Cattle futures were mixed on Thursday.
Toward the close, Live Cattle futures were an average of 34¢ higher on continued fundamental strength.
Feeder Cattle futures were an average of $1.31 lower with likely profit taking from the previous session’s sharp gains.
Negotiated cash fed cattle trade was mostly inactive on light demand in all major cattle feeding regions through Thursday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $244/cwt. in the Southern Plains, $239-$243 in Nebraska and mainly $243 in the western Corn Belt. Dressed delivered prices were mainly $383 in Nebraska and $382-$383 on a light test in the western Corn Belt.
Choice boxed beef cutout value was $1.68 lower Thursday afternoon at $386.89/cwt. Select was 26¢ higher at $380.61.
Grain and Soybean futures bounced higher Thursday, supported by higher energy prices and some likely early inflationary hedging by funds.
Toward the close, and through near Sep contracts, Kansas City HRW Wheat futures were 19¢ to 22¢ higher. Corn futures were 8¢ to 10¢ higher. Soybean futures were 7¢ to 10¢ higher.
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