Cattle futures, especially Feeder Cattle, recovered from sharp losses early to close from narrowly mixed to a touch higher. Early pressure came from rising front-month Corn futures. Presumably part of the relief came with chatter that talks between the U.S. and Mexico continue on a positive note (see below).
Early negotiated cash fed cattle sales were $2 lower on a live basis at $114-$115/cwt. in Nebraska and the western Corn Belt. Dressed sales were $2-$3 lower at $183-$184.
Except for 25¢ lower in spot Jun, Live Cattle futures closed an average of 31¢ higher.
Feeder Cattle futures closed narrowly mixed, but mostly lower (an average of 12¢ lower to an average of 5¢ higher).
Wholesale beef values were steady on moderate demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 14¢ higher Thursday afternoon at $222.25/cwt. Select was 2¢ lower at $207.16.
Corn futures closed 5¢ higher through Jul ’20 and then mostly 1¢ to 2¢ higher.
Soybean futures closed fractionally lower to 1¢ lower.