Weekly negotiated cash fed cattle got underway Thursday with moderate trade and demand in the Southern Plains. Prices were steady with the previous week at $128/cwt. Though too few transactions to trend, there was also light to moderate trade in Nebraska at $128, which was steady with the bulk of the previous week’s sales in the region.
Steady cash prices helped lift Live Cattle futures.
Live Cattle futures closed an average of 53¢ higher (5¢ higher in spot Apr to 92¢ higher).
Short covering, apparently, and perhaps positioning ahead of Friday’s Cattle on Feed report helped Feeder Cattle futures gain back a fair portion of what was lost in the previous two sessions.
Feeder Cattle futures closed an average of $1.52 higher (45¢ in the back contract to $2.35 higher).
Corn futures closed mostly 3¢ to 6¢ lower.
Soybean futures closed mixed from 3¢ lower to 1¢ higher.
Wholesale beef values were higher on Choice and steady on Select with moderate to fairly good demand and light offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $1.11 higher Thursday afternoon at $226.04/cwt. Select was 17¢ higher at $218.54.