Negotiated cash fed cattle trade was moderate on moderate demand in Kansas through Thursday afternoon, according to the Agricultural Marketing Service. FOB live prices were $10-$11 lower at $237-$238/cwt.
Trade in the North ranged from limited on moderate demand in the western Corn Belt to inactive on light to moderate demand in Nebraska, with too few transactions to trend. So far this week, FOB live prices are mostly $8 lower at mainly $240 and dressed delivered prices in Nebraska are $10-$13 lower at mostly $380. Dressed delivered prices in the western Corn Belt last week were $393.
Choice boxed beef cutout value was $2.90 lower Thursday afternoon at $368.38/cwt. Select was $3.49 lower at $355.69.
Traders continued long liquidation in Cattle futures on Thursday as negotiated cash fed cattle prices took another steep step lower this week and wholesale beef values continue lower. Apparently, packers have regained some leverage now, while strong basis encourages sellers.
Live Cattle futures were an average of $2.29 lower. Feeder Cattle futures were an average of $3.94 lower.
Grain and Soybean futures were lower Thursday with likely profit taking from the previous session’s gains and perhaps increased farmer selling.
Kansas City HRW Wheat futures were 1¢ to 2¢ higher, except for fractionally lower to 3¢ lower in the front three contracts.
Corn futures were mostly 3¢ to 6¢ lower.
Soybean futures were mostly 6¢ to 8¢ lower.
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