Negotiated cash fed cattle trade was slow with light to moderate demand in all major cattle feeding regions through Wednesday afternoon, according to the Agricultural Marketing Service.
Live prices were $2-$3 higher in the Southern Plains at $131-$132/cwt., $2 higher in Nebraska at $132 and $1-$2 higher in the western Corn Belt at $131-$132. There were too few dressed trades for a trend: $202-$204 last week.
Live Cattle futures were unable to capitalize on the stronger cash price, however. They closed narrowly mixed, from an average of 11¢ lower in five contracts to an average of 11¢ higher. Part of the pressure was likely due to lower wholesale beef prices.
Choice boxed beef cutout value was $2.28 lower Wednesday afternoon at $285.52/cwt. Select was $4.00 lower at $266.62.
Feeder Cattle futures closed an average of $1.26 lower with weight from resurgent grain futures.
Corn futures closed 13¢ to 14¢ higher in the front four contracts and then mostly 6¢ to 8¢ higher.
Soybean futures closed mainly 3¢ to 5¢ higher.
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