Cattle futures boomeranged back Wednesday, helped by oversold conditions and lower corn futures prices.
Toward the close, Live Cattle futures were an average of $2.31 higher. Feeder Cattle futures were an average of $6.02 higher, except for 87¢ lower in waning spot Sep.
Negotiated cash fed cattle trade was inactive on light demand in the North through Wednesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were mostly $222-$223/cwt. in Nebraska and mainly $222 in the western Corn Belt. Dressed delivered prices were mostly $350.
Choice boxed beef cutout value was $1.58 lower Wednesday afternoon at $377.31/cwt. Select was $5.51 lower at $352.34.
Grain and Soybean futures were lower Wednesday, perhaps with position squaring ahead of the meeting between leaders of the U.S. and China.
Through late afternoon, and through the front four contracts, Soybean futures were 6¢ to 8¢ lower. Corn futures were mostly 6¢ to 8¢ lower. Kansas City HRW Wheat futures were 10¢ to 11¢ lower.
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Major U.S. financial indices closed lower Wednesday as Treasury yield rates, crude oil prices and inflation worries turned higher once again.
The Dow Jones Industrial Average closed 352 points lower. The S&P 500 closed 58 points lower. The NASDAQ was down 308 points.
Through mid-afternoon, West Texas Intermediate crude oil prices (CME) were $1.14 to $2.40 higher through the front six contracts.