Cattle futures closed lower Thursday, retracing some of the gains from the previous two sessions amid light trade, declining open interest, likely month-end position squaring, lower cash fed cattle prices.
Feeder Cattle futures closed an average of $1.74 lower ($1.20 to $2.25 lower).
Live Cattle futures closed an average of $1.27 lower (95¢ to $1.65 lower).
Negotiated cash fed cattle trade ranged from slow on light demand to moderate on moderate demand through Thursday afternoon, according to the Agricultural Marketing Service.
So far this week, FOB live prices are $174-$175/cwt. in all regions which is $2-$3 lower in the Southern Plains, $1-$2 lower in Nebraska and steady to $4 lower in the western Corn Belt.
Dressed delivered prices are $275, which is $5 lower in Nebraska and $3-$5 lower in the western Corn Belt.
Choice boxed beef cutout value was $1.99 higher Thursday afternoon at $299.02/cwt. Select was 66¢ higher at $264.75/cwt.
Grain futures closed higher Thursday, supported by positive export sales. Net weekly U.S. 2023-24 Corn export sales were a marketing year high, 35% more than the previous week and up 54% from the prior four-week average.
Corn futures closed mostly 2¢ to 6¢ higher.
KC HRW Wheat futures closed mostly 6¢ to 8¢ higher.
Soybean futures closed 2¢ to 4¢ lower through Aug ’24 and then 1¢ higher.