Negotiated cash fed cattle trade remained mainly undeveloped through Thursday afternoon. USDA reported some live trade in the Texas Panhandle at $99/cwt., at the upper end of the $97-$99 price range paid in the region so far this week. Live sales there last week were at $100.
Despite early pressure, Cattle futures continued to extend gains on Thursday, helped by the limit-up move in Lean Hog futures—across all but the back contract—presumably stemming from recent Chinese pork purchases and reports the U.S. will delay imposing additional tariffs, for a while.
Live Cattle futures closed an average of 60¢ higher (22¢ to $1.32 higher).
Feeder Cattle futures closed an average of 47¢ higher.
Wholesale beef values were steady on moderate demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 8¢ higher Thursday afternoon at $219.97/cwt. Select was 20¢ higher at $198.60.
Corn and Soybean futures climbed Thursday, especially soybeans, on reduced yield and production estimated in the monthly World Agricultural Supply and Demand Estimates.
Corn futures closed mostly 5¢ to 7¢ higher.
Soybean futures closed 20¢ to 29¢ higher through Jan ’21 and then mostly 15¢ to 19¢ higher.