Cattle futures weakened on Thursday as traders eyed softer wholesale beef values, volatile outside markets and waited for the weeks cash fed cattle price direction.
Toward the close, Live Cattle futures were an average of 85¢ lower, except for 30¢ higher in spot Oct.
Feeder Cattle futures were an average of $2.40 lower, except for 30¢ higher in spot Oct.
Negotiated cash fed cattle trade was limited on light demand in the western Corn Belt through Thursday afternoon, according to the Agricultural Marketing Service. Although too few transactions to trend, there were some early FOB live sales there at $218/cwt.
Trade was in active on light demand in Nebraska.
Last week, FOB live prices were $220-$222/cwt. in Nebraska and mostly $219-220 in the western Corn Belt. Dressed delivered prices were mostly $345 in Nebraska and $345-$350 in the western Corn Belt. The Texas Cattle Feeders Association reported its members trading fed cattle at $226.
Choice boxed beef cutout value was 77¢ lower Thursday afternoon at $374.85/cwt. Select was $2.48 lower at $351.73.
Grain and Soybean futures were lower Thursday with harvest pressure and positioning ahead of Friday’s monthly World Agricultural Supply and Demand Estimates.
Through late afternoon, and through the front four contracts, Soybean futures were 11¢ lower. Kansas City HRW Wheat futures were 2¢ to 3¢ lower. Corn futures were 2¢ lower.
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