Cattle futures firmed Wednesday.
Feeder Cattle futures closed an average of 91¢ higher (32¢ to $1.42 higher).
Live Cattle closed an average of 27¢ higher, except for 15¢ lower in the back contract.
Negotiated cash fed cattle trade on Wednesday ranged from a standstill to slow on light demand in Kansas where FOB live prices were $3 lower at $185/cwt. in a light test, according to the Agricultural Marketing Service.
Last week, FOB live prices were $188/cwt. in the Southern Plains, $190 in Nebraska and $190-$191 in the western Corn Belt. Dressed delivered prices were $302.
Choice boxed beef cutout value was $2.51 lower Wednesday afternoon at $308.58/cwt. Select was $1.83 lower at $298.43/cwt.
Grain and Soybean futures mostly meandered lower as traders geared up for Thursday’s Prospective Plantings and Grain Stocks report from USDA.
Corn futures closed mostly 4¢ to 5¢ lower.
KC HRW Wheat futures closed mostly 1¢ lower.
Soybean futures closed mostly 6¢ to 7¢ lower.
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