There was no afternoon negotiated cash fed cattle trade summary from AMS at press time but it sounded like feedlots in the Southern Plains were holding out for more money.
In the North, through Wednesday, dressed sales in Nebraska were $8-$15 higher at $300/cwt. and live sales in the western Corn Belt were $3-$5 higher at $190. Trade in the Southern Plains last week was at $175-$180.
Wholesale beef prices continued higher. Choice boxed beef cutout value was $3.54 higher Thursday afternoon at $328.73/cwt. Select was $2.54 higher at $304.10/cwt.
Both Live Cattle and Feeder Cattle futures closed an average of 90¢ lower, though bullish fundamentals remain.
Corn and Soybean futures closed higher with support from expanded drought coverage in the Corn Belt. Perhaps there was also positioning ahead of Friday’s World Agricultural Supply and Demand Estimates.
Corn futures closed mostly 3¢ to 5¢ higher.
Soybean futures closed mostly 10¢ to 12¢ higher.
KC HRW Wheat closed 14¢ to 18¢ higher, buoyed in part by Russia’s saber rattling over the Black Sea Initiative.