Cattle futures trended lower pressured by bearish outside markets. Feeder Cattle futures closed an average of 69¢ lower. Live Cattle futures closed an average of $1.46 lower.
Grain futures were also pressured by pessimistic outside markets. Corn futures closed mostly 10¢ to 20¢ lower. Soybean futures closed 14¢ to 26¢ lower.
Negotiated cash fed cattle trade was slow on light demand in Nebraska at $140/cwt., which was $2 less than earlier in the week. Elsewhere, trade was limited on light demand through Wednesday afternoon with too few transactions to trend.
So far this week, live prices are $2 lower in the Southern Plains at $138, $2-$4 lower in Nebraska at $140-$142 and $2-$3 lower in the western Corn Belt at $142. Dressed prices are $4 lower in Nebraska at $226.
Last week, live prices were $140-$144 in Colorado. Dressed prices were $227-$230 in the western Corn Belt.
Choice Boxed beef cutout value (p.m.): 1¢ lower at $260.47/cwt. Select was $2.17 lower at $246.02.
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