Cattle futures extended gains, supported by recently resurgent wholesale beef prices.
Heading into the close and before settlement, Live Cattle futures were an average of 26¢ higher. Feeder Cattle were an average of 47¢ higher.
Choice boxed beef cutout value was $2.38 higher Wednesday afternoon at $306.77/cwt. Select was 49¢ higher at $294.31/cwt.
Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill in all major cattle feeding regions through Wednesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $184/cwt. in the Texas Panhandle, $183-$185 in Kansas, $186-$187 in Nebraska and mostly $187 in the western Corn Belt. Dressed delivered prices were $295-$296 in Nebraska and mostly $295 in the western Corn Belt.
Turning to row crops, Grain futures were lower again on likely profit taking and producer selling.
Corn futures were 3¢ to 4¢ lower through Sep ’25. Kansas City Wheat futures mostly 7¢ lower through May ‘25. Soybean were mostly 1¢ to 4¢ lower through May ‘25.
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Major U.S. financial indices jumped higher Wednesday on encouraging inflation news.
The Consumer Price Index for All Urban Consumers increased 0.3% in April on a seasonally adjusted basis, after rising 0.4% in March, 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 349 points higher. The S&P 500 closed 61 points higher. The NASDAQ was up 231 points.
Heading into the close West Texas Intermediate Crude Oil futures on the CME were 48¢ to 84¢ higher through the front six contracts.
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Domestic U.S. beef demand continued to be extraordinarily resilient in the face of continued high retail prices.
“The USDA all-fresh beef retail price was at $7.89 per pound in March. A new all-time high for that month,” according to Rabobank analysts, in their April North American agribusiness review. “The stronger price trend pushed first-quarter 2024 consumer beef demand to its second-highest level in the last 30 years.”
The Choice beef retail price in March was $8.12 per pound, which was 48 cents higher (+6.3%) year over year. During the same period, the composite broiler retail price was about 2 cents higher at $2.43 (+0.1%) and retail pork value was up about 4 cents (+0.1%) at $4.79.
More specifically, ground beef prices were 6.1% higher year over year at $5.13 per pound. Choice, boneless chuck roast was 9.4% higher at $6.73 and the Choice sirloin steak price was up 12.2% at $11.54.
Conversely, boneless chicken breast was 5.1% less at about $4.11 per pound. Boneless ham (not canned) was 1.8% less at $5.57 and bacon was fractionally lower at $6.61. Pork chop prices (all) were 2.2% higher at about $4.26.