Cattle futures extended gains Thursday, supported by recently higher wholesale beef values and the increasing likelihood of higher cash fed cattle prices for the week. Through mid-morning Friday, Cattle futures were lower ahead of the monthly Cattle on Feed report.
On Thursday, Live Cattle futures closed an average of $1.36 higher. Feeder Cattle futures closed an average of $1.46 higher.
There was no AMS report for negotiated cash fed cattle prices Thursday afternoon. Through mid-morning Friday, there were reports of significantly higher week-to-week bids.
Last week, FOB live prices were $202-$203/cwt. in the Southern Plains and $206 in the North. Dressed delivered prices were $325.
Grain and Soybean futures were mixed Thursday.
Corn futures closed 2¢ to 7¢ higher through old-crop contracts and then mostly fractionally mixed. Front months were supported by strong weekly export demand.
Kansas City Wheat futures closed 5¢ to 8¢ lower through away May and then fractionally lower to 3¢ lower.
Soybean futures closed 1¢ to 4¢ higher through near Sep and then fractionally lower to 1¢ lower.
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