Cattle futures ground higher Wednesday, supported by renewed cash market strength.
Toward the close, Live Cattle futures an average of $1.19 higher. Feeder Cattle futures were an average of $2.09 higher, except for 53¢ lower in the back contract.
Negotiated cash fed cattle trade was mostly inactive on light demand through Wednesday afternoon, according to the agricultural Marketing Service.
Last week, FOB live prices were $233/cwt. in Kansas, $232-$233 in Nebraska and $232-$235 in the western Corn Belt. Dressed delivered prices were $360-$365 in Nebraska on a light test and $360-$367 in the western Corn Belt on a light test.
Choice boxed beef cutout value was $1.68 lower Wednesday afternoon at $367.97/cwt. Select was $1.56 higher at $348.06.
Corn and Soybean futures were lower Wednesday on favorable weather and early private-company yield estimates.
Toward the close and through the front four contracts, Corn futures were 4¢ to 5¢ lower. Soybean futures were fractionally lower to 3¢ lower. However, Kansas City HRW Wheat were 7¢ to 8¢ higher with added war premium.
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