Grain futures marched higher Thursday, buoyed by the latest monthly World Agricultural Supply and Demand Estimates, led by Kansas City Wheat, which closed 63¢ to 69¢ higher in the front five contracts.
Corn futures closed mostly 8¢ to 16¢ higher, while Soybean futures closed 3¢ to 10¢ higher through Aug ‘23 and then mostly unchanged to 4¢ lower.
Cattle futures stepped lower beneath the weight of the outlook for continued higher feed prices.
Feeder Cattle futures closed an average of $2.88 lower ($1.27 to $3.50 lower). Live Cattle futures closed an average of $1.30 lower (50¢ lower at the back to $2.07 lower toward the front).
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, live prices are steady in the Southern Plains at $140/cwt., $2 lower in Nebraska at $144 and steady to $2 lower in the western Corn Belt at $144-$145. Dressed prices are $2 lower in Nebraska at $232 and $2-$3 lower in the western Corn Belt at $227-$230. Live prices in Colorado last week were at $142-$148.
Choice Boxed beef cutout value was $2.12 higher Thursday afternoon at $257.20/cwt. Select was $2.18 higher at $244.36.
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