Negotiated cash fed cattle trade developed in the Southern Plains on Thursday, with live sales at $110/cwt. That was $1 higher in Kansas and $2 higher in the Texas Panhandle. Although too few to trend, there were also some early dressed sales in the North at $174-$175, which was $1 higher than the low end of last week’s range.
Cattle futures softened a touch. Part of the pressure might have been defense ahead of Friday’s USDA monthly Cattle on Feed report.
Except for 22¢ higher in spot Oct, Live Cattle futures closed an average of 33¢ lower.
Except for 20¢ higher in spot Oct, Feeder Cattle futures closed an average of 64¢ lower.
Wholesale beef values were sharply higher on Choice again and steady on Select, with fairly good demand and moderate offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $2.34 higher Thursday afternoon at $225.62/cwt. Select was 15¢ higher at $199.09.
Although increasing seasonally, dressed fed cattle carcass weights continue to be lighter year over year, according to USDA’s weekly Actual Slaughter Under Federal Inspection report. The average dressed steer weight of 901 lbs. for the week ending Oct. 12 was 2 lbs. heavier than the previous week but 2 lbs. lighter than the same week last year. The average dressed heifer weight of 828 lbs. was 4 lbs. heavier than the prior week but 3 lbs. lighter than a year earlier.
Corn futures closed mostly 1¢ lower.
Soybean futures closed fractionally lower to 1¢ lower in the front three contracts and then fractionally higher to 5¢ higher.