Negotiated cash fed cattle trade was moderate on moderate demand in Nebraska through Wednesday afternoon, according to the Agricultural Marketing Service. Early FBO live trades were mostly $8 lower at mainly $240/cwt. Dressed delivered sales so far this week are $10-$13 lower at mostly $380.
Trade was limited on moderate demand in the western Corn Belt. Although too few transactions to trend, there were some early FOB live trades at $238-$240 and some in the beef at $375. Last week, FOB live trades were $248 and dressed delivered prices were mostly $393.
Trade was mostly inactive on light demand in Kansas, where FOB live prices were $248 last week.
Choice boxed beef cutout value was $2.67 lower Wednesday afternoon at $371.28/cwt. Select was $5.23 lower at $359.18.
Cattle futures stepped mainly lower Wednesday with lower Choice wholesale beef values and another steep decrease in cash fed cattle prices so far this week.
Toward the close, Live Cattle futures were an average of $2.11 lower. Feeder Cattle futures were an average of $2.05 lower, except for $1.90 and 10¢ higher in the front two contracts.
Wheat futures screamed higher Wednesday, bolstered by supply chain disruptions tied to the Russia-Ukraine war.
Toward the close and through near Mar contracts, Kansas City HRW Wheat futures were mostly 41¢ to 44¢ higher. Corn futures were mostly 7¢ to 8¢ higher. Soybean futures were 8¢ to 10¢ higher.
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