Negotiated cash fed cattle trade remained undeveloped through Thursday afternoon. There were a few FOB live sales in the western Corn Belt at $186/cwt., but too few to trend, according to the Agricultural Marketing Service.
Last week, live prices (FOB) were $180/cwt in the Southern Plains and $188 in Nebraska and the western Corn Belt, where dressed prices (FOB) were $295.
Choice boxed beef cutout value was 48¢ lower Thursday afternoon at $302.86/cwt. Select was 5¢ lower at $279.76/cwt.
Net U.S. beef export sales of 21,400 metric tons (2023) for the week ending July 20 were 2% more than the previous week and 43% more than the prior four-week average. Increases were primarily for South Korea, Japan, China, and Canada.
Eroding front-month Corn futures supported Feeder Cattle futures again on Thursday. They closed an average of 54¢ higher, except for an average of 7¢ lower in two contracts.
Live Cattle futures closed an average of 31¢ lower, except for an average of 13¢ higher in two contracts.
Corn futures closed 4¢ to 7¢ lower through Jly ‘24 and then mostly 1¢ to 2¢ higher.
KC HRW Wheat closed fractionally mixed to 1¢ higher through Sep ’24 and then 3¢ to 6¢ lower.
Soybean futures closed 12¢ to 22¢ lower.
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