Cattle futures lost early steam Wednesday but closed narrowly mixed to higher, supported by bullish outside markets.
Toward the close, Live Cattle futures were narrowly mixed, from an average of 21¢ lower to an average of 37¢ higher.
Feeder Cattle futures were an average of 69¢ higher.
Negotiated cash fed cattle trade was mostly inactive on light to moderate demand in all major cattle feeding regions through Wednesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $252-$257/cwt. in Nebraska and mostly $255 elsewhere. Dressed delivered prices were mostly $400.
Choice boxed beef cutout value was $2.72 lower Wednesday afternoon at $389.62/cwt. Select was $2.61 lower at $389.63.
Grain and Soybean futures trended lower on Wednesday as Crude Oil prices pulled back.
Toward the close, and through near Dec contracts, Kansas City HRW Wheat futures were 2¢ to 9¢ lower. Corn futures were 11¢ to 12¢ lower. Soybean futures were 14¢ to 17¢ lower through Near Nov.
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Major U.S. financial indices closed sharply higher Wednesday, as Crude Oil prices retreated and chatter increased about a possible end to the U.S.-Iran war.
The Dow Jones Industrial Average closed 612 points higher. The S&P 500 closed 105 points higher. The NASDAQ was up 512 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $4.95 to $6.77 lower through the front six contracts.
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Record-high beef variety meat values led U.S. beef exports in March, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).
Beef variety meat exports totaled 29,062 metric tons (mt) for the month, up 24% from a year earlier and the largest since 2017. Variety meat export value increased 50% to $135.6 million.
However, total March beef exports of 97,731 mt, were 11% less than a year ago, largely due to the ongoing lockout by China. Total beef export value fell 8% to $844.7 million. Export value in March equated to $456.56 per head of fed slaughter.
Through the first quarter, beef and beef variety meat exports totaled 275,355 mt, down 11% from a year ago, while value fell 7% to $2.35 million. Excluding China from these results, exports were 3% higher than a year ago in volume and increased 9% in value. The January-March average export value per head of fed slaughter was 2% more year over year at $431.66.
“While China has now been absent for more than year, the U.S. industry is making strides in other markets,” says Dan Halstrom, USMEF president and CEO. “The supply situation makes it difficult to grow export volumes, but exports are commanding strong prices. Expanding beef variety meat demand is especially critical, as this makes such a key contribution to the value of every animal.”
Pork exports totaled 285,567 mt in March, up 6% from a year ago, the largest in five years and the third largest on record. Export value increased 4% to $803.2 million, the second highest on record, trailing only April 2021.