Cattle futures took another strong step higher Thursday, buoyed by another week of significant cash gains.
Feeder Cattle futures closed an average of $2.96 higher, also helped along by a break in Corn futures.
Live Cattle futures closed an average of $1.76 higher (85¢ to $2.80 higher) with added support from recently higher wholesale beef prices.
Negotiated cash fed cattle trade ranged from slow to moderate on moderate 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 $3-$5 higher in the Texas Panhandle at $170/cwt., $4-$5 higher in Nebraska at $172-$177 and $2-$7 higher in the western Corn Belt at $172-$177. Dressed prices are $5-$8 higher at $275-$280.
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