Cattle futures mostly edged higher Wednesday, maintaining the previous session’s strong gains and expectations for steady to stronger cash fed cattle prices this week.
Toward the close, Live Cattle futures were an average of 11¢ higher, except for unchanged to an average of 15¢ lower in two contracts.
Feeder Cattle futures were an average of 16¢ higher, except for an average of 25¢ lower at either end of the board.
Negotiated cash fed cattle trade was inactive on light demand in all major cattle feeding regions through Wednesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were mainly $248/cwt. in the Southern Plains, mostly $245 in Nebraska and mostly $244-$245 in the western Corn Belt. Dressed delivered prices were $382 in Nebraska and $380-$382 in the western Corn Belt on a light test.
Choice boxed beef cutout value was 96¢ lower Wednesday afternoon at $363.80/cwt. Select was 41¢ higher at $360.63.
Grain futures gained Wednesday on likely short covering.
Toward the close, through near Sep contracts, Corn futures were unchanged to fractionally higher. KC HRW Wheat futures were 10¢ to 14¢ higher. Soybean futures were mostly 1¢ lower.
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