Negotiated cash fed cattle trade ranged from limited on light demand to a standstill through Thursday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
So far this week, live prices are steady to $1 higher in the Texas Panhandle at $137and $1-$2 higher in Kansas at $137. Prices are steady to $1 higher in Nebraska at $137-$138. Although too few to trend, there were a few live trades in the western Corn Belt at $137, which was $1 lower. Dressed prices are steady at $218.
Cattle futures softened Thursday after follow-through support early in the session.
Live Cattle futures closed narrowly mixed, from an average of 17¢ lower in the front five contracts; unchanged to an average of 14¢ higher the rest of the way.
Feeder Cattle futures closed an average of 37¢ lower, except for unchanged to 75¢ higher in the back three contracts.
Choice Boxed beef cutout value was $1.38 higher Thursday afternoon at $292.98/cwt. Select was $1.75 higher at $282.18.
The average dressed steer weight the week ending Jan. 8 was 928 lbs., according to USDA’s Actual Slaughter Under Federal Inspection Report. That was the same as a week earlier but 5 lbs. heavier than the previous year. The average dressed heifer weight was 851 lbs., which was 4 lbs. lighter than the previous week and the same as a year earlier.
Weather in South America and tension between Russia and Ukraine continued to dominate grain market commentary Thursday.
Soybean futures closed 27¢ to 34¢ higher through the front four contracts and then mostly 9¢ to 15¢ higher.
Corn futures closed mostly 2¢ to 4¢ lower.