Cattle futures were sharply lower Thursday with no apparent headlines for fuel. Pressure included steady to lower negotiated cash fed cattle prices, softer wholesale beef values and likely positioning ahead of Friday’s Cattle on Feed report and the three-day weekend.
Depending on the source, pre-report estimates are for April placement to be up 3% year over year, April marketing to be 9.5% less and the May 1 inventory of cattle on feed to be up 1% or so.
Toward the close, Live Cattle futures were an average of $4.31 lower. Feeder Cattle futures were an average of $8.25 lower (from $1.60 lower in spot May to limit-down $9.25 in six contracts).
Negotiated cash fed cattle trade was moderate on moderate demand in all major cattle feeding regions through Thursday afternoon, according to the Agricultural Marketing Service.
Based on the latest established trade this week, FOB live prices are steady in the Southern Plains at $260/cwt. and steady to $5 lower in the North at $260. Dressed delivered prices are steady to $5 lower in Nebraska at $410. Dressed delivered prices in the western Corn Belt last week were mostly $410.
Choice boxed beef cutout value was $2.14 lower Thursday afternoon at $391.48/cwt. Select was $5.48 lower at $385.65.
Grain and Soybean futures trended lower Thursday with pressure from the fast planting pace and positive weather outlook.
Toward the close, and through near Mar contracts, Kansas City HRW Wheat futures were 9¢ to 12¢ lower. Corn futures were 3¢ lower. Soybean futures were 6¢ to 7¢ lower.
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Major U.S. financial indices faded early pressure to close higher Thursday.
The Dow Jones Industrial Average closed 276 points higher. The S&P 500 closed 12 points higher. The NASDAQ was up 22 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 64¢ lower to 69¢ higher through the front six contracts.