Traders continued to add risk premium to grain and Soybean futures Wednesday.
Corn futures closed mostly 9¢ to 18¢ higher.
KC HRW Wheat closed 31¢ to 41¢ higher.
Soybean futures closed mostly 12¢ to 14¢ higher.
Higher Corn futures weighed on Feeder Cattle, which closed an average of 61¢ lower (27¢ to $1.20 lower), except for an average of 10¢ higher in the back two contracts.
However, recent cash strength and cattle feeders’ continued resolve to hold cattle helped push Live Cattle future an average of 43¢ higher (5¢ to 75¢ higher).
Negotiated cash fed cattle trade ranged from inactive on very light demand to a standstill through Wednesday afternoon, according to the Agricultural Marketing Service.
Last week, live prices were $186/cwt. in Nebraska, $184-$185 in the western Corn Belt and $175-$184 in Kansas on a light test. Dressed prices were $290-$292 in Nebraska and $290-$295 in the western Corn Belt. Live prices in the Texas Panhandle the previous week were $178.
Choice boxed beef cutout value was $1.09 lower Wednesday afternoon at $303.59/cwt. Select was 65¢ lower at $275.96/cwt.
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