Cattle futures edged lower Wednesday, with technical pressure and the week’s higher grain futures prices.
Live Cattle futures closed an average of 38¢ lower.
Feeder Cattle futures closed an average of 51¢ lower, except for unchanged to an average of 45¢ higher up front.
Negotiated cash fed cattle trade ranged from mostly inactive on light demand to slow on moderate demand with too few transactions to trend in any region, according to the Agricultural Marketing Service. There were a few live sales in Nebraska at $145/cwt. and a few in the western Corn Belt at $147. There were also some early dressed trades in Nebraska at $232-$233.
On Tuesday, live sales in the Southern Plains were steady to $1 higher at $142.
Last week, live prices were $146.00-$148.50 in Nebraska and $148-$150 in the western Corn Belt. Dressed prices were $234.
Choice Boxed beef cutout value was 3¢ higher Wednesday afternoon at $262.83/cwt. Select was $1.18 lower at $237.62/cwt.
Grain futures softened Wednesday with likely profit taking from the recent price surge.
Corn futures closed mostly 1¢ to 2¢ lower.
Soybean futures closed mostly 7¢ to 11¢ lower.
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