Cattle futures were higher into the close and before settlement on Thursday, despite steady to lower early cash fed cattle prices and recently weaker wholesale beef values.
Live Cattle futures were an average of 56¢ higher. Feeder Cattle futures were an average of 95¢ higher.
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.
Compared to last week, FOB live prices were $1-$2 lower in Kansas at $182/cwt. and $2 lower in the western Corn Belt at $185 where dressed delivered prices were $4 lower at mostly $293.
Last week, FOB live prices were $184 in the Texas Panhandle and $187 in Nebraska where dressed delivered prices were $296-$297.
Choice boxed beef cutout value was 14¢ higher at $298.37/cwt. Select was 87¢ lower at $295.15.
Turning to row crops, Grain and Soybean futures were trending lower at the close Thursday with pressure from the monthly World Agricultural Supply and Demand Estimates (see below).
Corn futures 3¢ to 5¢ lower through Mar ‘25. Kansas City Wheat futures were 8¢ to 11¢ lower through May ‘25. Soybean futures were 4¢ to 5¢ lower through next March.
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Major U.S. financial indices closed mixed Thursday with most of the support coming from tech stocks.
The Dow Jones Industrial Average closed 2 points lower. The S&P 500 closed 38 points higher. The NASDAQ was up 271 points.
Late afternoon, West Texas Intermediate Crude Oil futures (CME) were little changed but lower through the front six contracts.
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USDA’s Economic Research Service increased projected five-area direct average fed steer prices for the remainder of this year in the monthly World Agricultural Supply and Demand Estimates.
Compared to the previous month, based on recent data and expected strength in demand, forecast prices increased $2 in the second quarter to $185/cwt., $2 in the third quarter to $184 and $4 in the fourth quarter to $190. The annual average price increased $2 to $185.
That was with beef production estimated 130 million pounds more at 26.5 billion pounds. Forecast production was raised on heavier weights and increased slaughter.