Cattle futures rose cautiously on Wednesday, helped along by falling oil prices and higher outside markets tied to the announced ceasefire between the U.S. and Iran.
Toward the close, Live Cattle futures were an average of 85¢ higher, except for an average of 8¢ lower in two contracts.
Feeder Cattle futures were an average of $1.38 higher.
Negotiated cash fed cattle trade was mostly inactive on light demand in all major cattle feeding regions through Wednesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $245-$246/cwt. in the Texas Panhandle, mostly $246 in Kansas $245 in the North at $. Dressed delivered prices were mainly $385.
Choice boxed beef cutout value was $3.08 lower Wednesday afternoon at $379.66/cwt. Select was $4.06 lower at $382.27.
Grain futures were lower on the cease-fire news and less weather premium for wheat.
Toward the close, and through near Dec contracts, Kansas City HRW Wheat futures were 12¢ to 14¢ lower. Corn futures were 1¢ to 2¢ lower. Soybean futures were fractionally higher to 3¢ higher.
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Major U.S. financial indices closed sharply higher Wednesday on news of the ceasefire between the U.S. and Iran.
The Dow Jones Industrial Average closed 1,325 points higher. The S&P 500 closed 165 points higher. The NASDAQ was up 617 points.
Through mid-afternoon West Texas Intermediate Crude Oil futures (CME) were $1.22 to $16.51 lower through the front six contracts.