Cattle futures continued trying to carve a bottom Wednesday, with pressure including steady to lower cash fed cattle prices.
Toward the close, Live Cattle futures were an average of $1.38 lower. Feeder Cattle futures were narrowly mixed, from an average of 38¢ lower to an average of 67¢ higher.
Negotiated cash fed cattle trade ranged from moderate on moderate demand in Nebraska to light on light to moderate demand in the western Corn Belt through Wednesday afternoon, according to the Agricultural Marketing Service. So far this week, FOB live prices are steady to $4 lower at $218/cwt. Dressed delivered prices are mostly steady at mainly $345. There was no established trade in the Southern Plains last week.
Choice boxed beef cutout value was 97¢ lower Wednesday afternoon at $378.78/cwt. Select was $6.87 lower at $353.58.
Grain and Soybean futures were lower on Wednesday on likely profit taking.
Toward the close and through the front four contracts, Corn futures were 2¢ to 3¢ lower. Soybean futures were 8¢ to 11¢ lower. Kansas City HRW Wheat futures were 7¢ to 9¢ lower, except for 6¢ higher in spot Sep.
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Major U.S. financial indices closed higher Wednesday, helped by easing oil prices and Treasury yields.
The Dow Jones Industrial Average closed 295 points higher. The S&P 500 closed 35 points higher. The NASDAQ was up 118 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 40¢ lower to 41¢ higher through the front six contracts.