Cattle futures softened Wednesday, amid likely positioning and pressured by the commodity-wide weakness tied to Argentina’s currency devaluation.
Feeder Cattle futures closed an average of $1.46 lower.
Live Cattle futures closed an average of 89¢ lower (47¢ to $1.45 lower).
Negotiated cash fed cattle trade ranged from slow 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 were $171/cwt. in the Southern Plains, $169-$171 in Nebraska and $168-$171 in the western Corn Belt. Dressed delivered prices were $267-$272 in Nebraska and $268-$270 in the western Corn Belt.
Choice boxed beef cutout value was $1.14 lower Wednesday afternoon at $291.64/cwt. Select was 55¢ higher at $259.21/cwt.
KC HRW Wheat futures closed 16¢ to 24¢ lower through Jly ’25.
Corn futures closed mostly 3¢ to 5¢ lower.
Soybean futures closed 10¢ to 16¢ lower through Sep ’24, and then 4¢ to 7¢ lower.
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