Cattle futures stretched higher Thursday, led by Feeder Cattle. Recently higher wholesale beef prices and growing prospects of steady to higher cash fed cattle prices this week added support. There was also likely some positioning ahead of the monthly Cattle on Feed report scheduled for release Friday. Analyst estimates ahead of the report peg December placements about 4% lower year over year, December marketings about 0.5% less and the Jan. 1 feedlot inventory about 2% higher.
Feeder Cattle futures closed an average of $2.21 higher ($1.65 to $2.77 higher).
Live Cattle futures closed an average of $1.41 higher (1.00 to $2.02 higher).
Negotiated cash fed cattle trade ranged from inactive on light demand to a standstill through Thursday afternoon, according to the Agricultural Marketing Service. Last week, FOB live prices were $172/cwt. in the Southern Plains, $173 in Nebraska and $175 in the western Corn Belt. Dressed delivered prices were $272-$275 in Nebraska and $275 in the western Corn Belt.
Choice boxed beef cutout value was $2.16 lower Thursday afternoon at 296.29/cwt. Select was 74¢ higher at $283.76/cwt.
Grain and Soybean futures firmed on apparently oversold conditions and positive outside markets.
Soybean futures closed 1¢ to 7¢ higher through Mar ’25 and then 1¢ to 5¢ lower.
Corn futures closed mostly 1¢ higher through Jly ’25 and then mostly 1¢ to 2¢ lower.
KC HRW Wheat futures closed mostly 7¢ to 9¢ higher.
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