Cattle futures were sharply lower Wednesday with pressure from lower cash fed cattle prices and wholesale beef values as traders eyed the monthly Cattle on Feed and semi-annul Cattle reports due to be published on Friday.
Toward the close, Live Cattle futures were an average of $3.47 lower. Feeder Cattle futures were an average of $8.68 lower.
Negotiated cash fed cattle trade was light to moderate on moderate demand in the North through Wednesday afternoon, according to the Agricultural Marketing Service.
Early dressed sales in Nebraska were $15 lower at $365/cwt. Although too few transactions to trend, there were some FOB live trades at $230-$232; prices last week were mostly $240.
Early FOB live prices in the western Corn Belt were $5-$10 lower at $230. Although too few transactions to trend, there were some dressed delivered trades at $365; prices last week were $370-$385.
Trade was mostly inactive on light demand in Kansas where FOB live prices last week were mostly $237-$238.
Choice boxed beef cutout value was $3.41 lower Wednesday afternoon at $363.50. Select was $3.66 lower at $350.57.
Grain and Soybean futures rallied Wednesday, supported by higher Crude Oil prices, war premium and a negative weather outlook.
Toward the close and through the front four contracts, Corn futures were 9¢ higher. Soybean futures were mostly 13¢ to 16¢ higher. Kansas City HRW Wheat futures were 27¢ to 30¢ higher.
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Major U.S. financial indices closed lower Wednesday, pressured in part by higher oil prices tied to escalated attacks between the U.S. and Iran.
The Dow Jones Industrial Average closed 6 points lower. The S&P 500 closed 10 points lower. The NASDAQ was down 146 points.