Negotiated cash fed cattle trade ranged from mostly inactive 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 prices were $183/cwt. in the Southern Plains, $183-$184.50 in Nebraska and $183-$184 in the western Corn Belt. Dressed delivered prices were $290.
Cattle futures weakened Wednesday, as traders appeared to be waiting for cash direction.
Live Cattle futures closed an average of 46¢ lower (22¢ to $1.07 lower).
Feeder Cattle futures closed an average of 91¢ lower (70¢ to $1.30 lower).
Choice boxed beef cutout value was 12¢ higher Wednesday afternoon at $304.91/cwt. Select was 22¢ higher at $295.09/cwt.
Grain and Soybean futures were mixed Wednesday. Keep in mind the monthly World Agricultural Supply and Demand Estimates are scheduled for release this Friday.
Corn futures closed fractionally higher to 2¢ higher.
KC HRW Wheat futures closed 10¢ to 15¢ lower though Dec ’24 and then 6¢ to 7¢ lower, struggling for demand.
Soybean futures closed mostly 1¢ to 2¢ lower.
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