Although sideways, Cattle futures wobbled Wednesday as traders added risk premium back to Corn futures, which closed 9¢ to 11¢ higher through Jly ‘24 and then mostly 3¢ to 5¢ higher.
KC HRW Wheat closed 12¢ to 17¢ higher.
Feeder Cattle futures closed an average of 28¢ lower, except for 18¢ higher in May ’24.
Live Cattle futures closed an average of 35¢ higher, except for an average of 16¢ lower in two contracts.
Through mid session today, Cattle futures are stronger.
Negotiated cash fed cattle trade ranged from limited on light demand to a standstill through Wednesday afternoon with too few transactions to trend, according to the Agricultural Marketing Service.
Last week, FOB live prices were $178-$179/cwt. in the Texas Panhandle, $179 in Kansas, $185-$188 in Nebraska and $186-$188 in the western Corn Belt. Dressed delivered prices were $294-$295 in Nebraska and $290-$295 in the western Corn Belt.
Choice boxed beef cutout value was unchanged Wednesday afternoon at $317.05/cwt. Select was $2.08 higher at $291.59/cwt.
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