Cattle futures edged higher Wednesday with fundamental support and simmering ahead of cash direction.
Feeder Cattle futures closed an average of 40¢ higher, except for 5¢ lower in the back contract.
Live Cattle futures closed an average of 23¢ higher, except for 25¢ lower in spot Feb.
Corn futures closed mostly 2¢ to 3¢ lower.
KC HRW Wheat futures closed 5¢ to 9¢ higher.
Soybean futures closed mostly 5¢ to 9¢ higher.
Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Wednesday afternoon, according to the Agricultural Marketing Service.
Last week, live prices were $155/cwt. in the Southern Plains and Nebraska, and $156-$158 in the western Corn Belt. Dressed prices were $248-$250.
Choice boxed beef cutout value was $1.36 lower Wednesday afternoon at $268.28/cwt. Select was 59¢ lower at $251.80/cwt.
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