Cattle futures softened Wednesday ahead of the week’s negotiated cash fed cattle trade.
Toward the close, Live Cattle futures were an average of $1.28 lower. Feeder Cattle futures were an average of $2.17 lower.
Negotiated cash fed cattle trade was inactive on light demand in all major cattle feeding regions through Wednesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $232/cwt. in Kansas and mostly $232 in Nebraska and the western Corn Belt. Dressed delivered prices were $365.
Choice boxed beef cutout value was 54¢ higher Wednesday afternoon at $358.53/cwt. Select was 47¢ higher at $357.65.
Grain and Soybean futures finally found some footing following the bearish World Agricultural Supply and Demand Estimates released earlier in the week.
Toward the close, through near Sep contracts, Corn futures were 1¢ to 2¢ higher. KC HRW Wheat futures were 1¢ to 3¢ higher. Soybean futures were mostly unchanged to 10¢ higher.
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Major U.S. financial indices closed lower Wednesday, led by tech and bank stocks.
The Dow Jones Industrial Average closed 42 points lower. The S&P 500 closed 37 points lower. The NASDAQ was down 238 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 10¢ lower to 16¢ higher through the front six contracts.