Negotiated cash fed cattle trade was undeveloped through Thursday afternoon, but early sales in Nebraska and the western Corn Belt point to stronger trade this week. Although there were too few transactions to trend, early dressed sales in those regions were $2-$5 higher than last week at $182-$185. Early live sales in the western Corn Belt were $1-$2 higher at $114-$115.
Cattle futures drifted higher, awaiting more concrete cash direction.
Live Cattle futures closed from an average of 15¢ higher.
Other than 2¢ lower in the back two contracts, Feeder Cattle futures closed an average of 42¢ higher.
Wholesale beef values were steady to weak on light to moderate demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 65¢ lower Thursday afternoon at $213.77/cwt. Select was 10¢ lower at $190.79.
Corn futures closed 6¢ to 13¢ higher though Jul ’20 and then 1¢ to 2¢ higher. That was despite what most would deem bearish news in the monthly World Agricultural Supply and Demand Estimates (see below).
Soybean futures closed mostly 3¢ to 4¢ higher.