 1¢ to 2¢ lower. Soybean futures were mostly 2¢ to 4¢ lower.
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