Negotiated cash fed cattle trade was moderate on moderate demand in Nebraska and the western Corn Belt through Thursday afternoon, according to the Agricultural Marketing Service.
FOB live prices were unevenly steady in both regions at $228/cwt. Dressed delivered prices in Nebraska were $3 higher at mostly $358. Although too few to trend, there were some dressed delivered trades at $355-$358 in the western Corn Belt, where prices last week were $350-$355.
Last week, FOB live prices were $230/cwt. in Kansas.
Choice boxed beef cutout value was $1.19 higher Thursday afternoon at $357.28/cwt. Select was $2.46 lower at $343.97.
Cattle futures continued lower Thursday with still-overbought conditions.
Toward the close, Live Cattle futures were an average of 75¢ lower (25¢ lower at the back to $1.72 lower in spot Dec).
Feeder Cattle futures were an average of $1.87 lower.
Grain futures were higher again on Thursday, while Soybean futures continued to flounder.
Toward the close, through near Jly, Corn futures were 3¢ to 4¢ higher, supported by strong ethanol production and demand.
KC HRW Wheat futures were 8¢ to 9¢ higher, likely buoyed by short covering.
Soybean futures were 6¢ to 8¢ lower.
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