Recently surging wholesale beef values and more positive outside market helped Cattle futures rally higher Wednesday.
Toward the close, Live Cattle futures were an average of $4.11 higher. Feeder Cattle futures were an average of $6.96 higher.
Negotiated cash fed cattle trade was mostly 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 $244/cwt. in the Southern Plains, $239-$243 in Nebraska and mainly $243 in the western Corn Belt. Dressed delivered prices were mainly $383 in Nebraska and $382-$383 on a light test in the western Corn Belt.
Choice boxed beef cutout value was 52¢ higher Wednesday afternoon at $388.57/cwt. Select was $1.77 higher at $380.35.
Grain and Soybean futures trended lower Wednesday, as traders appeared to reduce some risk premium based on the U.S.-Israel attack on Iran, as well as domestic weather.
Toward the close, and through near Sep contracts, Kansas City HRW Wheat futures were 7¢ to 13¢ lower. Corn futures were 2¢ lower. Soybean futures were 1¢ to 4¢ lower.
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