Cattle futures gained on Thursday, helped by the early promise shown in cash fed cattle trade.
Toward the close, Live Cattle futures were an average of $1.77 higher. Feeder Cattle futures were an average of $3.78 higher.
Negotiated cash fed cattle trade was limited on light demand in Nebraska through Thursday afternoon, according to the Agricultural Marketing Service. Although too few transactions to trend, there were some early dressed trades at $345-$355.
Trade was limited on moderate demand in the western Corn Belt. Although too few transactions to trend, there were some early dressed sales at $355.
Last week, FOB live prices were mostly $222/cwt. in Nebraska at mostly $220 in the western Corn Belt. Dressed delivered prices were mostly $345.
Choice boxed beef cutout value was $2.52 lower Thursday afternoon at $373.98/cwt. Select was $5.85 lower at $352.62.
Corn and Soybean futures were lower again Thursday with continued harvest pressure.
Through late afternoon, and through the front four contracts, Corn futures were 2¢ to 4¢ lower. Kansas City HRW Wheat futures were 2¢ lower. Soybean futures were 11¢ to 13¢ lower, also pressured by higher yield estimates in Brazil.
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Major U.S. financial indices closed higher on Thursday, with chatter about money rotating out of AI investment. At the same time, more data pointed to sticky inflation.
The Producer Price Index for final demand increased 1.3% in September, seasonally adjusted, according to the U.S. Bureau of Labor Statistics. The September increase was the largest since rising 1.7% in March 2022. On an unadjusted basis, the index for final
demand climbed 6.3% for the 12 months ended in September, the largest 12-month
increase since December 2022.
The Dow Jones Industrial Average closed 556 points higher. The S&P 500 closed 25 points higher. The NASDAQ was up 20 points.
Through mid-afternoon, West Texas Intermediate crude oil futures (CME) were 37¢ to $2.60 higher through the front six contracts.