Cattle futures closed higher Thursday, helped along by lower Corn futures through much of the session, firm to stronger cash fed cattle prices and likely anticipation of a bullish Cattle on Feed report. The trend continued through mid-day on Friday.
Feeder Cattle futures closed an average of $1.79 higher.
Live Cattle futures closed an average of 78¢ higher.
Corn futures closed mixed, from fractionally higher to 2¢ higher through Jul ’23 then 1¢ to 3¢ lower.
Soybean futures closed mostly 10¢ to 22¢ lower through Aug’24, then down 2¢ to 5¢.
Negotiated cash fed cattle trade was slow to moderate on moderate demand in Kansas through Thursday afternoon with prices mostly $1 higher at $151/cwt., but a few up to $152, according to the Agricultural Marketing Service.
Elsewhere, trade was slow on light demand. So far this week, established live prices are steady to $1 higher in the Texas Panhandle at $150-$151, steady in Nebraska at $153 and steady to $1 lower in the western Corn Belt at $153. Dressed prices are steady at $240-$242.
Choice Boxed beef cutout value was 1¢ higher Thursday afternoon at $257.10/cwt. Select was 39¢ higher at $231.74/cwt.
Podcast: Play in new window | Download
Subscribe: Apple Podcasts | Android | RSS | More