Cattle futures softened Wednesday with the lack of weekly cash direction in the fed cattle market.
Toward the close, Live Cattle futures were an average of 74¢ lower. Feeder Cattle futures were an average of 71¢ lower, except for 20¢ higher in spot Mar.
Negotiated cash fed cattle trade ranged from mostly inactive on very light demand in Kansas to a standstill elsewhere through Wednesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $199/cwt. in the Southern Plains, $199-$200 in Nebraska and $199-$201 in the western Corn Belt. Dressed delivered prices were $315.
Choice boxed beef cutout value was $1.42 lower Wednesday afternoon at $312.90/cwt. Select was 89¢ lower at $303.24.
Grain and Soybean futures were softer again Wednesday with pressure including positive crop progress and planting in South America and USDA’s first planting projections, albeit unofficial, expected during this week’s Agricultural Outlook Forum.
Toward the close and through Sep ’25 contracts, Corn futures unchanged to 3¢ lower. Kansas City Wheat futures were 6¢ to 7¢ lower. Soybean futures were 5¢ to 7¢ lower.
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Major U.S. financial indices closed mixed again Wednesday. Pressure included increasing uncertainty surrounding U.S. tariffs — from reports of another pause on those planned for Canada and Mexico and new ones aimed at the European Union.
The Dow Jones Industrial Average closed 188 points lower. The S&P 500 closed fractionally higher. The NASDAQ was up 48 points.
Through midafternoon, West Texas Intermediate Crude Oil futures on the CME were 17¢ to 36¢ lower through the front six contracts.
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Total pounds of beef in freezers Jan. 31 were 2% more than the previous month but down slightly year over year, according to USDA’s latest Cold Storage report.
Frozen pork supplies were up 3% from the previous month but were 11% less than a year earlier.
Total red meat supplies in freezers were 3% more than the previous month but 6% less than a year earlier.
Total frozen poultry supplies were up 5% from the previous month but were 6% less than a year ago.