Cattle futures extended gains Thursday, supported by the weeks higher cash fed cattle prices and despite some bearishness in the monthly World Agricultural Supply and Demand Estimates (see below).
Feeder Cattle futures closed an average of $1.35 higher.
Live Cattle futures closed an average of 94¢ higher.
Negotiated cash fed cattle trade ranged from moderate on moderate demand to slow on moderate demand, according to the Agricultural Marketing Service.
So far this week, FOB live prices are $1 higher in the Southern Plains at $183/cwt., $1-$2 higher in Nebraska at $185 and $2 higher in the western Corn Belt at $185.
Dressed delivered prices were $2-$4 higher in Nebraska at $292. Prices in the western Corn Belt last week were $290.
Choice boxed beef cutout value was 91¢ higher at $301.19/cwt. Select was 28¢ lower at $275.02/cwt.
Corn futures gained on the World Agricultural Supply and Demand Estimates (see below).
Corn futures closed 5¢ to 8¢ higher through May ’25 and then 2¢ higher.
KC HRW Wheat closed mostly 8¢ higher.
Soybean futures closed 29¢ to 37¢ higher through Aug ‘24 and then 18¢ to 22¢ higher.