Hopes grew Thursday for higher weekly cash fed cattle prices as Cattle futures, especially Feeder Cattle, climbed higher, apparently on the backs of non-commercial traders’ continued positioning ahead of support that could come with a U.S.-China trade deal. The next round of winter predicted to hit cattle feeding areas later this week was likely also supportive.
Live Cattle futures closed an average of 71¢ higher.
Feeder Cattle futures closed an average of $1.49 higher.
Wholesale beef values were lower on Choice and firm on Select with light to moderate demand and heavy offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $1.42 lower Thursday afternoon at $210.15/cwt. Select was 61¢ higher at $205.25.
Corn futures closed mostly fractionally higher to 1¢ higher.
Soybean futures closed mostly 1¢ higher.