Cattle futures started stronger Thursday, buoyed by higher cash fed cattle prices in the South, but faded to a lower close on likely positioning ahead of Friday’s Cattle on Feed report and the holiday weekend.
Heading into the close and before settlement, Live Cattle futures were an average of 56¢ lower. Feeder Cattle were an average of $1.07 lower.
Negotiated cash fed cattle trade was active on good demand in Kansas through Thursday afternoon, according to the Agricultural Marketing Service. FOB live prices were $1 higher at $187/cwt.
Elsewhere, trade was slow on light to moderate demand. Although too few to trend so far this week, there are some early FOB live sales in Nebraska and the western Corn Belt at $192.
Last week, FOB live prices were $186/cwt. in the Texas Panhandle, $190 in Nebraska and $190 in the western Corn Belt with a few up to $191. Dressed delivered prices were $298 in Nebraska and mostly $300 in the western Corn Belt with a few up to $306.
Choice boxed beef cutout value was $2.33 lower Thursday afternoon at $309.84/cwt. Select was 47¢ higher at $300.08/cwt.
U.S. beef export sales continue to show promise. The week ending May 16, net U.S. beef export sales for 2024 of 21,500 metric tons were 42% more than the previous week and 32% more than the prior four-week average, according to USDA’s Export Sales report. Increases were primarily for China, South Korea, Mexico, Japan and Taiwan.
As for row crops, grain futures added back some weather premium. Heading into the close, Kansas City Wheat futures were 10¢ to 15¢ higher through May ’25 and Corn futures were 1¢ to 3¢ higher through Jly ‘25. However, Soybean futures were 3¢ to 7¢ lower through Jly ’25.
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