Negotiated cash fed cattle trade ranged from slow on light demand to mostly a standstill through Wednesday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were a few early FOB live trades in the western Corn Belt at $175/cwt. and a few dressed delivered sales at $274-$275.
Last week, FOB live prices were $172-$173/cwt. in the Southern Plains, $173-$175 in Nebraska and $175 in the western Corn Belt. Dressed delivered prices were generally $274-$275.50.
Choice boxed beef cutout value was $2.91 higher Wednesday afternoon at 283.07/cwt. Select was $4.11 higher at $266.94/cwt.
Cattle futures consolidated to the upside Wednesday.
Live Cattle futures closed an average of 24¢ higher, except for 2¢ lower in spot Feb.
Feeder Cattle futures closed an average of $1.01 higher.
Soybean were down on South American production forecasts Wednesday. They closed 8¢ to 12¢ lower through Aug ’24 and then mostly 1¢ to 2¢ lower.
Grain futures mainly held ground ahead of Friday’s World Agricultural Supply and Demand Estimates.
Corn futures closed mostly fractionally lower. KC HRW Wheat futures closed 1¢ to 2¢ lower.
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