Weaker corn futures and an uptick in wholesale beef prices helped lift Cattle futures Wednesday.
Feeder Cattle futures closed an average of 77¢ higher.
Live Cattle futures an average of 39¢ higher.
Negotiated cash fed cattle trade and demand ranged from inactive on very light demand to a standstill through Wednesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $180/cwt. in the Southern Plains and $188 in Nebraska and the western Corn Belt. Dressed prices were $295 in a light test.
Choice boxed beef cutout value was $1.13 higher Wednesday afternoon at $303.52/cwt. Select was $1.98 higher at $278.14/cwt.
Favorable weather, and perhaps skittishness ahead of Friday’s WASDE, pressured grain futures on Wednesday.
Corn futures closed mostly 1¢ to 4¢ lower.
KC HRW Wheat closed mostly 3¢ to 6¢ lower.
Soybean futures closed 1¢ to 4¢ higher through Aug ‘24 and then mostly fractionally higher.
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