Negotiated cash fed cattle prices continued $2 higher Thursday at $142/cwt. in the Southern Plains and $148-$150 in the western Corn Belt. That was on slow trade and moderate demand, according to the Agricultural Marketing Service. There were a few dressed trades in the western Corn Belt $5 higher than last week at $234, but too few to trend.
Trade was also slow on moderate demand in Nebraska. There were some early live sales at $146-$148 and a few in the beef at $234, but too few to trend. Last week, prices there were at $144-$148 and $229-$230.
Choice Boxed beef cutout value was 5¢ higher Thursday afternoon at $264.39/cwt. Select was 42¢ lower at $237.47/cwt.
Cattle futures softened Thursday amid over-bought conditions and likely positioning ahead of Friday’s Cattle on Feed report.
Live Cattle futures closed an average of 58¢ lower with most pressure in front contracts.
Feeder Cattle futures closed an average of $1.10 lower, from 10¢ lower at the back to $1.87 lower.
Grain and Soybean futures continued to gain Thursday, supported by international weather concerns for corn and higher oil prices for soybeans.
Corn futures closed mostly 3¢ to 8¢ higher.
Soybean futures closed mostly 12¢ to 16¢ higher.
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Major U.S. financial indices closed marginally higher Thursday.
The Dow Jones Industrial Average closed 18 points higher. The S&P 500 closed 9 points higher. The NASDAQ was up 27 points.
West Texas Intermediate Crude Oil futures on the CME closed $1.95 to $2.42 higher through the through the front six contracts.
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USDA’s Economic Research Service (ERS) increased projected feeder steer prices (750-800 lbs., Oklahoma City) based on recent price strength, in the latest monthly Livestock, Dairy and Poultry Outlook.
Based on anticipated firm feedlot demand in second-half 2022 and current price data, the feeder steer price was forecast $3 higher in the third quarter at $171 and $2 higher in the fourth quarter at $173 for an annual average of $164.60. Prices are forecast at $169 and $186 in the first and second quarters of next year, respectively, with an annual average of $199.25.
ERS analysts point out the Oklahoma City feeder steer price averaged $169.26/cwt. in July, up more than $16 from last year.