Cattle futures continued to unwind Thursday, pressured by declining wholesale beef value and lower cash trade in the South.
Before settlement, Live Cattle futures were an average of 61¢ lower. Feeder Cattle futures were an average of $1.94 lower.
Negotiated cash fed cattle trade was slow on light demand in the Southern Plains through Wednesday afternoon, according to the Agricultural Marketing Service. FOB live prices were $2 lower at$188/cwt.
Elsewhere, trade ranged from limited on light demand to inactive on light demand with too few transactions to trend.
The previous week, FOB live prices were $198 in Nebraska and $198-$200 in the western Corn Belt. Dressed delivered prices were $314 in Nebraska and $312-$315 in the western Corn Belt.
Choice boxed beef cutout value was $1.61 lower Wednesday afternoon at $324.05/cwt. Select was 37¢ lower at $303.94/cwt.
Grain and Soybean futures continued lower Wednesday ahead of Friday’s monthly World Agricultural Supply and Demand Estimates.
Toward the close and through Jly ’25 contracts, Corn futures were 3¢ lower to 5¢ higher. Kansas City Wheat futures were mostly 12¢ to 13¢ lower. Soybean futures were 13¢ to 25¢ lower.
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Major U.S. financial indices closed higher Wednesday, supported by tech stocks and with investors apparently betting on a favorable Consumer Price Index due out Thursday.
The Dow Jones Industrial Average closed 429 points higher. The S&P 500 closed 56 points higher. The NASDAQ was up 218 points.
Heading into the close, West Texas Intermediate Crude Oil futures on the CME were 36¢ to $1.04 higher through the front six contracts.
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A recent economic analysis of the national Beef Checkoff program found that each dollar invested in its demand-driving activities for the most recent five-year period (2019–2023) positively impacted domestic beef demand and U.S. beef exports, creating a total financial benefit of $13.41 for the producers and importers who pay into the program.
The Beef Checkoff commissioned the independent economic analysis to assess the effectiveness and additional financial benefits produced by the program’s demand-driving activities. The analysis was conducted by Dr. Harry M. Kaiser of Cornell University.