Negotiated cash fed cattle trade was at a standstill in the Texas Panhandle through Thursday afternoon. Elsewhere, it was limited on light to moderate demand with too few transactions to trend.
On Wednesday, live sales in Nebraska were steady with the previous week at $123/cwt. and unevenly steady in the western Corn Belt at $125.00-$125.50. Last week, dressed trade in both regions was at $196-$202.
A day earlier, live trade in the Southern Plains was generally steady at $120.
Cattle futures closed narrowly mixed Thursday with pressure from sluggish cash fed cattle sales and continued erosion of wholesale beef values. Weekly U.S. beef export sales also took a breather.
Net U.S. beef export sales for the week ending July 8 were 9,300 metric tons (2021), which was 61% less than the previous week and 44% less than the prior four-week average, according to the Weekly U.S. Export Sales report. Increases were primarily for Japan, Mexico, China, Taiwan), and South Korea.
Feeder Cattle futures closed mixed, from 25¢ lower to 43¢ higher.
Live Cattle futures closed mixed, from an average of 17¢ lower to an average of 9¢ higher, except for unchanged in the back contract.
Choice boxed beef cutout value was $3.01 lower Thursday afternoon at $269.87/cwt. Select was $1.27 lower at $252.48/cwt.
The average dressed steer weight the week ending July 3 was 884 lbs., according to USDA’s Actual Slaughter Under Federal Inspection report. That was 1 lb. heavier than the previous week but 12 lbs. lighter than the same week a year earlier. The average dressed heifer weight of 811 lbs. was 1 lbs. lighter than the previous week and 15 lbs. lighter than the previous year.
Corn futures closed 2¢ to 4¢ lower through Jul ’22 and then 2¢ to 3¢ higher.
Soybean futures closed 3¢ to 6¢ lower across the board.