Negotiated cash fed cattle trade for last week, through Friday afternoon was mainly $127/cwt. on a live basis in the Northern Plains and the Southern Plains. That was mostly $1 less than the previous week. Dressed trade on the western Corn belt was steady at $204-$205.
Cattle futures gained with support from the continued rally in Lean Hog futures and likely near-term support from the latest round of winter. Presumably, the former is tied to the week’s export data from USDA, which indicates pork exports to China. If so, such optimism seems a stretch.
Live Cattle futures closed an average $1.19 higher (75¢ higher at the back to $1.70 higher in spot Apr).
Feeder Cattle futures closed an average of $1.21 higher (22¢ higher to $2.27 higher).
Corn futures closed 1¢ to 3¢ higher.
Soybean futures closed mostly 5¢ to 10¢ higher.
Wholesale beef values were lower on light to moderate demand and moderate offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 71¢ lower Friday afternoon at $226.99/cwt. Select was $1.42 lower at $217.34.