Cattle futures continued higher Wednesday amid strong fundamentals and prospects for higher cash fed cattle trade this week.
Toward the close, Feeder Cattle futures were an average of $1.63 higher. Live Cattle futures were an average of $1.60 higher.
There were some early FOB live prices at $193/cwt. in Nebraska and the western Corn Belt but too few to trend.
Established trade so far this week is steady at $191 FOB live in Kansas.
Last week, FOB live prices were $190-$191 in the Texas Panhandle and $190-$192 in the North. Dressed delivered prices were $297.
Choice boxed beef cutout value was 31¢ lower Wednesday afternoon at $311.23/cwt. Select was $1.54 lower at $278.11.
Grain and Soybean futures firmed Wednesday, with follow-through support from the World Agricultural Supply and Demand Estimates, offset by chart resistance in Corn.
Toward the close and through Sep ’25 contracts, Corn futures were 1¢ lower to 1¢ higher. Kansas City Wheat futures were mostly fractionally higher. Soybean futures were mostly 3¢ higher.
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Major U.S. financial indices closed mixed on Wednesday. Support included tech stocks and an inflation reading in line with expectations.
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3% month to month in November on a seasonally adjusted basis,
according to the U.S. Bureau of Labor Statistics. Over the last 12 months, the all items index increased 2.7% before seasonal adjustment.
The Dow Jones Industrial Average closed 99 points lower. The S&P 500 closed 49 points higher. The NASDAQ was up 347 points.
Through midafternoon, West Texas Intermediate Crude Oil futures on the CME were $1.14 to $1.75 higher through the front six contracts.
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USDA recently provided early-release Baseline Projections to 2034. After declining again this year, those projections see the beef cow herd declining further to 27.8 million in 2026, then growing to 30.6 million in 2031 before declining again.
USDA projects Oklahoma City feeder steers prices (750-800 pounds) to average $258.75 per cwt. in 2025 and then peak at $267.26 in 2026 before declining to $189.80 in 2031.
USDA forecasts the weighted average five-area direct fed steer price at $186.50 per cwt. in 2025 and then peaking at $196.49 in 2026 before declining to $150.65 in 2031.
Incidentally, USDA forecasts the farm price for corn at $3.90 to $4.30 per bushel during the projection period.