Snug supplies and demand-based aggressive slaughter helped negotiated cash fed cattle prices pull ahead with more gusto this week.
Live prices were $3 higher in the Texas Panhandle at $148/cwt. on moderate trade and light to moderate demand, according to the Agricultural Marketing Service. Prices were $4 higher in Nebraska at mostly $152 on moderate demand and trade. Dressed prices in Nebraska were $4 higher at $236.
There were some live sales in the western Corn Belt at $150 and $236 in the beef, but too few to trend. Live prices there Wednesday were $2 higher at $150. Dressed prices last week were $230-$232.
Choice Boxed beef cutout value was 23¢ higher Thursday afternoon at $253.62/cwt. Select was 11¢ lower at $222.08/cwt.
Cattle futures closed mixed, though, between resurgent Corn futures but stronger cash fed cattle prices.
Feeder Cattle futures closed an average of 79¢ lower (52¢ to $1.02 lower), except for 35¢ higher in spot Oct.
Live Cattle futures closed narrowly mixed, from an average of 22¢ lower in four contracts to an average 34¢ higher.
Corn futures closed mostly 3¢ to 5¢ higher.
Soybean futures closed 14¢ to 19¢ higher through Jly ‘23.and then mostly 9¢ higher.
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Major U.S. financial indices closed lower Thursday amid mixed quarterly corporate earnings and rising bond yields.
The Dow Jones Industrial Average closed 90 points lower. The S&P 500 closed 29 points lower. The NASDAQ was down 65 points.
West Texas Intermediate Crude Oil futures (CME) closed 1¢ to 49¢ lower through the front six contracts, except for 43¢ higher in spot Nov.
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Beef production in September was record large for the month at 2.39 billion lbs., according to the monthly Livestock Slaughter report from USDA’s National Agricultural Statistics Service. Year-over-year cattle slaughter was 4% more at 2.9 million head.
Commercial red meat production totaled 4.67 billion lbs. in September, up 2% from the same time last year.