Negotiated cash fed cattle trade ranged inactive on light demand in the Southern Plains to moderate on moderate demand in the North through Thursday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were some early sales in Nebraska at $175-$176/cwt. on a live basis and $280 in the beef, and at $176-$177 and $280 in the western Corn Belt.
On Wednesday, live trade in the Southern Plains was $2 lower at $170.
Last week, live prices were $176-$178 in Nebraska and $172-$178 in the western Corn Belt. Dressed prices were $281 in Nebraska and $280-$285 in the western Corn Belt.
The five-area direct monthly weighted average price for fed steers in April was $177.09/cwt., on a live basis, which was $35.43 (+25.0%) than a year earlier. The weighted average fed steer price in the beef was $285.28, which was $56.42 more (+24.6%) year over year.
Choice boxed beef cutout value was $1.15 lower Thursday afternoon at $305.72/cwt. Select was 4¢ higher at $284.58/cwt.
Net U.S. beef export sales (2023) for the week ending May 4 were 16,600 metric tons. That was 18% less than the previous week, but 16% more than the prior four-week average, according to the weekly U.S. Export Sales report. Increases were primarily for South Korea, Japan, Canada, Mexico and Taiwan.
Cattle futures were Mixed Thursday with Feeder Cattle benefitting from lower Corn futures and Live Cattle stalling with the weaker cash outlook for the week.
Feeder Cattle futures closed an average of 86¢ higher except for $1.25 lower in spot May.
Live Cattle futures closed an average of 31¢ lower (5¢ to 82¢ lower) except for 12¢ higher in Away Aug.
Grain and soybean futures continued under pressure Thursday from the fast pace of domestic planting to positioning ahead of Friday’s monthly World Agricultural Supply and Demand Estimates.
Corn futures closed mostly 5¢ to 7¢ lower.
KC HRW Wheat closed mostly 12¢ to 13¢ lower.
Soybean futures closed mixed, mostly fractionally higher to 4¢ lower.
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