Cattle futures rebounded Thursday, helped along by more positive outside markets, including a lower U.S. dollar and weaker crude oil prices, as well as recently higher Choice boxed beef cutout values and positive weekly exports.
Net U.S. export sales for 2023 sales of 17,700 metric tons were up 29% from the previous week and up 42% from the prior four-week average, according to the Weekly U.S. Export Sales report for the week ending Sept. 21. Increases were primarily for, South Korea, China, Canada, and Mexico.
Feeder Cattle futures closed an average of $2.31 higher (80¢ to $2.87 higher).
Live Cattle futures closed an average of $1.75 higher ($1.10 to $2.50 higher).
Negotiated cash fed cattle trade ranged from slow on light demand to a standstill through Thursday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
So far this week, FOB live sales are steady in the Southern Plains at $183/cwt. and steady to $1 lower in Nebraska and the western Corn Belt at $184. Dressed delivered prices are $2 lower at $290
Choice boxed beef cutout value was 56¢ higher Thursday afternoon at $301.51/cwt. Select was $1.07 lower at $277.44/cwt.
Turning to grains, ahead of Friday’s stocks report, Corn futures closed mostly 3¢ to 5¢ higher through new-crop contracts and then mostly 1¢ to 2¢ higher. KC HRW Wheat closed 6¢ to 9¢ lower through May ‘25 and then 1¢ lower. Soybean futures closed mostly 3¢ to 4¢ lower.