Cattle futures continued to correct lower Thursday, as wholesale beef prices continued lower and despite hefty gains in Southern Plains fed cattle prices. Keep in mind, the much-anticipated USDA Cattle inventory report will be released Friday afternoon.
Toward the close, Live Cattle futures were an average of $2.04 lower. Feeder Cattle futures were an average of $2.46 lower, except for $1.35 higher in expiring Jan.
Negotiated cash fed cattle trade was moderate on very good demand in the Southern Plains through Thursday afternoon, with FOB live prices $6-$7 higher at $208/cwt., with a few up to $209 in Kansas.
Trade was slow on moderate demand in the North, according to the Agricultural Marketing Service. Although too few to trend, there were some dressed delivered trades in Nebraska at $330 and a few FOB live trades in the western Corn Belt at $210.
Last week, FOB live prices were $210-$212 in the North. Dressed delivered prices were $328-$330 in Nebraska and $330 in the western Corn Belt.
Choice boxed beef cutout value was $3.06 lower Thursday afternoon at $327.48/cwt. Select was $4.77 lower at $315.90.
Corn and Soybean futures were lower Thursday with likely profit taking ahead of President Trump’s plan to impose 25% tariffs on imports from Mexico and Canada this Saturday.
Toward the close and through Sep ’25 contracts, Corn futures were 4¢ to 7¢ lower. Soybean futures were 10¢ to 16¢ lower. Kansas City Wheat futures were 7¢ higher.
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Major U.S. financial indices closed higher Thursday in a turbulent session amid mixed corporate earnings reports.
The Dow Jones Industrial Average closed 168 points higher. The S&P 500 closed 31 points higher. The NASDAQ was up 49 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were 46¢ to 56¢ higher through the front five contracts.