Cattle futures struggled to firm Wednesday in the wake of a multi-day technical correction.
Toward the close, Live Cattle futures were an average of 56¢ lower. Feeder Cattle futures were an average of 47¢ lower to an average of 16¢ higher.
Negotiated cash fed cattle trade was light on moderate demand in Nebraska through Wednesday afternoon, according to the Agricultural Marketing Service. Dressed delivered prices were $2 lower at $386/cwt. FOB live price there last week was mostly $248.
Elsewhere, trade was limited on moderate demand. Although too few transactions to trend, there were some early FOB live trades at $246 in the Southern Plains and the western Corn Belt, where prices last week were $248. Dressed delivered price in the western Corn Belt last week was $388.
Choice boxed beef cutout value was $1.99 lower Wednesday afternoon at $384.19/cwt. Select was $3.87 lower at $383.33.
Grain and Soybean futures were mixed Wednesday.
Toward the close, and through near Dec contracts, Kansas City HRW Wheat futures were 5¢ to 6¢ lower. Corn futures were unchanged to 1¢ higher. Soybean futures were 10¢ to 11¢ lower through near Nov.
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Major U.S. financial indices closed higher Wednesday, led by tech stock and supported by strong corporate earnings reports.
The Dow Jones Industrial Average closed 340 points higher. The S&P 500 closed 73 points higher. The NASDAQ was up 397 points.
West Texas Intermediate Crude Oil futures (CME) were $1.13 to $2.93 higher through the front six contracts.