Cattle futures were lower again Thursday, with steady to lower negotiated cash fed cattle prices and likely positioning ahead of Friday’s Cattle on Feed report. Depending on the estimates considered, analysts expect August placements to be down about 3%, August marketing to be about 4% less and the Sept. 1 cattle on feed inventory to be about 2% higher year over year.
Toward the close, Live Cattle futures were an average of $3.52 lower. Feeder Cattle futures were an average of $4.25 lower.
Negotiated cash fed cattle trade was light-to-moderate on moderate demand in the North through Thursday afternoon, according to the Agricultural Marketing Service.
FOB live prices were steady to $1 lower at mostly $223/cwt. in Nebraska and mostly $222 in the western Corn Belt. Dressed delivered prices were mostly steady at mainly $350.
Choice boxed beef cutout value was $3.66 lower Thursday afternoon at $372.15/cwt. Select was $2.69 lower at $351.88.
Grain and Soybean futures were lower on Thursday, perhaps with the lack of news direction and positioning ahead of the weekend.
Through late afternoon and the front four contracts, Soybean futures were 1¢ lower to fractionally higher. Corn futures were 3¢ to 4¢ lower. Kansas City HRW Wheat futures were 5¢ lower.
Podcast: Play in new window | Download
Subscribe: Apple Podcasts | Android | RSS | More