Cattle futures fell hard Thursday as outside markets initially plummeted in response to Russia’s invasion of Ukraine, although they did close off of session lows.
Feeder Cattle futures closed an average of $2.91 lower, from $1.90 to $4.47 lower.
Live Cattle futures closed an average of $2.05 lower, from $1.12 to $2.52 lower.
So far this week, though, negotiated cash fed cattle prices are firm to higher with live prices steady in the Southern Plains at $142/cwt., $2 higher in Nebraska at $144 and steady to $3 higher in the western Corn Belt at $144-$145. Dressed prices are $1 higher in Nebraska at $227 and steady to $1 higher in the western Corn Belt at $226-$227.
Trade was slow on light demand in all major cattle feeding regions through Thursday afternoon, according to the Agricultural Marketing Service.
Choice Boxed beef cutout value was 76¢ lower Thursday afternoon at $260.88/cwt. Select was $4.68 lower at $258.96.
Grain and soybean futures were widely volatile as traders came to grips with the war in eastern Europe, as well as U.S. baseline projections released as part of the annual Agricultural Outlook Forum (see below).
Corn futures closed 4¢ to 9¢ higher in the front three contracts and then 6¢ to 15¢ lower.
Soybean futures closed mostly 23¢ to 36¢ lower.