Cattle futures continued to edge lower Wednesday, pressured by an uptick in Corn futures and steady to lower cash fed cattle prices.
Feeder Cattle futures closed an average of 32¢ lower.
Live Cattle futures closed an average of 35¢ lower, except for an average of 8¢ higher in two contracts.
Grain futures firmed overnight and through yesterday’s session as traders added some risk premium based on recent Russian attacks in Ukraine.
Corn futures closed mostly 3¢ to 6¢ higher.
KC HRW Wheat closed mostly 4¢ to 5¢ higher.
Soybean futures closed mostly 11¢ to 18¢ higher.
Negotiated cash fed cattle trade was mainly limited on light to moderate demand through Wednesday afternoon, according to the Agricultural Marketing Service.
So far this week, FOB live prices are $1 lower in the Southern Plains at $179/cwt. and steady in the western Corn Belt at $188.
Last week, FOB live prices in Nebraska were $188. Dressed prices were $295.
Choice boxed beef cutout value was $1.73 higher Wednesday afternoon at $308.99/cwt. Select was $1.74 higher at $284.77/cwt.
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