Cattle futures were lower Wednesday, pressured by reports that USDA was testing two calves from Texas for New World screwworm infection, as well as negative outside markets.
Toward the close, Live Cattle futures were an average of $2.05 lower. Feeder Cattle futures were an average of $5.61 lower.
Negotiated cash fed cattle trade was active on good demand in Nebraska through Wednesday afternoon, according to the Agricultural Marketing Service. FOB live prices were mainly $1 lower at mostly $256 and dressed delivered prices were unevenly steady at mostly $405.
Trade was moderate on moderate demand in the Western Cornbelt. Early live FOB live prices were steady to $2 lower at $256 and early dressed delivered prices were steady at $405.
In the Southern Plains, trade was limited on moderate demand. Although too few transactions to trend, there were some FOB live trades at $256. Prices in the region last week was mostly $257.
Choice boxed beef cutout value was $1.79 higher Wednesday afternoon at $392.83/cwt. Select was 38¢ lower at $384.43.
Grain and Soybean futures continued lower Wednesday.
Toward the close, and through near Mar contracts, Corn futures were 7¢ to 9¢ lower.
Soybean futures were 10¢ to 12¢ lower. Kansas City HRW Wheat futures were 9¢ to 10¢ lower.
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Major U.S. financial indices closed lower Wednesday, pressured by increasing Treasury Yield rates and Crude Oil prices related to worries about higher inflation stemming from the lack of resolution to the U.S-Iran war.
The Dow Jones Industrial Average closed 620 points lower. The S&P 500 closed 56 points lower. The NASDAQ was down 239 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $1.24 to $2.47 higher through the front six contracts.
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