Cattle futures closed mostly lower amid light trade Thursday, perhaps also pressured by positioning ahead of Friday’s Cattle on Feed report that will come out after tomorrow’s close.
Feeder Cattle futures closed an average of $1.83 lower.
Live Cattle futures closed an average of $1.36 lower (90¢ to $1.65 lower), except for 52¢ higher in spot Dec.
Negotiated cash fed cattle trade ranged from slow on moderate demand to a standstill through Thursday afternoon, according to the Agricultural Marketing Service.
So far this week, FOB live prices are $1-$3 higher in the western Corn Belt at $170/cwt. Dressed, delivered prices of $270 are $2-$3 higher in Nebraska and $3 higher in the western Corn Belt.
Last week, FOB live prices were $170/cwt. in the Southern Plains and $168 in Nebraska.
Choice boxed beef cutout value was $2.00 higher Thursday afternoon at $291.13/cwt. Select was 33¢ lower at $261.27/cwt.
Net 2023 U.S. beef export sales of 9,700 metric tons (mt) for the week ending Dec. 14 were 8% less than the previous week, but 44% more than the prior four-week average, according to USDA’s weekly Export Sales report. Increases primarily were for South Korea, Japan, Mexico, Canada and China.
Net U.S. beef export sales of 6,400 mt for 2024 were primarily for Japan, Mexico, China, Hong Kong and Taiwan.
Turning to row crops, this week’s U.S. closure of key rail bridges connecting the nation and Mexico — hampering transport of goods and commodities — continued to cap and pressure to grain futures.
Corn futures closed 2¢ higher through Jly ’25 and then unchanged to fractionally higher.
KC HRW Wheat futures closed mostly 1¢ to 3¢ lower.
Soybean futures closed 8¢ to 14¢ lower.
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