Cattle futures took another step higher on Thursday, buoyed by stronger wholesale beef values and continued expectations for higher cash fed cattle prices this week.
Live Cattle futures closed an average of $1.34 higher through the front four contracts and then an average of 46¢ higher.
Feeder Cattle futures closed an average of 69¢ higher (42¢ to $1.22 higher).
Choice boxed beef cutout value was $2.16 higher Thursday afternoon at $202.37/cwt. Select was 48¢ lower at $191.91.
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Major U.S. financial indices closed mixed on Thursday, with another hurdle cleared toward tax reform–the House passing the budget–on one side of the ledger and lower pending home sales on the other. Wednesday, pressured by weaker quarterly earnings reports, including Boeing.
The Dow Jones Industrial Average closed 71 points higher. The S&P 500 closed 3 points higher. The NASDAQ closed 7 points lower.