Cattle futures sagged Thursday with higher Corn futures and lower wholesale beef values helping stall recent momentum. Sharply lower outside markets also clouded optimism.
Feeder Cattle an average of $1.14 lower, from 47¢ lower at the back to $1.92 lower in spot May.
Live Cattle futures closed an average of 73¢ lower, from 12¢ lower to $1.12 lower.
Negotiated cash fed cattle trade ranged from limited 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, like prices are steady at $140/cwt. in the Southern Plains and at $146 in Nebraska. Prices are $2 lower to $1 higher in Colorado at $142-$146 and $1 higher to $1 lower in the western Corn Belt at $146. Dressed prices are steady in Nebraska at $232 and steady to $2 lower in the western Corn Belt at $230-$232.
Choice Boxed beef cutout value was $4.56 lower Thursday afternoon at $255.18/cwt. Select was $1.87 lower at $245.81.
Net U.S. beef export sales for the week ending April 28 were 14,600 metric tons, according to the weekly U.S. export sales report. That was 28% more than the previous week and 1% more than the prior four-week average. Increases were primarily for Japan, South Korea, Taiwan, China and Canada.
Corn futures closed mostly 1¢ to 3¢ higher. Soybean futures closed mostly 4¢ to 5¢ higher.
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