Cattle futures gained more ground Thursday, helped along by further erosion in the grain complex, as well as stronger wholesale beef values.
Feeder Cattle futures closed an average of $1.38 higher (62¢ to $1.92 higher).
Live Cattle futures closed an average of 33¢ higher (5¢ to 92¢ higher).
Favorable domestic weather and bullish expectations for Brazilian production continued to pressure grain and Soybean futures on Thursday. Another corn sales cancellation by China (233,000 metric tons) added more weight to Corn futures, which closed 11¢ to 19¢ lower through Jly ‘24 and then mostly 6¢ to 8¢ lower.
KC HRW Wheat closed mostly 12¢ to 18¢ lower.
Soybean futures closed 7¢ to 12¢ lower through Aug ‘24 and then mostly 3¢ lower.
There was no afternoon negotiated cash fed cattle summary from USDA at press time.
Based on the morning report, live and dressed sales Wednesday were steady to $3 lower in the western Corn belt at $180/cwt. and $275, respectively.
Last week, live prices were $175/cwt. in the Texas Panhandle, $173-$175 in Kansas and $180-$185 in Nebraska. Dressed prices in Nebraska were $284-$290.
Choice boxed beef cutout value was $1.49 higher Thursday morning at $310.73/cwt. Select was $2.17 higher at $290.11/cwt.
Podcast: Play in new window | Download
Subscribe: Apple Podcasts | Android | RSS | More