Cattle futures faded early pressure Thursday to close higher with support including the bounce higher in Choice wholesale beef prices.
Feeder Cattle futures closed an average of $1.24 higher.
Live Cattle futures closed an average of 62¢ higher (32¢ to $1.05 higher).
Choice boxed beef cutout value was $2.82 higher Thursday afternoon at 285.89/cwt. Select was $3.00 higher at $269.94/cwt.
Negotiated cash fed cattle trade ranged from a standstill to slow on light demand through Thursday afternoon, according to the Agricultural Marketing Service.
So far this week, FOB live trades in the western Corn Belt are steady at $175/cwt. and dressed delivered sales are steady to $1 higher at $274-$275.
Action in grain futures Thursday appeared to be tied mainly to positioning ahead of Friday’s monthly World Agricultural Supply and Demand Estimate and quarterly Grain Stocks report.
Soybean futures closed mostly 1¢ higher.
Corn futures closed mostly 1¢ to 2¢ lower.
KC HRW Wheat futures closed 7¢ to 8¢ lower.
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Major U.S. financial indices faltered Thursday with slightly higher inflation than expected.
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3% in December on a seasonally adjusted basis, after rising 0.1% in November, according to the U.S. Bureau of Labor Statistics. Over the last 12 months, the-all items index increased 3.4% before seasonal adjustment.
The Dow Jones Industrial Average closed 15 points higher. The S&P 500 closed 3 points lower. The NASDAQ was fractionally higher.
West Texas Intermediate Crude Oil futures (CME) closed 63¢ to 67¢ higher through the front six contracts.