Cattle futures continued to gain Wednesday, helped by positive outside markets.
Toward the close, Live Cattle futures were an average of 50¢ higher. Feeder Cattle futures were an average of $2.05 higher.
Negotiated cash fed cattle trade was inactive on light demand in all cattle feeding regions through Wednesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were mainly $238/cwt. in the Southern Plains and mostly $235 in the North. Dressed delivered prices were mostly $372.
Choice boxed beef cutout value was $1.07 lower Wednesday afternoon at $394.42/cwt. Select was 34¢ lower at $392.59.
Grain and Soybean futures were lower Wednesday on retreating Crude Oil prices and reduced risk premium.
Toward the close, and through near Dec contracts, Kansas City HRW Wheat futures were 19¢ to 22¢ lower. Corn futures were 4¢ lower. Soybean futures were 3¢ to 5¢ lower through near Nov.
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Major U.S. financial indices rose Wednesday amid increasing optimism for an end to the U.S. war with Iran.
The Dow Jones Industrial Average closed 224 points higher. The S&P 500 closed 46 points higher. The NASDAQ was up 250 points.
Through mid-afternoon West Texas Intermediate Crude Oil futures (CME) were $1.43 to $3.26 lower through the front six contracts.