Cattle futures rallied sharply higher Thursday, despite the lack of weekly cash fed cattle direction as traders seemed to focus on looming tighter fourth-quarter supplies.
Feeder Cattle futures closed an average of $3.24 higher ($1.67 higher in spot Sep to $4.02 higher).
Live Cattle futures closed an average of $2.54 higher, in active trade.
Negotiated cash fed cattle trade ranged from slow on light to moderate demand to a standstill through Thursday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were a few live delivered trades in Nebraska at $186.50/cwt.
The only established trade for the week is $184/cwt. for FOB live prices in the western Corn Belt, the upper end of last week’s range.
Last week, FOB live prices were $180/cwt. in the Southern Plains and $183-$184 in Nebraska. Dressed delivered prices were $290 in Nebraska and $288-$290 in the western Corn Belt.
Choice boxed beef cutout value was $1.18 lower at $306.37/cwt. Select was 33¢ lower at $286.86/cwt.
Corn futures softened mostly fractionally lower to 1¢ lower on likely profit taking.
KC HRW Wheat closed mostly 3¢ to 6¢ lower.
Soybean futures closed mostly 7¢ to 11¢ higher.