Cattle futures found support early in Thursday’s session but ended lower with pressure from cash fed cattle prices and wholesale beef values. Export news was also negative with net 2023 sales of 200 metric tons for the week ending Nov. 30. That was a marketing year low, down 98% from the previous week and down 98% from the prior four-week average.
Feeder Cattle futures closed an average of $1.75 lower (57¢ to $2.50 lower), except for 12¢ higher in spot Jan.
Live Cattle futures closed an average of 93¢ lower (62¢ to $1.35 lower).
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 prices are $3-$4 lower in the Southern Plains at $171/cwt., mostly $3-$4 lower in Nebraska at mainly $171 and $4 lower in the western Corn Belt at $169-$171. Dressed delivered prices are $4-$8 lower in Nebraska at $267-$271 and $4-$5 lower in the western Corn Belt at mostly $270.
Choice boxed beef cutout value was 72¢ lower Thursday afternoon at $289.84/cwt. Select was $1.07 lower at $258.83/cwt.
Grain and soybean futures closed higher with a mix of export news and likely some positioning ahead of Friday’s monthly World Agricultural Supply and Demand Estimates.
Corn futures closed mostly 2¢ to 3¢ higher.
Kansas City Wheat futures closed mostly 3¢ to 11¢ higher.
Soybean futures closed 10¢ to 16¢ higher.
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