Cattle futures firmed Thursday, helped by rising wholesale beef values and the cash premium to futures.
Toward the close, Live Cattle futures were an average of $1.40 higher, except for 95¢ lower in the back contract. Feeder Cattle futures were an average of 61¢ higher, except for 5¢ lower in spot March and $2.57 lower in the back contract.
Negotiated cash fed cattle trade ranged from limited on moderate demand in Nebraska to mostly inactive on moderate demand in the western Corn Belt through Thursday afternoon, according to the Agricultural Marketing Service. So far, this week, FOB live prices in both regions are mostly $5 lower at mainly $235/cwt. Dressed delivered prices are mostly $8 lower at mainly $372.
In the Southern Plains, trade was limited on moderate demand in the Texas Panhandle and mostly inactive on light demand in Kansas. So far this week, FOB live trades are $5 lower in Kansas at $235. FOB live prices in the Texas Panhandle last week were $240.
Choice boxed beef cutout value was 39¢ higher Thursday afternoon at $397.09/cwt. Select was $1.57 higher at $390.82.
Surging oil prices helped lift Corn and Soybean futures on Thursday.
Toward the close, and through near Sep contracts, Corn futures were fractionally higher to 5¢ higher. Soybean futures were 2¢ to 13¢ higher. Kansas City HRW Wheat futures 16¢ higher in waning March and then fractionally lower to 1¢ lower.
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Major U.S. financial indices closed sharply lower Thursday as crude oil prices continued higher, along with worries about disruptions in supply chains and pressure on the broader economy.
The Dow Jones Industrial Average closed 739 points lower. The S&P 500 closed 103 points lower. The NASDAQ was down 404 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $4.98 to $9.06 higher through the front six contracts.