Cattle futures extended losses Wednesday, trading mostly limit-down, as traders hunt for a bottom to the emotionally driven break, tied to President Trumps goal of lowering domestic retail beef prices.
Toward the close, Live Cattle futures were an average of $7.20 lower. Feeder Cattle futures were an average of $9.19 lower.
Negotiated cash fed cattle trade ranged from light on moderate demand in the Southern Plains to moderate on good demand in the North through Wednesday afternoon, according to the Agricultural Marketing Service.
Early, FOB live prices were $3-$4/cwt. lower in the Texas Panhandle at $232 and $3-$5 lower in Kansas at $232. FOB live prices were unevenly steady in Nebraska at $230-$230.50 and $1-$2 lower in the western Corn Belt at mostly $228-$229. Dressed delivered prices were steady to $1 lower at $357-$360.
Choice boxed beef cutout value was 68¢ higher Wednesday afternoon at $378.26/cwt. Select was $1.00 lower at $360.25.
Grain and Soybean futures rebounded on Wednesday, helped along by China rolling back some tariffs on U.S. agricultural imports.
Toward the close and through Jly contracts, Corn futures were 3¢ to 4¢ higher. KC HRW Wheat futures were 3¢ to 4¢ higher. Soybean futures were 10¢ to 15¢ higher.
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