Cattle futures gained on Wednesday.
Live Cattle futures closed an average of $1.54 higher, except for 2¢ lower in spot Dec. Feeder Cattle futures were an average of $2.13 higher. They’re up sharply on Thursday with reports of higher cash fed cattle prices.
Through Wednesday afternoon, Negotiated cash fed cattle trade was mostly inactive on light demand, according to the Agricultural Marketing Service.
Last week, FOB live prices were $225/cwt. in Kansas, $220-$225 in Nebraska and $220 in the western Corn Belt. Dressed delivered prices were $340-$345.
FOB live prices in the Texas Panhandle the previous week were $215-$220.
Choice boxed beef cutout value was 79¢ lower Wednesday afternoon at $359.93/cwt. Select was $3.15 lower at $344.88.
Grain and Soybean futures were mixed on Wednesday.
Corn futures were mostly 1¢ to 3¢ lower. KC HRW Wheat futures were mostly 2¢ to 3¢ lower. Soybean futures were mostly 1¢ to 4¢ higher through Sep ‘27.
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Major U.S. financial indices closed higher Wednesday, buoyed by the Fed cutting interest rates 0.25%, as was widely anticipated.
The Dow Jones Industrial Average closed 497 points higher. The S&P 500 closed 46 points higher. The NASDAQ was up 77 points.
West Texas Intermediate Crude Oil futures (CME) closed 17¢ to 22¢ higher through the front six contracts.