Negotiated cash fed cattle trade ranged from limited on light demand in the western Corn Belt to inactive on very light demand through Wednesday afternoon, according to the Agricultural Marketing Service. Although too few transactions to trend, there were some early sales in the western Corn Belt at $180/cwt. on a live basis and $285 in the beef.
Last week, live prices were $175/cwt. in the Texas Panhandle, $173-$175 in Kansas $180-$185 in Nebraska and $180-$183 in the western Corn Belt. Dressed prices were $284-$290 in Nebraska and $288 in the western Corn Belt.
Choice boxed beef cutout value was $1.61 higher Wednesday afternoon at $309.24/cwt. Select was 32¢ higher at $287.94/cwt.
Weaker Corn futures, and apparently renewed focus on fundamentals, helped Cattle futures gain on Wednesday.
Feeder Cattle futures closed an average of $1.53 higher, (60¢ to $2.15 higher).
Live Cattle futures closed an average of 60¢ higher, (22¢ higher at the front to $1.05 higher at the back).
Corn futures closed 4¢ to 6¢ lower.
KC HRW Wheat closed mostly 12¢ to 24¢ lower.
Soybean futures closed mixed — fractionally mixed through Sep ’24 and then 3¢ to 4¢ higher. The exception was 9¢ and 2¢ lower in the front two contracts.
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