Negotiated cash fed cattle trade ranged from a standstill in the Texas Panhandle to slow on light demand elsewhere through Wednesday afternoon, according to the Agricultural Marketing Service.
So far this week, FOB live prices are $3 lower in Nebraska at $193/cwt. and $1-$3 lower in the western Corn Belt at $193. There were a few trades in Kansas at $190.50 but too few to trend.
Last week, FOB live prices were $188 in the Texas Panhandle and $188-$195 in Kansas. Dressed delivered prices were $310.
Choice boxed beef cutout value was $1.96 lower Wednesday afternoon at $313.85/cwt. Select was 79¢ lower at $298.83/cwt.
Cattle futures continued to grind for support from the recent selloff Wednesday as early cash fed cattle prices eroded.
Before settlement, Live Cattle futures were an average of 30¢ higher, except for an average of 4¢ lower in three contracts. Feeder Cattle futures closed were average of 88¢ lower.
Grain and soybean futures closed lower Wednesday with pressure from promising yields. The monthly World Agricultural Supply and Demand Estimates are due out Monday.
Heading into the close, through Jly ’25 contracts, Corn futures were 3¢ to 4¢ lower. Kansas City Wheat futures were 3¢ to 5¢ lower. Soybean futures were mostly 7¢ lower.
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Major U.S. financial indices closed lower Wednesday, led by tech stocks.
The Dow Jones Industrial Average closed 234 points lower. The S&P 500 closed 40 points lower. The NASDAQ was down 171 points.
Toward the close, West Texas Intermediate Crude Oil futures on the CME were $1.51 to $2.27 higher through the front six contracts.