Cattle futures closed limit-up Thursday, supported by higher outside markets, the dramatic rise in wholesale beef values for the week, as well as firming cash fed cattle prices.
Live Cattle futures closed limit-up $3.00 across the board.
Feeder Cattle futures closed limit-up $4.50 across the board.
Incidentally, analysts surveyed by Urner Barry and reported in the Daily Livestock Reportestimate feedlot placements in February to be 7.6% less than a year earlier, marketings in February to be 5.6% more and cattle on feed Mar. 1 to be 0.2% more. The monthly USDA Cattle on Feed report is scheduled for release Friday afternoon.
Wholesale beef values continued higher Thursday as retailers continue to re-stock.
Choice boxed beef cutout value was $2.63 higher Thursday afternoon at $249.87/cwt. Select was $2.56 higher at $241.06. Week to week, Choice was up $43.86 and Select was up $43.18.
Corn futures closed 7¢ to 10¢ higher through Sep ‘20 and then mostly fractionally higher to 4¢ higher.
Soybean futures closed 13¢ to 17¢ higher through near Aug, 3¢ to 9¢ higher through the next three contracts and then mostly 4¢ lower.