Cattle futures finally rallied back Thursday, supported by oversold conditions.
Feeder Cattle futures closed and average of $2.19 higher. Live Cattle futures closed an average of $1.02 higher.
Negotiated cash fed cattle trade was limited on light demand in all major cattle feeding regions through Thursday afternoon with too few transactions to trend, according to the Agricultural marketing Service.
So far this week, live prices are steady at $143/cwt. in the Southern Plains and at $144-$145 in Nebraska. Prices are steady to $3 lower in the western Corn Belt at $145. Dressed prices are steady to $1 higher in Nebraska at $228-$233 and at the bottom of last week’s range in the western Corn Belt at $228.
Choice boxed beef cutout value was $1.47 lower Thursday afternoon at $246.08/cwt. Select was 57¢ higher at $219.78.
Corn futures closed mostly fractionally higher toward the front and then 2¢ to 3¢ higher.
Soybean futures closed mostly 4¢ to 5¢ higher.
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Major U.S. financial sold off Thursday, basically giving back what was gained in the previous session with investors apparently returning their focus to a slowing economy.
The Dow Jones Industrial Average closed 458 points lower. The S&P 500 closed 78 points lower. The NASDAQ was down 314 points.
West Texas Intermediate Crude Oil futures (CME) closed 78¢ to 92¢ lower through the front six contracts.