Negotiated cash fed cattle prices roared higher Thursday.
Trade in the Southern Plains was active with very good demand. Live prices were $5-$9 higher in the Texas Panhandle at $175-$180/cwt. and $7-$9 higher in Kansas at $178-$180.
Elsewhere, trade was moderate with very good demand. Live prices were $3-$6 higher in Nebraska at $183-$188 and $3-$5 higher in the western Corn Belt $185-$187. Dressed prices in Nebraska were $5-$6 higher at $285-$292. Last week, dressed prices in the western Corn Belt were $285.
Choice boxed beef cutout value was 60¢ higher Thursday afternoon at $306.44/cwt. Select was 83¢ lower at $286.32/cwt.
The extraordinary ascent of cash fed cattle prices fueled another bounce in Cattle futures.
Live Cattle futures closed an average of $3.65 higher ($2.25 higher at the back to $5.77 higher in spot Jun).
Feeder Cattle futures closed an average of $3.38 higher ($2.47 to $4.20 higher).
Traders appeared to add weather premium to markets Thursday.
Corn futures closed mostly 5¢ to 8¢ higher.
KC HRW Wheat closed 12¢ to 19¢ higher.
Soybean futures closed 18¢ to 29¢ higher though May ‘24 and then mostly 11¢ to 18¢ higher.