Stable Corn futures and strong cash trends helped Feeder Cattle futures lean mostly higher Thursday. They were up an average of 22¢, except for 17¢ lower and unchanged in two contracts.
Live Cattle futures closed an average of 74¢ lower (40¢ to $1.15 lower) with traders awaiting cash direction.
Negotiated cash fed cattle trade ranged from limited on light demand to a standstill through Thursday afternoon, according to the Agricultural Marketing Service.
Although too few to trend, there were a few live sales in the western Corn Belt at $165/cwt. — $164.50 to $165.00 on Wednesday. Dressed prices there last week were $260-$262.
Elsewhere, last week, live prices were mostly at $164/cwt. and dressed prices were $262.
Choice boxed beef cutout value was 67¢ higher Thursday afternoon at 288.50/cwt. Select was $1.15 higher at $277.58/cwt.
Weekly beef export sales offered no support to Cattle futures. For the week ending Feb. 23, net U.S. beef export sales were 8,100 metric tons (mt.), according to the latest USDA U.S. Export Sales report. That was 48% less than the previous week and 62% less than the prior four-week average. Increases were primarily for Japan, Taiwan, China and Mexico.
Corn futures closed narrowly mixed, mostly 1¢ lower to 1¢ higher.
KC HRW Wheat closed mostly 6¢ to 7¢ higher.
Soybean futures closed 8¢ to 15¢ higher through Jan ’24 and then mostly 4¢ to 6¢ higher.
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