Live Cattle futures were mixed Thursday and Feeder Cattle futures were lower with pressure from recently lower wholesale beef prices and month-end position squaring.
Toward the close, Live Cattle futures ranged from an average of 12¢ lower in three contracts to an average of 50¢ higher, except for $4.60 higher in expiring Oct. Feeder Cattle futures were an average of 62¢ lower, except for 17¢ higher in new spot Nov and $1.02 higher in expiring Oct.
Negotiated cash fed cattle trade ranged from slow on light demand in Nebraska to a standstill in the Texas Panhandle through Thursday afternoon, according to the Agricultural Marketing Service.
So far this week, FOB live prices are steady to $1 lower in the Texas Panhandle at $190/cwt. and steady in other regions at $190. Dressed delivered prices are steady to $2 lower at $296-$298 in Nebraska and $298 in the western Corn Belt.
Choice boxed beef cutout value was $1.84 lower Thursday afternoon at $317.60/cwt. Select was $3.95 lower at $285.37.
Corn and Soybean futures received support from export sales Thursday. For the week ending Oct. 24, net U.S. corn export sales were 7% higher than the previous four-week average and net U.S. soybean sales were 39% more than the prior four-week average.
Toward the close and through Sep ’25 contracts, Corn futures were mostly 1¢ higher. Soybean futures were 5¢ to 7¢ higher. Kansas City Wheat futures were 5¢ lower, pressured by the wetter outlook for winter wheat areas of the country.
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Major U.S. financial indices took a strong step lower Thursday, led by tech stocks.
The Dow Jones Industrial Average closed 378 points lower. The S&P 500 closed 108 points lower. The NASDAQ was down 512 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were $1.67-$1.92 higher through the front six contracts.