Another day of higher Corn futures weighed heavily on Feeder Cattle futures, Wednesday, which closed an average of $3.35 lower ($2.57 to $4.20 lower), except for unchanged in expiring Apr
After 12¢ and 10¢ higher in the front two contracts, Corn futures closed mostly fractionally higher to 6¢ higher, pushed along by Soybean futures, which closed 20¢ to 22¢ higher through Jan ‘23.
Technical pressure and looming large supplies pressured Live Cattle futures an average of $1.03 lower, replacing early-week bullishness tied to stronger weekly cash prices.
Negotiated cash fed cattle trade on Wednesday ranged from a standstill to light on slow to moderate demand, with too few transactions too trend, according to the Agricultural Marketing Service.
So far this week, live prices are steady in the Southern Plains at $140/cwt.; steady to $1 higher in the Northern Plains at $144-$146 and in the Western Corn Belt at $145-$147. Dressed prices are $2 higher at $232.
Choice Boxed beef cutout value was $2.26 lower Wednesday afternoon at $261.91/cwt. Select was $3.91 lower at $252.32.
POWERED BY BLUBRRY
