Cattle futures gained strength late in yesterday’s session, albeit amid light pre-holiday trade. Support included chatter that beef packers appear to be short-bought and may have to advance cash prices this week.
Feeder Cattle futures closed an average of $2.40 higher.
Live Cattle futures closed an average of 98¢ higher (45¢ to $1.57 higher).
Negotiated cash fed cattle trade ranged from slow on light demand to a standstill through Wednesday afternoon, according to the Agricultural Marketing Service.
Although too few to trend, there were some FOB live sales at $170/cwt. in the western Corn Belt, and a few dressed delivered sales in Nebraska at $270.
Last week, FOB live prices were $170/cwt. in the Southern Plains, $168 in Nebraska and $167-$169 in the western Corn Belt. Dressed delivered prices were $267-$268 in Nebraska and $267 in the western Corn Belt.
Choice boxed beef cutout value was 30¢ higher Wednesday afternoon at $289.13/cwt. Select was $1.56 lower at $261.60/cwt.
Corn futures closed 1¢ to 3¢ lower through Jly ’25 and then mostly fractionally lower.
KC HRW Wheat futures closed 9¢ to 16¢ lower.
Soybean futures closed 4¢ to 7¢ lower.
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