Cattle futures roared higher Thursday, despite confirmation of New World screwworm in the United States. Apparently, the eventuality was priced into the market and removing the uncertainty added buyer confidence.
Feeder Cattle futures were an average of $10.68 higher, limit up in all but three contracts. Live Cattle futures were an average of $3.85 higher .
Negotiated cash fed cattle trade ranged from limited on moderate demand in Nebraska to mostly inactive on moderate demand elsewhere through Thursday afternoon, according to the Agricultural Marketing Service. Although too few transactions to trend, there were some FOB live trades at $255-$257/cwt.
Based on established trade for the week, FOB live prices are mainly $256, which is $1 lower in the Southern Plains and Nebraska and steady to $2 lower in the western Corn Belt. Dressed delivered prices are mainly $405, which is mostly steady.
Based on independent reports early today, prices were gaining.
Choice boxed beef cutout value was $3.20 lower Thursday afternoon at $392.66/cwt. Select was $1.39 lower at $383.04.
Grain and Soybean futures stepped lower Thursday, pressured by positive weather and lower Crude Oil.
Corn futures closed mostly 7¢ to 9¢ lower. Soybean futures closed 18¢ to 27¢ lower. Kansas City HRW Wheat futures were 3¢ to 5¢ lower.
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