Cattle futures stepped higher Thursday, supported by firmer cash prices, chatter about the low for fed cattle being established and an increase in weekly exports.
Net beef export sales of 27,800 metric tons for the week ending July 9 were up noticeably from the previous week and up 68% from the prior four-week average, according to the U.S. Export Sales report from USDA’s Foreign Agricultural Service. Increases were primarily for South Korea, Japan, Mexico, Taiwan, and Canada.
Live Cattle futures closed an average of $1.33 higher (67¢ to $2.05 higher).
Feeder Cattle futures closed an average of $1.92 higher (67¢ to $3.20 higher).
Choice boxed beef cutout value was 4¢ higher Thursday afternoon at $200.80/cwt. Select was 7¢ lower at $191.30.
Corn futures closed mostly 1¢ to 3¢ higher.
Soybean futures closed 7¢ to 8¢ higher through Mar ’21 and then mostly 4¢ higher.