Cattle futures, continued to lose ground Thursday amid light demand, continued declines in open interest and concerns about beef demand relative to growing supplies.
For the week ending Mar. 14, the average dressed steer weight was 2 lbs. lighter than the previous week at 901 lbs., but 36 lbs. heavier than the a year earlier, according to USDA’s Actual Slaughter Under Federal Inspection report. The average dressed heifer weight of 835 lbs. was 5 lbs. heavier than the previous week and 30 lbs. heavier than the prior year.
Live Cattle futures closed an average of $2.56 lower ($1.92 lower at the back to $3.00 in spot April).
Feeder Cattle futures closed an average of $3.45 lower ($1.27 lower in expiring Mar to $4.50 lower at the back of the board).
Wholesale beef values were lower on light demand and moderate offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $1.73 lower Thursday afternoon at $253.57/cwt. Select was 92¢ lower at $242.17.
Corn futures closed mostly fractionally higher to 1¢ higher.
After mostly fractionally higher to 2¢ higher through Jan ‘21, Soybean futures closed 4¢ to 5¢ higher.