Feeder Cattle futures tumbled lower Thursday, pressured once again by surging Corn futures, tied to strong weekly U.S. export sales.
Feeder Cattle futures closed an average of $3.17 lower.
Corn futures closed 15¢ to 22¢ higher through Jly ‘23, and then mostly 6¢ to 9¢ higher.
Soybean futures closed mostly 15¢ to 22¢ higher.
Negotiated cash fed cattle trade ranged from limited on light demand to a standstill through Thursday afternoon with too few transactions to trend, according to the Agricultural Marketing Service.
So far this week, live prices are $2 lower in the Southern Plains and Nebraska at $138/cwt. and $2-$4 lower in the western Corn Belt at $138-$140. Dressed prices are $4-$5 lower in Nebraska at $224-$225; $3-$5 lower in the western Corn Belt at the same money.
Lower cash prices pressured Live Cattle futures an average of 70¢ lower, from 2¢ lower in the back contract to $1.67 lower in spot Apr.
Choice Boxed beef cutout value was $1.24 higher Thursday afternoon at $253.94/cwt. Select was $2.58 higher at $247.37.
On another positive note, net U.S. beef export sales for the week ending March 3 of 27,500 metric tons were a marketing year high, up 16% from the previous week and 36% higher than the prior four-week average, according to USDA data. Increases were primarily for China, Japan, South Korea, Canada and Taiwan.