Cattle futures softened Thursday with likely positioning ahead of Fridays monthly Cattle on Feed report. Many expect the report to indicate a sharp decline in feedlot placement, about 12% less year over year in January, based on average analyst estimates. January marketing are estimated to be about even, while the Feb. 1 on-feed inventory is projected to be up slightly.
Live Cattle futures closed an average of 84¢ lower.
Feeder Cattle futures closed an average of $1.44 lower, except for an average of 56¢ higher in the front three contracts.
Negotiated cash fed cattle trade ranged from a standstill in the South to mostly inactive on light demand in the North, with too few transactions to trend, through Thursday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $180/cwt. in the Southern Plains, $181 in Nebraska and $180 in the western Corn Belt. Dressed delivered prices were mostly $287 in Nebraska and $285 in the western Corn Belt.
Choice boxed beef cutout value was $1.99 higher Thursday afternoon at $299.79/cwt. Select was $1.35 higher at $285.81/cwt.
Grain and Soybean futures continued searching for a bottom Thursday with apparent added pressure from recent producer selling.
Corn futures closed 4¢ to 5¢ lower through Dec. ’24 and then mostly 2¢ lower.
KC HRW Wheat futures closed mostly fractionally lower to 3¢ lower.
Soybean futures closed 10¢ to 13¢ lower through Jly ’25. and then mostly 7¢ to 8¢ lower.
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