Cattle futures — especially Feeder Cattle — gained Thursday with sharply lower nearby Corn futures, as well as likely positioning ahead of Friday’s Cattle on Feed report.
Feeder Cattle futures closed an average of $1.55 higher.
Live Cattle futures closed an average of 25¢ higher.
Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Thursday afternoon. Although too few to trend, there were some early live sales in Nebraska at $164/cwt.
Last week, prices on a live basis were $162 in the southern Plains, $159-$161 in Nebraska and $160-$162 in the western Corn Belt. Dressed prices were $257 in Nebraska and $254-$257 in the western Corn Belt.
Choice boxed beef cutout value was unchanged Thursday afternoon at 287.91/cwt. Select was $2.23 higher at $275.87/cwt.
Corn futures closed lower Thursday with much of the pressure likely stemming from the Grains and Oilseeds Outlook shared at USDA’s Agricultural Outlook Forum, which projected 2023/24 production to be the second largest in history (see below).
Corn futures closed 13¢ to 15¢ lower through old-crop contracts and then 4¢ to 7¢ lower through new-crop.
KC HRW Wheat closed 10¢ to 14¢ lower through near Jly and then 3¢ to 7¢ lower.
Soybean futures closed mostly 7¢ to 8¢ lower.
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