Although USDA’s Economic Research Service (ERS) surprised some by making yield adjustments in the latest World Agricultural Supply and Demand Estimates — those usually come later in the growing season — Corn futures fell with higher estimated ending stocks.
Corn futures closed 12¢ to 22¢ lower through Sep ‘24 and then mostly 7¢ to 9¢ lower.
Soybean futures closed mostly 25¢ to 32¢ lower.
KC HRW Wheat closed mostly 7¢ to 16¢ lower.
Even so, Cattle futures closed lower on the day following strong action earlier; perhaps driven by profit taking.
Feeder Cattle futures closed an average of $1.20 lower (57¢ to $1.42 lower).
Live Cattle futures closed an average of $1.48 lower (62¢ to $1.95 lower).
Negotiated cash fed cattle trade was inactive with very light demand in all regions through Wednesday afternoon, according to the Agricultural Marketing Service.
Last week, live prices were $178/cwt. in the Southern Plains, $183.00-$186.50 in Nebraska and $182-$184 in the western Corn Belt. Dressed prices were $290.
Choice boxed beef cutout value was $1.14 lower Wednesday afternoon at $310.98/cwt. Select was 86¢ lower at $281.10/cwt.
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