A second consecutive day of sharply lower new-crop Corn futures prices helped Feeder Cattle futures roar an average of $3.87 higher.
Corn futures closed 17¢ to 22¢ lower through Jly ‘23, and then mostly 11¢ to 13¢ lower.
Soybean futures closed 4¢ to 7¢ higher through Jly ‘23 and then mostly 4¢ to 6¢ lower.
Live Cattle futures closed an average of $1.41 higher, from 25¢ higher at the back to $2.52 higher toward the front. That was despite the softer start to negotiated cash fed cattle prices this week of $2 lower in the Southern Plains at $135/cwt.
Live prices last week were $140 in Nebraska and $140-$142 in the western Corn Belt. Dressed prices were $223-$224 in Nebraska and $222-$227 in the western Corn Belt.
Choice Boxed beef cutout value was 12¢ lower Wednesday afternoon at $267.42/cwt. Select was 26¢ higher at $248.91.
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