Negotiated cash fed cattle trade ranged from a standstill to limited on light demand through Thursday afternoon, according to the Agricultural Marketing Service.
For the week so far, live prices are $3 higher in the Southern Plains at $120/cwt., $5 higher in Nebraska at $123, $3-$5 higher in the western Corn Belt at $121-$125 and $4-$7 higher in Colorado (compared to two weeks earlier) at $120-$123. Dressed trade is $5-$7 higher at $195.
Feeder Cattle futures closed mostly slightly lower Thursday, pressured by the surge in Corn futures prices.
Feeder Cattle futures closed an average of 52¢ lower (37¢ to $1.07 lower), except for an average of 42¢ higher in the back two contracts.
Live Cattle futures mostly extended gains, with continued support from cash prices and wholesale beef values, as well as expanding open interest.
Live Cattle futures closed an average of 56¢ higher (35¢ to $1.00 higher), except for an average of 17¢ lower in two nearby contracts.
Choice boxed beef cutout value was $4.19 higher Thursday afternoon at $270.50/cwt. Select was $8.64 higher at $263.83.
The average dressed steer weight the week ending March 27 was 899 lbs., according to USDA’s Actual Slaughter Under Federal Inspection report. That was 2 lbs. lighter than the previous week, but 8 lbs. heavier than the same week last year. The average dressed heifer weight of 830 lbs. was 6 lbs. lighter week to week but 5 lbs. heavier than a year earlier.
Front-month grain futures closed sharply higher Thursday amid likely positioning ahead of USDA’s World Agricultural Supply and Demand Estimates due out Wednesday.
Corn futures closed 10¢ to 19¢ higher in the front three contracts, 8¢ to 9¢ higher in the next four and then mostly 3¢ to 4¢ higher.
Soybean futures closed mostly 1¢ to 2¢ higher, except for 6¢ higher in the front two contracts.