Cattle futures extended gains Wednesday with help from higher cash fed cattle prices, albeit in limited trade.
Feeder Cattle futures closed an average of 53¢ higher.
Live Cattle futures closed an average of 61¢ higher.
Negotiated cash fed cattle trade was moderate on moderate demand in Kansas through Wednesday afternoon, according to the Agricultural Marketing Service. FOB live prices were $1 higher at $174/cwt.
Elsewhere, trade was mostly inactive on light demand. FOB live prices last week were $173.50/cwt. in the Texas Panhandle, $173 in Nebraska and $175 in the western Corn Belt. Dressed delivered prices were $273-$274.
Choice boxed beef cutout value was $2.16 lower Wednesday afternoon at $299.50/cwt. Select was $1.14 lower at $287.24/cwt.
Corn futures closed 4¢ to 5¢ higher.
KC HRW Wheat futures closed mostly 8¢ to 9¢ higher.
Soybean futures closed mostly 1¢ higher after Sep ’24.
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Major U.S. financial indices closed mixed again Wednesday after early support from tech stocks.
The Dow Jones Industrial Average closed 99 points lower. The S&P 500 closed 3 points higher. The NASDAQ was up 55 points.
West Texas Intermediate Crude Oil futures (CME) closed 58¢ to 72¢ higher through the front six contracts.
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Beef supplies in cold storage continue to be less year over year, according to the latest reportfrom USDA.
Total pounds of beef in freezers Dec. 31 were 6% more than the previous month but 11% less than the same time last year.
Similarly, frozen pork supplies were up 3% from the previous month but down 6% from the prior year.
Total red meat supplies in freezers were 4% more than the previous month but 9% less than a year earlier.
On the other hand, total frozen poultry supplies were up 4% from the previous month and up slightly from a year earlier.