Grain and soybean futures rallied Thursday with extreme heat and dry conditions forecast for the Corn Belt.
Corn futures closed 11¢ to 14¢ higher through Jly ‘23, and then mostly 3¢ to 5¢ higher.
Soybean futures closed mostly 14¢ to 19¢ higher.
Stouter corn prices helped pressure Feeder Cattle futures an average of $1.66 lower.
Live Cattle futures mostly held their ground, supported by stronger cash prices, closing an average of 30¢ lower, except for unchanged to an average of 13¢ higher in three contracts.
Negotiated cash fed cattle trade was slow on light demand in all major cattle feeding regions through Thursday afternoon, according to the Agricultural Marketing Service. Live sales were $3 higher than last week in Kansas at $140 and $2-$4 higher than Tuesday in the Texas Panhandle at $140.
Elsewhere, for the week, live prices are $2-$4 higher in the Northern Plains at $145 and $3 higher in the western Corn Belt at $144-$146. Dressed prices are $4-$5 higher at $230.
Choice Boxed beef cutout value was $1.06 lower through Thursday afternoon at $267.16/cwt. Select was 30¢ lower at $267.16.
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