Negotiated cash fed cattle prices were mostly $2 lower on a live basis in Kansas through Wednesday afternoon at $138/cwt. That was on slow trade and moderate demand, according to the Agricultural Marketing Service. Prices were $2 lower to $2 higher at $138 in the Texas Panhandle on Tuesday.
Elsewhere, trade ranged from limited on light demand to mostly inactive on very light demand.
Last week, live prices were $145/cwt. in the Northern Plains and western Corn Belt. Dressed prices were $230.
Softer cash prices, wavering outside markets and anemic technical support pressured Cattle futures.
Feeder Cattle futures closed an average of $1.38 lower.
Live Cattle futures closed an average of $1.26 lower.
Choice Boxed beef cutout value was 99¢ lower through Wednesday afternoon at $266.57/cwt. Select was 71¢ lower at $245.99.
Corn and Soybean futures mainly extended losses, pressured by crop progress and lower Crude Oil.
Corn futures closed 7¢ lower through new crop contracts and then 1¢ to 4¢ lower.
Soybean futures closed 30¢ to 34¢ lower through Jly ’23 and then mostly 20¢ to 27¢ lower.
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