Cattle futures were mostly lower Wednesday, awaiting the week’s negotiated cash fed cattle direction.
Toward the close, Live Cattle futures were an average of 84¢ lower. Feeder Cattle futures were an average of $1.86 lower, except for 12¢ higher in the back contract.
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/cwt. in Nebraska and mostly $220 in the western Corn Belt. Dressed delivered prices were mostly $345.
Choice boxed beef cutout value was $1.35 higher Wednesday afternoon at $376.50/cwt. Select was $4.80 higher at $358.47.
Corn and Soybean futures were lower Wednesday with likely harvest pressure.
Through late afternoon, and through the front four contracts, Corn futures were 1¢ to 2¢ lower. Kansas City HRW Wheat futures were fractionally higher to 3¢ higher. Soybean futures were 6¢ to 8¢ lower.
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Major U.S. financial indices closed lower on Wednesday, pressured by a steamier inflation reading than expected.
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.6% on a seasonally adjusted basis in September after rising 0.4% in August, according to the U.S. Bureau of Labor Statistics. Over the last 12 months, the all items index increased 3.7% before seasonal adjustment.
The Dow Jones Industrial Average closed 48 points lower. The S&P 500 closed 86 points lower. The NASDAQ was down 511 points.
Through mid-afternoon, West Texas Intermediate crude oil futures (CME) were 11¢ lower to $1.01 higher through the front six contracts.