Tighter fed cattle supplies, compounded by weather-reduced tonnage kept the hammer down on negotiated cash fed cattle prices Thursday. Trade ranged from moderate with good demand in Nebraska to mostly inactive on light demand through Thursday afternoon, according to the Agricultural Marketing Service.
So far this week, live prices are $5 higher in the Southern Plains at $175/cwt., $7-$8 higher in Nebraska at $182-$184 and $7 higher in the western Corn Belt at $181-$184. Dressed prices are $5-$10 higher at $290.
Choice boxed beef cutout value was $1.94 higher Thursday afternoon at $300.42/cwt. Select was $1.57 higher at $283.38/cwt.
Cattle futures mostly edged lower Thursday with likely repositioning amid the strong rally.
Feeder Cattle futures closed an average of 50¢ lower, except for 5¢ and 45¢ higher in two contracts.
Live Cattle futures closed an average of 58¢ lower, except for $1.22 higher in spot Apr.
Corn futures closed fractionally lower to 3¢ lower.
KC HRW Wheat closed mostly 12¢ to 18¢ lower.
Soybean futures closed mostly 3¢ to 5¢ higher.
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