Cattle futures strengthened during much of Thursday’s session but closed lower, perhaps with some defensiveness ahead of Friday’s Cattle on Feed report, as well as the Semiannual Cattle report. So far, these reversals have represented a breather rather than a top.
Live Cattle futures closed an average of 74¢ lower (35¢ to $1.05 lower).
Feeder Cattle futures closed an average of 71¢ lower (15¢ to $1.70 lower).
Negotiated cash fed cattle trade was slow to moderate in the western Corn Belt through Thursday afternoon, according to the Agricultural Marketing Service. Live prices were $3-$4 higher than last week at $188/cwt.
There were a few live sales in Nebraska at $188 on limited trade and light demand, but too few to trend.
Last week, live prices were $186/cwt. in Nebraska and $175-$184 in Kansas on a light test. Dressed prices were $290-$292 in Nebraska and $290-$295 in the western Corn Belt. Live prices in the Texas Panhandle the previous week were $178.
Choice boxed beef cutout value was $1.03 lower Thursday afternoon at $302.56/cwt. Select was $1.25 lower at $274.71/cwt.
Corn futures closed mostly 4¢ to 5¢ lower on likely profit taking.
KC HRW Wheat closed mixed, from 8¢ lower to 8¢ higher.
Soybean futures closed mixed, mostly 5¢ to 6¢ lower through Mar ’24 and then mostly 2¢ to 4¢ higher.
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