Grain futures rebounded from the previous session’s hard break. Kansas City Wheat set the pace — up mainly 24¢ to 32¢ — as traders apparently grew less confident in the Russia ceasefire chatter. Soybeans also received support from stronger oil prices.
Corn futures closed 20¢ to 24¢ higher in old-crop contracts and then mostly 11¢ to 14¢ higher.
Soybean futures closed 14¢ to 21¢ higher in old-crop contracts and then mostly 8¢ to 12¢ higher.
Higher grain futures weighed on Feeder Cattle futures, which closed an average of $1.13 lower.
Live Cattle futures edged an average of 13¢ higher, except for 7¢ lower in Feb.
Negotiated cash fed cattle trade waddled from the blocks at steady money of $138/cwt. on a live basis in the Southern Plains and Nebraska through Thursday afternoon, according to the Agricultural Marketing Service. That was on moderate demand and light trade in the Southern Plains; slow trade and light demand in Nebraska.
Elsewhere, trade was limited on light demand with too few transactions to trend.
Live prices in the western Corn Belt last week were at $138-$140. Dressed prices there were $219-$222; $220 in Nebraska.
Choice Boxed beef cutout value was $1.03 lower Thursday afternoon at $257.05/cwt. Select was 41¢higher at $250.68.
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