Feeder Cattle futures gained Thursday, closing an average of $1.11 higher and supported by the selloff in Corn futures, which closed 26¢ to 38¢ lower. Soybean futures closed 55¢ to 61¢ lower through Aug ’23 and then mostly 41¢ to 45¢ lower. Grain futures were pressured by the crop-friendly weather forecast in the Corn Belt and an overall meltdown in commodities.
Despite higher cash prices in the North, lower wholesale beef values and looming larger supplies helped pressure Live Cattle an average of 96¢ lower.
Premiums for fed cattle up north continued to climb Thursday.
Negotiated cash fed cattle trade and demand were moderate in Nebraska on Thursday with live prices steady to $3 higher at $145-$148/cwt. Dressed prices were $4 higher at $234.
Trade in the western Corn Belt was slow to moderate with moderate demand. Live prices were $2-$3 higher than the previous day at $150. Dressed prices the previous day were $8-$10 higher than last week at $238-$240.
In Colorado, trade was slow on light demand with live prices steady at $145.
Trade in Kansas was slow on light demand. Live prices were steady to $4 lower than previous day at $137. Prices in the region last week were $140.
Trade was mostly inactive on light demand in the Texas Panhandle. So far this week, prices are mainly $3 lower at $137.
The average dressed steer weight for the week ending June 11 was 879 lbs., which was 3 lbs. less than the prior week and year, according to the USDA Actual Slaughter Under Federal Inspection report. The average dressed heifer weight of 814 lbs. was the same as the previous week but 3 lbs. heavier than the prior year. Total fed cattle slaughter of 528,748 head was 5,089 head fewer than the same week last year. Beef production of 542.8 million lbs. was 4 million lbs. less year over year.
Choice Boxed beef cutout value was $1.91 lower through Thursday afternoon at $264.66/cwt. Select was $1.05 lower at $244.94.