Cattle futures gained Wednesday, with apparent technical support, continued bullish long-term fundamentals and continued erosion in Corn futures.
Feeder Cattle futures closed an average of $1.47 higher (55¢ to $2.62 higher).
Live Cattle futures closed an average of 60¢ higher (32¢ higher at the back to $1.12 higher in spot Oct).
Negotiated cash fed cattle trade ranged from slow on light demand to a standstill through Wednesday afternoon, according to the Agricultural Marketing Service.
So far this week, FOB live prices are $2-$3 lower in the western Corn Belt at $183-$185/cwt., and dressed delivered prices are $4 lower in Nebraska at $290 in a light test.
Last week, FOB live prices were $184-$185/cwt. in the Southern Plains and $186-$187 in Nebraska. Dressed delivered prices were $294.
Choice wholesale beef prices continued the seasonal turn higher. Choice boxed beef cutout value was $1.52 higher Wednesday afternoon at 307.50/cwt. Select was $2.34 lower at $281.66/cwt.
Corn futures closed mostly 2¢ to 3¢ lower.
Soybean futures closed mostly 2¢ to 7¢ lower.
KC HRW Wheat closed mostly 8¢ to 14¢ lower.
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