Cattle futures faded early pressure to close mostly higher Wednesday with help from resurgent wholesale beef values.
Feeder Cattle futures closed an average of 83¢ higher.
Live Cattle futures closed an average of 45¢ higher, except for 2¢ lower in spot Feb.
Negotiated cash fed cattle trade ranged from inactive on light demand to a standstill through Wednesday afternoon, according to the Agricultural Marketing Service. Last week, FOB live prices were $172/cwt. in the Southern Plains, $173 in Nebraska and $175 in the western Corn Belt. Dressed delivered prices were $272-$275 in Nebraska and $275 in the western Corn Belt.
Choice boxed beef cutout value was $3.46 higher through Wednesday afternoon at 298.45/cwt. Select was $3.04 higher at $283.02/cwt.
Soybean futures closed mostly 11¢ to 21¢ lower on weak economic news in China.
Corn futures closed mostly fractionally lower to 2¢ lower.
KC HRW Wheat futures closed mostly 5¢ to 7¢ lower.
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