Heading into Wednesday’s close, Cattle futures were sharply lower, pressured by news that viral fragments of Highly Pathogenic Avian Influenza (HPAI) were found in pasteurized milk during the ongoing investigation into Bovine Influenza A virus found in dairy cattle. Although there is no reason to doubt the safety of pasteurized milk, the headlines made traders skittish.
Feeder Cattle futures were an average of $2.32 lower.
Negotiated cash fed cattle trade and demand were moderate in the Southern Plains through Wednesday afternoon, according to the Agricultural Marketing Service. FOB live prices were steady at $182/cwt.
Elsewhere, trade ranged from mostly inactive on light demand to a standstill.
Last week, FOB live prices were mainly $183 in Nebraska and $184 in the western Corn Belt. Dressed delivered prices were $292-$293.
Choice boxed beef cutout value was $1.66 lower Wednesday afternoon at $295.74/cwt. Select was $2.34 lower at $290.42/cwt.
Heading into the close, wheat was higher again based on weather concerns.
Kansas City Wheat futures were 14¢ to 17¢ higher through Jly ‘25.
Corn futures were mostly 1¢ to 5¢ lower through Mar ‘25.
Soybean futures were mostly fractionally mixed through Jly ‘25.
******************************
Major U.S. financial indices ended Wednesday little changed.
The Dow Jones Industrial Average closed 42 points lower. The S&P 500 closed 1 point higher. The NASDAQ was up 16 points.
Heading into the close West Texas Intermediate Crude Oil futures on the CME were 17¢ to 50¢ lower through the front six contracts.
******************************
Total pounds of beef in freezers Feb. 29 were 6% less than the previous month and 12% less than a year earlier, according to the latest USDA Cold Storage report.
Frozen pork supplies were down 1% from the previous month and down 12% from last year.
Total red meat supplies in freezers were 4% less month to month and 13% less year over year.
Total frozen poultry supplies were down 1% from the previous month and down 5% from a year ago.