Steady to higher cash prices helped lift Live Cattle futures an average of 64¢ higher (22¢ to $1.27 higher) on Thursday.
Negotiated cash fed cattle trade was slow on light demand in the Southern Plains through Thursday afternoon, according to the Agricultural Marketing Service. So far this week, live prices are $1 higher at $142/cwt.
Trade was slow on moderate demand in Nebraska with live prices steady to $1 higher at $143. Dressed prices are steady to $1 higher at $226-$227.
In the western Corn Belt, trade was limited on light demand. So far this week, live prices are steady to $2 lower at $143-$144. Dressed prices last week were $225-$230.
Choice Boxed beef cutout value was $1.13 lower Thursday afternoon at $252.34/cwt. Select was 16¢ lower at $229.95/cwt.
Feeder Cattle futures wobbled Thursday with more strength through the back half of the board. They closed mixed, from an average of 34¢ lower to an average of 41¢ higher.
That was despite softer grain futures with Corn following wheat and closing 4¢ to 8¢ lower. Soybean futures closed mostly 3¢ lower through Jly ‘23 and then mostly 9¢ lower.
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Major U.S. financial indices closed lower Wednesday amid mixed economic news and lingering worries about slowing economic growth.
The Dow Jones Industrial Average closed 173 points lower. The S&P 500 closed 44 points lower. The NASDAQ was down 167 points.
West Texas Intermediate Crude Oil futures on the CME closed $3.38 to $3.60 lower through the front six contracts, pressured by demand concerns.
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Freight railroads and unions reached a tentative agreement late to avert a worker strike.
According to a statement from the Association of American Railroads, the new contracts would provide rail employees a 24% wage increase during the five-year period from 2020 through 2024, including an immediate payout on average of $11,000 upon ratification by the unions.
“This tentative agreement provides for the highest general wage increases over the life of the agreement in over 45 years,” according to a joint statement by the Brotherhood of Locomotive Engineers and Trainmen (BLET), a Division of the Rail Conference of the International Brotherhood of Teamsters, and the Transportation Division of the International Association of Sheet Metal, Air, Rail, and Transportation Workers (SMART-TD).