Grain and Soybean futures rallied higher Friday, apparently mostly due to a wetter, drier forecast.
Corn futures closed mostly 25¢ to 31¢ higher through Jly ‘23 and then mostly 10¢ to 22¢ higher.
Soybean futures closed mostly 24¢ to 39¢ higher through Aug ’24 and then mostly 10¢ to 21¢ higher.
Stronger grain futures pressured Feeder Cattle futures an average of $1.28 lower, (from 75¢ lower to $1.58 lower).
Live Cattle futures closed mixed, from an average of 53¢ lower through the front four contracts to an average of 21¢ higher, except for unchanged in the back contract. The anemic weekly export sales report could have provided some pressure. Net U.S. beef export sales the week ending the week of June 30 were 3% less than the previous week and 23% less than the prior four-week average, according to USDA.
Negotiated cash fed cattle trade was mostly inactive on light demand in all major cattle feeding regions through Friday afternoon, according to the Agricultural Marketing Service, with too few transactions to trend.
For the week, live prices were steady to $1 lower in the Southern Plains at $137/cwt., $1-$2 lower in Nebraska at $144-$149 and steady in the western Corn Belt at $147-$150. Dressed prices in Nebraska were $2 lower at $232.
Choice Boxed beef cutout value 18¢ lower through Friday afternoon at $267.89/cwt. Select was 73¢ lower at $241.85
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