Feeder Cattle futures gained on lower Corn futures, closing an average of 83¢ higher.
Live Cattle futures closed an average of 17¢ higher, except for unchanged to 17¢ lower in three contracts.
Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Wednesday afternoon.
Last week, prices on a live basis were $162 in the southern Plains, $159-$161 in Nebraska and $160-$162 in the western Corn Belt. Dressed prices were $257.
Choice boxed beef cutout value was 71¢ higher Wednesday afternoon at 287.91/cwt. Select was $2.80 higher at $273.64/cwt.
Wheat led the grain complex lower Wednesday with favorable domestic moisture, as well as chatter than the Baltic Sea export opening will be extended.
KC HRW Wheat closed 14¢ to 28¢ lower. Corn futures closed 3¢ to 6¢ lower through Jly ‘23 and then mostly fractionally lower to 1¢ lower. Soybean futures closed 5¢ to 9¢ lower through Sep ’23 and then mostly fractionally lower to 2¢ higher.
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