Negotiated cash fed cattle trade remained largely undeveloped through Thursday afternoon. However, according to the Agricultural Marketing Service (AMS), there was a light test of live sales in all regions Wednesday at mostly $112/cwt. and at $175-$180 in the beef. That was $6-$8 less than last week on a live basis and $10-$15 less dressed.
Cattle future tumbled further Thursday, pressured by beef demand uncertainty, declining wholesale beef values and softer cash prices.
Live Cattle futures closed an average of $4.28 lower, expanded limit-down in the front four contracts.
Feeder Cattle futures closed an average of $6.31 lower, expanded limit-down in the front five contracts.
Wholesale beef values were sharply lower on light demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $2.53 lower Thursday afternoon at $232.64/cwt. Select was $3.01 lower at $222.12.
The average dressed steer weight for the week ending Mar. 21 was 3 lbs. lighter than the previous week at 898 lbs., but 32 lbs. heavier than the same time a year earlier, according to USDA’s Actual Slaughter Under Federal Inspection report. The average dressed heifer weight was 836 lbs., which was 1 lb. heavier than the prior week and 32 lbs. heavier than the previous year.
Corn futures closed mostly fractionally higher to 2¢ higher.
Soybean futures closed 2¢ to 4¢ lower through Sep ‘20 and then mostly 2¢ to 4¢ higher.