Cattle futures extended gains Wednesday, supported by supply fundamentals and the cash premium to Live Cattle futures.
Toward the close, Live cattle futures were an average of $1.47 higher. Feeder Cattle futures were an average of $3.56 higher.
Negotiated cash fed cattle trade was inactive on moderate demand in all major cattle feeding regions through Wednesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $228-$230/cwt. in the Texas Panhandle, mostly $230 in Kansas, $240-$241 in Nebraska and mostly $240 in the western Corn Belt. Dressed delivered prices were $380.
Choice boxed beef cutout value was $4.87 lower Wednesday afternoon at $372.85. Select was $4.67 lower at $357.91.
Corn and Soybean futures gained Wednesday with support appearing to include weather premium on the outlook for elevated temperatures.
Toward the close and through away Jly contracts, Corn futures were mostly 4¢ to 5¢ higher. Kansas City Wheat futures were mostly fractionally higher to 1¢ higher. Soybean futures were 15¢ to 18¢ higher.
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