Cattle futures took another step higher Wednesday, helped along by more positive outside markets.
Feeder Cattle futures closed an average of $1.48 higher, except for 27¢ lower in expiring spot Mar.
Live Cattle futures closed an average of 68¢ higher (27¢ to 95¢ higher).
Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill in all regions through Wednesday afternoon, according to the Agricultural Marketing Service.
Last week, live prices were $163/cwt. in the Southern Plains, $164-$165 in Nebraska and $164-$166 in the western Corn Belt. Dressed prices were $265.
Choice boxed beef cutout value was 34¢ lower Wednesday afternoon at $280.29/cwt. Select was $1.46 lower at $268.90/cwt.
Corn futures closed mostly 1¢ lower, except for 3¢ higher and 1¢ higher in the front two contracts.
KC HRW Wheat closed 2¢ to 15¢ lower.
Soybean futures closed 4¢ to 9¢ higher in the front three contracts, and then mostly 2¢ to 5¢ lower.
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