Negotiated cash fed cattle prices took a strong step higher Thursday with moderate trade on moderate to good demand in the North, according to the Agricultural Marketing Service.
FOB live prices were mainly $10 higher at mainly $245/cwt. Dressed delivered prices in Nebraska were $13 higher at $385. Although too few to trend, there were some dressed delivered prices in the western Corn Belt at $380 to $385, compared to $372 the previous week.
Trade was limited on moderate demand in the Southern Plains. Although too few transactions to trend, there were some early FOB live prices at $245, which was $7 more than last week.
Choice boxed beef cutout value was $4.84 lower Thursday afternoon at $389.58/cwt. Select was $4.89 lower at $387.70.
Cattle futures shrugged off volatile outside markets and continued to rise Thursday, helped along by the positive cash market.
Toward the close, Live Cattle futures were an average of $1.27 higher. Feeder Cattle futures were an average of $2.60 higher.
Grain and Soybean futures were narrowly mixed.
Toward the close, and through near Dec contracts, Kansas City HRW Wheat futures were fractionally higher to 1¢ higher. Corn futures were fractionally lower to 2¢ lower. Soybean futures were 1¢ to 5¢ lower.
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