Kansas City Wheat futures plummeted Wednesday (limit-down 85¢ in the front two contracts) on apparently more positive ceasefire talks between Ukraine and Russia. Corn and Soybean futures went along for the ride.
Corn futures closed mostly 14¢ to 28¢ lower.
Soybean futures closed mostly 6¢ to 9¢ lower.
That helped Feeder Cattle futures close an average of 37¢ higher (2¢ to 90¢ higher) except for 2¢ lower in May and 20¢ lower in the back contract.
Live Cattle futures closed an average of 69¢ lower (10¢ lower toward the back to $1.50 lower in spot Apr), except for unchanged in the back contract.
Negotiated cash fed cattle trade ranged from limited on light demand to a standstill through Wednesday afternoon, according to the Agricultural Marketing Service (AMS). Country chatter suggested some early bids at steady money.
Live prices last week were at $138/cwt. in the Southern Plains and Nebraska and at $138-$140 in the western Corn Belt. Dressed prices were $220 in Nebraska and $219-$222 in the western Corn Belt.
Choice Boxed beef cutout value was 18¢ higher Wednesday afternoon at $258.08/cwt. Select was $1.43 higher at $250.27.
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