Cattle futures continued lower Wednesday, hampered by wariness ahead of the Fed’s interest rate announcement and swift declines in wholesale beef prices.
Negotiated cash fed trade cattle was limited on moderate demand in the Texas Panhandle through Wednesday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were some early FOB live trades at $238-$239/cwt. Elsewhere, trade was mostly inactive on light to moderate demand.
Last week, FOB live prices were mainly $240/cwt. in all regions. Dressed delivered prices were $375-$378.
Choice boxed beef cutout value was $4.44 lower Wednesday afternoon at $388.18/cwt. Select was $6.80 lower at $366.37.
Toward the close, Live cattle futures were an average of $2.04 lower. Feeder Cattle futures were an average of $4.51 lower.
Grain and Soybean futures closed lower with likely increased farmer selling.
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