Negotiated cash fed cattle trade remained undeveloped through Thursday afternoon. Current indications continue to suggest steady to higher prices when it does occur. Wet, muddy condition in major cattle feeding areas continue to hinder cattle performance and add support to the market.
Cattle futures traded mainly sideways.
Except for 25¢ lower in the back contract, Live Cattle futures closed an average of 11¢ higher.
Feeder Cattle futures closed 10¢ lower to 20¢ higher.
Grains closed lower on the day, presumably on a less bearish outlook than traders expected to see for soybeans in South America. Chatter also picked up a notch regarding the growing dearth of publicly available market data, due to the ongoing partial government shutdown.
Corn futures closed 4¢ to 5¢ lower through Jul ’20 and then mostly 2¢ lower.
Soybean futures closed 11¢ to 17¢ lower.
Wholesale beef values were steady on Choice and higher on Select with moderate to fairly good demand and moderate offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 12¢ higher Thursday afternoon at $213.96/cwt. Select was $1.30 higher at $207.77.