Negotiated cash fed cattle trade was slow to moderate on moderate demand in Nebraska through Wednesday afternoon, according to the Agricultural Marketing Service. Live prices were $2 lower at $140/cwt. and dressed prices were generally $3 lower at $222-$225.
Elsewhere, trade was limited on light demand with too few transactions to trend.
Earlier in the week, live prices were $1 lower in the Southern Plains at $137.
Last week, live prices were $142 in Colorado and the western Corn Belt. Dressed prices in the Western Corn Belt were $223-$227.
Choice Boxed beef cutout value was 72¢ lower Wednesday afternoon at $262.93/cwt. Select was $1.29 lower at $244.06.
Feeder Cattle futures eased an average of 33¢ higher, except for an average of 11¢ lower in two contracts, helped along by weaker Corn futures.
Live Cattle futures closed an average of 29¢ lower, except for an average of 34¢ higher in the back three contracts, struggling with lower cash prices and the likelihood seasonal beef prices are near the peak.
Grain futures were under pressure Wednesday, due to planting progress, China’s announcement that it will begin importing corn from Brazil and Russia’s announcement that it would allow grain exports from Ukraine in exchange for the easing of some current sanctions.
Corn futures closed mostly 2¢ to 7¢ lower.
Soybean futures closed 10¢ to 12¢ lower in old-crop contracts, 1¢ 4¢ lower through May ’23 and then mostly 1¢ higher.
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