Cattle futures gained Wednesday, helped by lower Corn futures.
Toward the close, Live Cattle futures were an average of $1.90 higher. Feeder Cattle futures were an average of $4.58 higher.
Negotiated cash fed cattle trade was limited on light demand in the North through Wednesday afternoon, according to the Agricultural Marketing Service. Although too few transactions to trend, there were some FOB live trades in Nebraska at $219-$219.50/cwt. and some dressed delivered trades in the western Corn Belt at $348-$352.
So far this week, dressed delivered prices in Nebraska are steady to $3 higher at $348-$350. Last week, FOB live prices were mostly $222.
Also last week, FOB live prices were mostly $221 in the western Corn Belt, where dressed delivered prices were $345-$350.
Choice boxed beef cutout value was 13¢ higher Wednesday afternoon at $382.79/cwt. Select was $3.89 lower at $360.59.
Corn futures led the complex lower on Wednesday.
Through late afternoon, and through the front four contracts, Corn futures were 17¢ to 11¢ lower with more stocks than expected in the USDA report (see below). Kansas City HRW Wheat futures were 10¢ to 11¢ lower. Soybean futures were 2¢ to 3¢ lower.
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Major U.S. financial indices closed mixed on Wednesday, but supported by a cooler inflation reading than expected.
The Personal Consumption Expenditures Index in August was 0.3% higher month to month and 3.4% higher year over year, which was less than the previous month’s annual increase.
The Dow Jones Industrial Average closed 443 points lower. The S&P 500 closed 19 points lower. The NASDAQ was up 63 points.
Through mid-afternoon, West Texas Intermediate crude oil futures (CME) were 69¢ to $1.06 higher through the front six contracts.
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Corn futures for new-crop contracts slid Wednesday with significantly more stocks than expected in USDA’s Grain Stocks report.
Corn
Old crop corn stocks in all positions on Sept. 1, this year totaled 2.10 billion bushels, which was 35% more year over year. Of the total, 787 million bushels were stored on-farm and 1.31 billion bushels were stored off-farm. June-August 2026 indicated disappearance is 3.20 billion bushels, compared with 3.10 billion bushels during the same period a year ago.
Soybeans
Old crop soybean stocks in all positions on Sept. 1 totaled 315 million bushels, down 3% year over year. Of the total, 90.4 million bushels were stored on-farm and 225 million bushels were stored off-farm. June-August 2026 indicated disappearance is 744 million bushels, compared with 683 million bushels during the same period a year ago.
All Wheat
All wheat stocks in all positions on Sept. 1 totaled 1.85 billion bushels, down 14% from the previous September. Of the total, 547 million bushels were stored on-farm and 1.30 billion bushels were stored off-farm. June -August 2026 indicated disappearance is 608 million bushels, compared with 710 million bushels during the same period a year ago.
All wheat production totaled 1.53 billion bushels in 2026, according to USDA’s Small Grains summary. That was down 23% less than the revised 2025 total. Area harvested for grain totaled 31.9 million acres, down 15% from 2025. The average yield for the nation was 48.1 bushels per acre, down 5.2 bushels from the previous year. By type, production was estimated at 1.02 billion bushels for winter wheat; 450 million bushels for other spring wheat; and 64.8 million bushels for Durum wheat.