Oversold conditions helped Cattle futures claw back a little more of recent losses.
Feeder Cattle futures closed an average of $1.57 higher, except for an average of 59¢ lower in the front two contracts.
That was with Corn futures gaining on likely positioning ahead of tomorrow’s month World Agricultural Supply and Demand Estimates.
Corn futures closed mostly 3¢ to 9¢ higher.
Soybean futures closed mostly 22¢ to 26¢ higher.
Live Cattle futures closed an average of 62¢ higher, except for 12¢ lower in nearby Jun.
Negotiated cash fed cattle trade was mostly inactive on light demand in all major cattle feeding regions through Thursday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
So far this week, live prices are steady to $1 lower in the Southern Plains at $137-$138/cwt., steady in Nebraska at $138-$140. Prices are $140 in the western Corn Belt, compared to the previous week’s $139-$143. There were also some live sales reported in Colorado for the first time in a long while at $138. Dressed prices so far this week are steady at $222.
Choice Boxed beef cutout value was 36¢ higher Thursday afternoon at $271.40/cwt. Select was 17¢ higher at $261.22.
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