Cattle futures and other commodity futures closed lower Thursday with the higher dollar and apparent fund selling tied to yesterday’s comments from the Fed suggesting interest rates will stay higher for longer. Wariness over Friday’s Cattle on Feed report could have added pressure.
Feeder Cattle futures closed an average of $2.31 lower (90¢ lower in spot Sep to $2.87 lower).
Live Cattle futures closed an average of $1.80 lower ($1.57 to $2.02 lower).
Negotiated cash fed cattle trade ranged from slow on light to moderate demand to a standstill through Thursdayafternoon, according to the Agricultural Marketing Service.
Dressed delivered prices were steady in Nebraska at $292/cwt. FOB live prices last week were $184-$185.
Elsewhere last week, FOB live prices were $182-$183/cwt. in the Southern Plains and $185 in the western Corn Belt, where dressed delivered prices were $292.
Choice boxed beef cutout value was 67¢ higher Thursday afternoon at $301.93/cwt. Select was 32¢ higher at $279.00/cwt.
Net U.S. beef export sales (2023) of 13,700 metric tons were up noticeably from the previous week and up 15% from the prior four-week average, according to the U.S. Export Sales report for the week ending Sept. 14. Increases primarily for Japan, South Korea, China, Mexico and Canada.
Turning to row crops, grain and Soybean futures closed lower with the pressure from outside markets.
Corn futures closed mostly 4¢ to 7¢ lower.
KC HRW Wheat closed 12¢ to 18¢ lower through May ‘25 and then mostly fractionally lower.
Soybean futures closed mostly 16¢ to 26¢ lower.