Cattle futures showed signs of modest correction Wednesday as traders await direction from the week’s cash market.
Feeder Cattle futures closed an average of $2.79 lower ($2.17 to $3.25 lower).
Live Cattle futures closed an average of $1.14 lower (72¢ to $1.87 lower).
Negotiated cash fed cattle trade ranged from mostly inactive with very light demand to a standstill through Wednesday afternoon, according to the Agricultural Marketing Service.
Last week, live prices were $179/cwt. in the Texas Panhandle, $178 in Kansas, $182-$185 in Nebraska and $180-$183 in the western Corn Belt at $180-$183. Dressed prices were $290.
Choice boxed beef cutout value was $5.56 lower Wednesday afternoon at $322.78/cwt. Select was $1.61 lower at $292.69/cwt.
Wheat futures bounced higher Wednesday amid selling fatigue and concerns about Russia’s sword rattling.
KC HRW Wheat closed 25¢ to 50¢ higher.
Corn and Soybean futures held their own with static week over week crop conditions.
Corn futures closed mostly 1¢ to 3¢ higher, except for the front two contracts.
Soybean futures closed mostly 1¢ to 8¢ higher through Aug ‘24, and then 11¢ to 13¢ higher.
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