Negotiated cash fed cattle trade was moderate on moderate demand in Nebraska through Thursday afternoon, according to the Agricultural Marketing Service. FOB live prices were $7-$8 lower at $248/cwt. and dressed delivered prices were $10 lower at $393.
Trade was limited on moderate demand in Kansas and the western Corn Belt. Although too few transactions to trend, there were some FOB live trades in Kansas at $247-$248 and at $248 in the western Corn Belt where early dressed delivered prices were $393.
Last week, FOB live prices were $255/cwt. in Kansas and mostly $255 in the western Corn Belt where dressed delivered prices were mostly $403.
Choice boxed beef cutout value was 39¢lower Thursday afternoon at $380.81/cwt. Select was 40¢ higher at $363.49.
Cattle futures lost ground Thursday, pressure by the decline in cash fed cattle prices and likely technical selling.
Toward the close, Live Cattle futures were an average of $2.25 lower. Feeder Cattle futures were an average of $5.09 lower.
Corn and Soybean futures were lower Thursday with follow-through selling pressure and positioning ahead of Friday’s World Agricultural Supply and Demand Estimates.
Toward the close and through near Mar contracts, Corn futures were mostly 4¢ to 5¢ lower. Soybean futures were mostly 9¢ to 16¢ lower. Kansas City HRW Wheat futures were 8¢ to 9¢ higher with likely short covering.
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Major U.S. financial indices closed higher Thursday, supported by tech stocks and lower Crude Oil prices, with heightened tensions between the U.S. and Iran lurking in the background.
The Dow Jones Industrial Average closed 139 points higher. The S&P 500 closed 60 points higher. The NASDAQ was up 336 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $1.17 to $1.75 lower through the front six contracts.
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The current El Niño strengthened during the past month and will strengthen through the end of the year, with a 97% chance it will persist through early spring 2027, according to the latest El Niño Advisory from the U.S. National Oceanic and Atmospheric Administration.
“There is an 81% chance of a very strong El Niño during October-December that would rank among the largest El Niño events in the historical record going back to 1950,” forecasters say. “Even the strongest El Niño events do not lead to the typical impact everywhere, but stronger events can more significantly tilt the odds in favor of expected outcomes.”