Cattle futures mainly held or extended gains on Wednesday, in the face of another day of bearishness in outside markets.
Toward the close, Live Cattle futures were an average of 51¢ lower, except for an average of 12¢ higher in two contracts. They were an average of $3.46 higher Wednesday.
Feeder Cattle futures were an average of $1.15 higher, except for an average of $1.00 lower in the back contract. They were an average of $4.85 higher on Wednesday.
Negotiated cash fed cattle was mostly inactive on light demand in Nebraska and the western Corn Belt through Wednesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were steady to $1 higher in Nebraska at $218-$223/cwt. and steady to $2 lower in the western Corn Belt at $218-$220. Dressed delivered prices were mostly steady at mainly $345.
Last week’s five-area direct FOB live fed steer price was 9¢ lower at $219.06. The weighted average dressed delivered fed steer price was 33¢ lower at $345.42.
Choice boxed beef cutout value was $3.20 higher Wednesday afternoon at $380.77/cwt. Select was $3.05 lower at $352.34.
Grain and Soybean futures were lower on Wednesday with positioning ahead of the World Agricultural Supply and Demand Estimates.
Toward the close and through the front four contracts, Corn futures were 3¢ to 5¢ lower.
Kansas City HRW Wheat futures were 2¢ to 12¢ lower. Soybean futures were 4¢ to 7¢ lower.
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Major U.S. financial indices slid lower for another day as crude oil prices and Treasury yields rose.
The Dow Jones Industrial Average closed 405 points lower. The S&P 500 closed 37 points lower. The NASDAQ was down 168 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $1.16 to $1.31 higher through the front six contracts.
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Tyson Foods announced in August the closure of its beef packing facility in Joselin, Il., its case-ready facility in Eagle Mountain, Utah and intentions to sell its beef packing facility in Pasco, Wash. You likely recall the company closed its plant at Lexington, Neb. early this year and reduced production at its plant in Amarillo, Texas.
Last week, Tyson Foods provided some perspective in its updated fiscal 2026 outlook, reflecting additional pressure in its beef segment during the fourth quarter, according to the company. The update explains the revised outlook was primarily driven by significant margin compression amid volatile cattle prices and one of the most severe cattle shortages in U.S. history, as well as the expected impact of lower cattle prices on the value of live cattle inventories.
“The Beef pressures that have intensified this quarter reflect industry-wide cattle-cycle dynamics that required decisive action,” said Donnie King, President and Chief Executive Officer of Tyson Foods. “As announced in August, we are restructuring our beef network around three strategically located facilities in the central United States to create a more efficient and competitive footprint for the long term.”