Corn futures dredged 15¢ to 16¢ lower through new-crop contracts and then mostly 12¢ to 13¢ lower, pressured by favorable weather and reports suggesting Ukraine, Russia, Turkey and the UN would sign an agreement Friday that would enable resumption of Ukraine Black Sea grain exports.
Soybean futures closed mostly 24¢ to 30¢ lower, also pressured by lower Crude Oil.
Feeder Cattle futures gained an average of 49¢ with the lower Corn futures, although reluctantly.
Live Cattle futures closed an average of 41¢ lower, except for 20¢ higher in the back contract, on the week’s lower cash tone and perhaps with some deference to Friday’s semiannual Cattle report and monthly Cattle on Feed report.
Negotiated cash fed cattle trade was limited on light trade through Thursday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were some live trades in Kansas at $136/cwt. and a few dressed sales in the western Corn Belt at $232.
In established trade for the week, live prices are $1 lower in the Texas Panhandle at $136 and $1.00-$1.50 lower in Nebraska at $139.00-$143.50, where dressed prices are $3 lower at $227.
Last week, live prices were $137 in Kansas and $143.50-$145.00 in the western Corn Belt, where dressed prices were $228-$230.
Wholesale beef values resumed the seasonal decline. Choice Boxed beef cutout value was $2.77 lower Thursday afternoon at $267.76/cwt. Select was $1.72 lower at $240.53/cwt.
U.S. net beef export sales of 23,800 metric tons for the week of July 14 were up noticeably from the previous week and were 97% more than the prior four-week average, according to the weekly U.S. Export Sales report. Increases were primarily for South Korea, Japan, China, Mexico and Hong Kong.
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