Cattle futures closed lower Thursday, pressured by technical resistance and more negative outside markets, despite stronger cash fed cattle prices.
Toward the close, Live Cattle futures an average of $3.45 lower. Feeder Cattle futures were an average of $6.39 lower.
Negotiated cash fed cattle trade ranged from moderate on moderate demand in Kansas to limited on moderate demand in the western Corn Belt through Thursday afternoon, according to the agricultural Marketing Service.
So far this week, FOB live prices are $2 higher in Kansas at $235/cwt, $2-$3 higher in Nebraska at $235 and steady to $3 higher in the western Corn Belt at $235. Dressed delivered prices are $5-$10 higher in Nebraska at $370 and $10 higher in the western Corn Belt at $370-$380.
Choice boxed beef cutout value was $4.11 lower Thursday afternoon at $363.86/cwt. Select was $1.72 higher at $349.78.
Grain and Soybean futures were mixed on Thursday with some likely positioning ahead of next week’s World Agricultural Supply and Demand Estimates.
Toward the close and through the front four contracts, Corn futures were 1¢ to 2¢ higher. Soybean futures were 2¢ to 6¢ higher. Kansas City HRW Wheat were 12¢ to 14¢ lower.
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Major U.S. financial indices were lower on Thursday.
The Dow Jones Industrial Average closed 464 points lower. The S&P 500 closed 13 points lower. The NASDAQ was down 15 points.
Through mid-afternoon West Texas Intermediate Crude Oil futures (CME) were $1.63 to $2.80 higher through the front six contracts.