Negotiated cash fed cattle prices were steady in the Southern Plains through Thursday afternoon at $108/cwt., according to the Agricultural Marketing Service, but there were too few transactions for a market trend.
There were also some live trades in Nebraska at $105, steady with the previous day but $1-$2 lower than the previous week. Dressed trades there on Wednesday were $3 lower at $165.
So far this week live trades are steady to $1 lower in the western Corn Belt at $105 on a lived basis and $3 lower in the beef at $165.
Cattle futures closed higher Thursday, supported by early signs that wholesale beef prices may be at or near the seasonal ebb. Firmness could also stem from expectations that Friday’s monthly Cattle on Feed report will be market friendly, with significantly lower year-over-year placements in November.
Live Cattle futures closed an average of 50¢ higher.
Feeder Cattle futures closed an average of 82¢ higher from 12¢ higher in spot Jan to $1.22 higher.
Corn futures closed 3¢ to 5¢ higher through Sep ‘21 and then mostly 1¢ higher.
Soybean futures closed 14¢ to 17¢ higher through Aug ’21 and then mostly 7¢ to 9¢ higher.