Feeder Cattle futures gained Wednesday on declining Corn futures. They closed an average of $1.18 higher (77¢ to $2.00 higher).
Corn and Wheat futures reversed direction as Russia reversed course and claimed it is rejoining the initiative that enabled Ukraine exports from the Black Sea.
Corn futures closed 8¢ to 10¢ lower through Jly ‘23 and then mostly 3¢ to 5¢ lower. Kansas City Wheat futures closed 34¢ to 49¢ lower through May ‘24. Soybean futures closed mostly 8¢ to 9¢ higher.
Live Cattle futures tread water, awaiting weekly cash direction. They closed narrowly mixed from an average of 29¢ lower to an average of 21¢ higher.
Negotiated cash fed cattle trade was limited on light demand through Wednesday afternoon, with too few transactions to trend in any region, according to the Agricultural Marketing Service. There were a few early live sales in the Texas Panhandle at $149/cwt. and a few in the western Corn Belt at $154. There were early dressed trades in Nebraska at $243.
Last week, live prices were $150/cwt. in the Southern Plains and $152-$153 in Nebraska and the western Corn Belt. Dressed prices were $240.
Choice Boxed beef cutout value was 84¢ higher Wednesday afternoon at $263.47/cwt. Select was 43¢ higher at $233.16/cwt.
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