Negotiated cash fed cattle trade ranged from limited on light demand to a standstill through Thursday afternoon, according to the Agricultural Marketing Service. There were a few live FOB sales in the western Corn Belt at $188/cwt., but too few to trend.
Last week, live FOB prices were $178-$179/cwt. in the Southern Plains, $186 in Nebraska, and $185-$186 in the western Corn Belt. Dressed delivered prices were $292-$295.
Choice boxed beef cutout value was $1.17 lower Thursday afternoon at $302.01/cwt. Select was 84¢ higher at $278.31/cwt.
Cattle futures on Thursday mainly regained what was lost in the previous session as traders returned the focus to fundamentals rather than the selloff triggered by the downgrading of U.S. credit.
Live Cattle futures an average of 76¢ higher (12¢ to $1.17 higher).
Feeder Cattle futures closed an average of $1.35 higher.
Corn futures continued lower Thursday with the more favorable production outlook coupled with continued anemic international demand.
Corn futures closed 6¢ to 7¢ lower through May ‘24 and then mostly 2¢ to 3¢ lower.
KC HRW Wheat closed 9¢ to 19¢ lower.
Soybean futures closed mostly 3¢ to 5¢ higher.
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