Manage episode 302995782 series 2283087
Negotiated cash fed cattle trade ranged from a standstill to limited trade on light demand through Thursday afternoon, according to the Agricultural Marketing Service. There were too few transactions to trend in any region.
So far this week, live price are generally steady with last week at $123-$124/cwt. Dressed trade is $2 lower at $198 in Nebraska and $194-$198 in the western Corn Belt.
Resurgent equity markets helped Cattle futures mainly increase Thursday.
Live Cattle futures closed an average of 47¢ higher, except for 5¢ lower in spot Oct.
Recently higher Corn futures capped Feeder Cattle, which closed from an average of 33¢ lower in three contracts to an average of 37¢ higher.
Corn futures closed mostly 3¢ to 4¢ higher.
Soybean futures closed mostly 1¢ to 3¢ higher.
Choice boxed beef cutout value was $2.23 lower Thursday afternoon at $305.60/cwt. Select was 51¢ lower at $274.99.
Net U.S. beef export sales (2021) for the week ending Sept. 16 totaled 15,800 metric tons, according to the weekly U.S. Export Sales report. That was 3% more than the previous week and 17% more than the prior four-week average. Increases were primarily for Japan, South Korea, China, Taiwan, and Canada.
Consensus favors Friday’s monthly Cattle on Feed report coming in about even with the previous year; slightly few placements and total cattle on feed.