Feeder Cattle futures closed an average of 88¢ higher Wednesday, supported by lower Corn futures.
Live Cattle futures closed narrowly mixed, from an average of 16¢ lower to an average of 33¢ higher.
Sharp volatility continued in grain futures, Wednesday, with traders apparently retrieving a chunk of recent risk premiums.
Corn futures closed 13¢ to 17¢ lower through Jly ‘24 and then 4¢ to 9¢ lower.
KC HRW Wheat closed 18¢ to 47¢ lower.
Soybean futures closed 1¢ to 2¢ lower, except for 30¢ and 18¢ higher in the front two contracts.
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 (FOB) live prices were $180/cwt in the Southern Plains and $188 in Nebraska and the western Corn Belt, where dressed prices (FOB) were $295.
Choice boxed beef cutout value was 88¢ lower Wednesday afternoon at $303.34/cwt. Select was $2.26 higher at $279.81/cwt.
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