Cattle futures extended gains Wednesday, buoyed by stronger wholesale beef prices, upward cash momentum and weaker Corn futures.
Feeder Cattle futures closed an average of 89¢ higher (25¢ to $1.65 higher).
Live Cattle futures closed an average of $1.20 higher (88¢ to $1.83 higher).
Choice Boxed beef cutout value was $2.61 higher Wednesday afternoon at $253.39/cwt. Select was 91¢ higher at $222.19/cwt.
Negotiated cash fed cattle trade ranged from very limited on moderate demand to inactive on light to moderate demand through Wednesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service. There were some early live sales at $147/cwt. in the Southern Plains and at $150 in the western Corn Belt
Last week, live prices were $145/cwt. in the Southern Plains and $148 in Nebraska and the Western Corn Belt. Dressed prices were $232 in Nebraska and $230-$232 in the western Corn Belt.
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