Cattle futures were lower again, pressured by weaker early cash fed cattle prices and perhaps prescience about news from Tyson later in the day that it was shuttering its packing facility in Joslin, Ill., ending production at its case ready facility in Eagle Mountain, Utah and seeking a buyer for its packing facility in Pasco, Wash. (see below).
Toward the close, Live Cattle futures were an average of $2.58 lower. Feeder Cattle futures were an average of $1.68 lower.
Negotiated cash fed cattle trade was moderate on moderate to good demand in Nebraska through Thursday afternoon, according to the Agricultural Marketing Service. FOB live prices were $2 lower than the previous day and $7 lower than last week at mostly $228/cwt. Dressed delivered prices were $2 lower than the previous day and mostly $5-$8 lower than last week at $362-$365.
Trade was limited on moderate demand in the western Corn Belt. Although too few transactions to trend, there were some early FOB live trades at $228-$230 and some dressed delivered trades at $360-$368. Prices there last week were $235 and $370, respectively.
In Kansas, trade was mostly inactive on light demand. FOB live prices last week were $235.
Choice boxed beef cutout value was $3.62 higher Thursday afternoon at $375.90/cwt. Select was 57¢ lower at $349.24.
Grain and Soybean futures were mainly lower Thursday with likely profit taking from the previous session’s strong gains tied to support from the August World Agricultural Supply and Demand Estimates.
Toward the close and through the front four contracts, Corn futures were 8¢ lower. Soybean futures were fractionally lower to 2¢ higher. Kansas City HRW Wheat were fractionally higher to 3¢ lower.
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