Negotiated cash fed cattle trade was at a standstill in the Texas Panhandle through Thursday afternoon, according to the Agricultural Marketing Service. Elsewhere, it was limited on light to moderate demand.
So far this week, live sales are steady to $4 higher in the Texas Panhandle at $120/cwt., steady in Kansas at $119 to $120 and steady at $120 in Nebraska and the western Corn Belt. Dressed trade is steady with the upper end of last week’s range at $190-$191.
Cattle futures, especially Feeder Cattle faded early pressure to close mainly higher Thursday with continued support from higher wholesale beef values.
Feeder Cattle futures closed an average of $1.54 higher (62¢ higher in spot Aug to $2.92 higher at the back).
Live Cattle futures closed an average of 60¢ higher (12¢ to $1.02 higher), except for an average of 44¢ lower in the front three contracts.
Choice boxed beef cutout value was 39¢ higher Thursday afternoon at $340.55/cwt. Select was $1.28 higher at $313.16.
Grain markets were mainly lower on Thursday with weather forecasts continuing to cast a shadow.
Corn futures closed 6¢ to 13¢ lower through Jly ’22 and then mostly unchanged to fractionally higher.
Soybean futures closed 9¢ to 13¢ lower through Jan ‘22 and then mostly 5¢ higher, except for fractionally lower to 4¢ lower in a few middle contracts.