Cattle futures closed mixed Wednesday with likely profit taking from the previous day’s strong gains.
Live Cattle futures were mixed, from an average of $1.10 higher (10¢ to $4.20 higher in spot Apr), except for an average of 15¢ lower in three contracts.
Feeder Cattle futures closed mixed, from an average of 25¢ lower in five contracts to an average of 25¢ lower, except for an average of 26¢ higher.
Negotiated cash fed cattle trade was limited on moderate demand in all major cattle feeding regions through Wednesday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were some FOB live trades in Nebraska at $257/cwt. and some in the beef at $400.
So far this week, FOB live prices are mostly $9 higher in the Southern Plains at mainly $255, $6-$10 higher in Nebraska at $252-$256 and $9 higher in the western Corn Belt at mostly $255. Dressed delivered prices are mostly $14 higher at mainly $400.
Choice boxed beef cutout value was 85¢ lower Wednesday afternoon at $388.05/cwt. Select was $2.53 lower at $386.25.
Grain and Soybean futures rose Wednesday with support likely including weather premium.
Kansas City HRW Wheat futures were fractionally higher to 2¢ higher, except for 6¢ lower in spot May.
Corn futures closed fractionally higher to 2¢ higher through Sep ‘27.
Soybean futures were 4¢ to 9¢ higher through Mar ‘27.
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Major U.S. financial indices were narrowly mixed Wednesday. The Federal Reserve left interest rates unchanged, as widely expected.
“Recent indicators suggest that economic activity has been expanding at a solid pace. Job gains have remained low, on average, and the unemployment rate has been little changed in recent months. Inflation is elevated, in part reflecting the recent increase in global energy prices,” according to the FOMC Statement.
The Dow Jones Industrial Average closed 280 points lower. The S&P 500 closed 2 points lower. The NASDAQ was up 9 points.
West Texas Intermediate Crude Oil futures (CME) closed $1.29 to $6.95 higher through the front six contracts on continued wonderment about when the Strait of Hormuz will reopen.