Cattle futures were mixed on Thursday.
Toward the close, Live Cattle futures were an average of 34¢ higher on continued fundamental strength.
Feeder Cattle futures were an average of $1.31 lower with likely profit taking from the previous session’s sharp gains.
Negotiated cash fed cattle trade was mostly inactive on light demand in all major cattle feeding regions through Thursday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $244/cwt. in the Southern Plains, $239-$243 in Nebraska and mainly $243 in the western Corn Belt. Dressed delivered prices were mainly $383 in Nebraska and $382-$383 on a light test in the western Corn Belt.
Choice boxed beef cutout value was $1.68 lower Thursday afternoon at $386.89/cwt. Select was 26¢ higher at $380.61.
Grain and Soybean futures bounced higher Thursday, supported by higher energy prices and some likely early inflationary hedging by funds.
Toward the close, and through near Sep contracts, Kansas City HRW Wheat futures were 19¢ to 22¢ higher. Corn futures were 8¢ to 10¢ higher. Soybean futures were 7¢ to 10¢ higher.
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Major U.S. financial indices closed lower Thursday, pressured by resurgent Crude Oil futures, which climbed in response to the U.S.-Israel attacks on Iran.
The Dow Jones Industrial Average closed 784 points lower. The S&P 500 closed 38 points lower. The NASDAQ was down 58 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $1.39 to $4.80 higher through the front six contracts.
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USDA issued the U.S. and Canadian Cattle inventory report this week.
Although the U.S. beef cow herd at the beginning of this year was 284,000 head fewer (-1%) year over year at 27.6 million, the Canadian herd increased by 64,900 head (1.9%) to 3.4 million head. Beef heifers for replacement increased 41,700 head (0.9%) in the U.S. and 24,700 head (4.8%) in Canada. Total cattle and calves in the United States and Canada was about even year over year at 97.3 million head, representing a decrease of 316,900 head (-0.4%) in the United States and an increase of 275,000 head (2.5%) in Canada.