Cattle futures continued lower Thursday with follow-through pressure from stronger Corn futures, steady to lower cash fed cattle prices, declining open interest and perhaps some defensiveness ahead of Friday’s monthly Cattle on Feed report.
Feeder Cattle futures closed an average of $1.51 lower.
Live Cattle futures closed an average of 72¢ lower.
Negotiated cash fed cattle trade ranged from slow on light to moderate demand to light on moderate demand through Thursday afternoon, according to the Agricultural Marketing Service.
So far this week, FOB live prices are $1 lower in the Southern Plains at $179/cwt., steady to mostly $2 lower in Nebraska at $185-$188 and steady to mostly $1 lower in the western Corn Belt at mainly $187.
Last week, dressed delivered prices were $295.
Wholesale beef prices continued to trend higher. Choice boxed beef cutout value was $5.15 higher Thursday afternoon at $314.14/cwt. Select was $1.49 higher at $286.26/cwt.
Hotter, drier weather helped Corn futures firm further Thursday; fractionally higher to 4¢ higher.
KC HRW Wheat closed mostly 4¢ to 11¢ lower through May ‘25 and then fractionally higher.
Soybean futures closed 2¢ to 9¢ higher through May ‘24 and then 10¢ to 15¢ higher.