Cash fed cattle trade continued Thursday with live sales in Nebraska $3-$4 lower than last week at $117/cwt. A day earlier, live trade in the Southern Plains was $3-$5 lower than last week at $115-$117.
Even so, oversold conditions helped Live Cattle futures close an average of $1.17 higher, except for 7¢ higher in the back contract
Despite early pressure and higher grain prices, firming Live Cattle helped Feeder Cattle futures close an average of $1.03 higher (7¢ to 60¢ higher), except for $1.70 lower in spot May.
Wholesale beef values were steady on moderate demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 1¢ lower Thursday afternoon at $219.56/cwt. Select was 16¢ lower at $207.88.
Corn futures closed 3¢ to 9¢ higher through Jul ’20, and then mostly 1¢ higher. That’s an average of 25¢ higher week to week through the front three contracts; an average of 21¢ higher through the front six.
Soybean futures closed 4¢ higher through May ’20 and then mostly 1¢ to 3¢ higher. That’s an average of 36¢ higher through the front six contracts since Monday.