Cattle futures eased higher Wednesday with stronger outside markets and growing expectations for steady to stronger negotiated cash fed cattle prices.
Toward the close, Live Cattle futures were an average of $1.04 higher. Feeder Cattle futures were an average of $2.68 higher.
Negotiated cash fed cattle trade was inactive on light to moderate demand in all major cattle feeding regions through Thursday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $245-$246/cwt. in the Texas Panhandle, mostly $246 in Kansas and $245 in the North. Dressed delivered prices were mainly $385.
Choice boxed beef cutout value was $1.43 higher Thursday afternoon at $381.09/cwt. Select was 70¢ lower at $381.57.
Grain and Soybeans futures were mixed Thursday.
Toward the close, and through near Dec contracts, Kansas City HRW Wheat futures were 5¢ to 8¢ lower pressured by domestic rain chances and higher projected world ending stocks in the World Agricultural Supply and Demand Estimates (see below).
Corn futures were 2¢ to 3¢ lower. However, Soybean futures were fractionally lower to 2¢ higher through near Nov.
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