Negotiated cash fed cattle trade continued steady to firm Thursday with live sales at $124/cwt. in Nebraska and at $125 in the western Corn Belt. Dressed sales were at $199 in Nebraska and at $198.00-$199.50 in the western Corn Belt. For the week, live sales in the Southern Plains also were steady at $124.
Cattle futures weakened, though, closing down triple digits, amid active trade. Pressure could have included the bounce higher in nearby Corn futures, demand wonderments related to the global spread of the coronavirus, as well as positioning ahead of the monthly Cattle on Feed report (see below) that will be released Friday afternoon. Definitive explanations were elusive, though.
Live Cattle futures close an average of $1.88 lower.
Feeder Cattle futures closed an average of $2.40 lower for an average of $3.47 lower in the last two sessions.
Wholesale beef values were firm on Choice and lower on Select, with light to moderate demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 36¢ higher Thursday afternoon at $215.32/cwt. Select was 82¢ lower at $211.20.
Corn futures closed 4¢ to 5¢ higher through the front three contracts and then mostly 1¢ to 2¢ higher.
Soybean futures closed 3¢ to 4¢ lower in the front six contracts and then mostly 1¢ to 4¢ higher.