Cattle futures on Thursday continued to retrace higher from the early-week meltdown, with odds increasing for steady to higher negotiated cash fed cattle prices this week.
Toward the close, Live Cattle futures were an average of $2.58 higher. Feeder Cattle futures were an average of $4.45 higher.
Negotiated cash fed cattle trade was limited on light to moderate demand in the western Corn Belt through Thursday afternoon, according to the Agricultural Marketing Service. Although too few transactions to trend, there were some early FOB live trades at $232-$233/cwt. Prices there last week were mostly $230 with dressed delivered trade at $365.
Elsewhere, trade was inactive on light demand. Last week FOB live prices were $230-$231 in Kansas and mostly $230 in Nebraska, where dressed delivered prices were $365.
Choice boxed beef cutout value was $2.93 lower Thursday afternoon at $360.50/cwt. Select was $1.08 lower at $341.33.
Soybean and Corn futures continued lower Thursday, on the more favorable weather outlook, while Wheat gained as traders added more war premium for export disruptions in the Black Sea.
Toward the close and through the front four contracts, Soybean futures were 3¢ to 4¢ lower. Kansas City HRW Wheat were 5¢ to 7¢ higher. Corn futures were 2¢ to 3¢ lower.
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