Cattle futures extended the previous day’s rally, apparently helped along by technical support and perhaps emboldened by corn planting progress and recent rains across the country.
Feeder Cattle futures closed an average of $2.70 higher.
Live Cattle futures closed an average of $1.74 higher, from 83¢ in spot June to $2.15 in Dec.
Choice Boxed beef cutout value was 77¢ lower Thursday afternoon at $266.65/cwt. Select was 72¢ higher at $249.63.
Negotiated cash fed cattle trade was limited on light demand in all major cattle feeding regions through Thursday afternoon, with too few transactions to trend accord to the agricultural Marketing Service.
For the week, live prices are $2 lower in the Southern Plains at $135/cwt., $1 lower in Nebraska at $139 and steady to $2 lower in the western Corn Belt at $140. Dressed prices are $1-$2 lower in Nebraska at $222 and steady to $5 lower in the western Corn Belt at $222.
Corn futures closed mostly 1¢ to 3¢ higher.
Soybean futures closed 21¢ to 39¢ higher through Jly ‘23 and then mostly 10¢ to 18¢ higher.
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