Cattle futures weakened further Wednesday with technical pressure and the week’s sharply lower negotiated cash fed cattle prices.
Toward the close, Live Cattle futures were an average of 74¢ lower. Feeder Cattle futures were an average of $2.77 lower.
Negotiated cash fed cattle trade was light to moderate on moderate demand in Nebraska through Wednesday afternoon, according to the Agricultural Marketing Service. Although too few transactions to trend, there were a few dressed delivered trades at $335-$338/cwt. Trade was limited on moderate demand in the western Corn Belt. Although too few transactions to trend, there were a few FOB live trades in at $215-$218.
Based on the last established trend, FOB live prices are mostly $7 lower in Nebraska at mainly $217 and $6-$8 lower in the western Corn Belt at $216-$218. Dressed delivered prices are $12 lower in Nebraska at mostly $340 and $8-$25 lower in the western Corn Belt at mostly $340.
Trade was mostly inactive on light demand in the South Central region where FOB live prices last week were $225.
Choice boxed beef cutout value was $2.73 lower Wednesday afternoon at $362.50/cwt. Select was $1.72 lower at $356.65.
Grain futures were mixed Wednesday.
Through late afternoon, and through the front four contracts, Corn futures were 2¢ to 3¢ higher. Kansas City HRW Wheat futures were 2¢ to 4¢ lower. Soybean futures were 8¢ to 10¢ lower.
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Major U.S. financial indices closed sharply higher Wednesday boosted by less political uncertainty and sliding oil prices, both related to results of the mid-term elections.
The Dow Jones Industrial Average closed 1,569 points higher. The S&P 500 closed 119 points higher. The NASDAQ was up 364 points.
Through mid-afternoon, West Texas Intermediate crude oil futures (CME) were $5.95 to $7.61 lower through the front six contracts.