Cattle futures continued to gain Thursday with expectations of higher cash prices and softer nearby Corn futures.
Live Cattle futures closed an average of 40¢ higher (5¢ higher near the back to $1.05 higher in the front two contracts).
Feeder Cattle futures closed an average of 49¢ higher.
Negotiated cash fed cattle trade was light on moderate demand in the Southern Plains and Northern Plains through Thursday afternoon, according to the Agricultural Marketing Service. Although too few transactions to trend, there were some early live sales in the Southern Plains at $157/cwt.
Last week, live prices were $156 in the Southern Plains, $156-$157 in Nebraska and $157 in the western Corn Belt. Dressed prices were $248-$249.
Choice boxed beef cutout value was 55¢ lower Thursday afternoon at $278.86/cwt. Select was $3.42 higher at $250.70/cwt.
Corn futures closed 2¢ to 3¢ lower in the front three contracts and then 1¢ lower to 1¢ higher.
Soybean futures closed 1¢ to 3¢ higher through Sep ‘24 and then fractionally lower.
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