Cattle futures stepped higher Thursday, supported by recently lower Corn futures, bullish cash strength for feeder cattle, cattle feeders’ resolve to hold the line on fed cattle prices and perhaps some positioning ahead of Friday’s Cattle on Feed report.
Feeder Cattle futures closed an average of $2.83 higher ($1.55 to $3.35 higher).
Live Cattle futures closed an average of 78¢ higher.
Bearish sentiment continued in the grain complex.
Corn futures closed mostly 1¢ higher.
KC HRW Wheat closed mostly 18¢ to 28¢ lower.
Soybean futures closed mostly 1¢ to 3¢ lower.
Negotiated cash fed cattle trade was slow on light demand in the Texas Panhandle through Thursday afternoon, according to the Agricultural Marketing Service. Prices were steady at $177/cwt.
Elsewhere, trade was limited on light demand. Although too few to trend, there were some live trades in the western Corn Belt at $178.
Last week, live prices were $170/cwt. in Kansas, mostly $176 in Nebraska and $175-$177 in the western Corn Belt. Dressed prices were $280.
Choice boxed beef cutout value was 16¢ higher Thursday afternoon at $298.31/cwt. Select was 16¢ higher at $283.61/cwt.
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