Cattle futures gained on Wednesday, led by Feeder Cattle, helped along by positive outside markets and weaker Corn futures.
Feeder Cattle futures closed an average of $2.15 higher, except for 62¢ lower in spot Nov.
Live Cattle futures closed an average of $1.33 higher (90¢ to $1.92 higher).
Negotiated cash fed cattle trade was slow on light to moderate demand in Nebraska through Wednesday afternoon, according to the Agricultural Marketing Service. Dressed delivered prices were mostly $5 lower at $282/cwt. FOB live prices last week were $181.50.
Elsewhere, trade ranged from slow on light demand to a standstill with too few transactions to trend.
Last week, FOB live prices were $181/cwt. in the Texas Panhandle, $180 in Kansas and $178-$180 in the western Corn Belt. Dressed delivered prices were $283-$287 in the western Corn Belt.
Choice boxed beef cutout value was 66¢ higher Wednesday afternoon at $296.33/cwt. Select was 3¢ lower at $267.85/cwt.
Corn futures closed mostly 5¢ to 7¢ lower.
KC HRW Wheat closed 1¢ to 3¢ lower.
Soybean futures closed 1¢ to 4¢ lower through Jly ‘24 and then mostly 3¢ to 5¢ higher.
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