Cattle futures closed lower Wednesday on likely profit taking and the absence of weekly cash fed cattle direction.
Toward the close, Feeder Cattle futures were an average of $2.38 lower. Live Cattle futures were an average of $1.67 lower.
Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to a standstill through Wednesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $196-$197/cwt. in the Southern Plains and $200 in Nebraska and the western Corn. Dressed delivered prices were $315.
Choice boxed beef cutout value was $2.82 higher Wednesday afternoon at $328.61/cwt. Select was $1.46 higher at $306.89.
Grain and Soybean futures were lower Wednesday with pressure from the higher U.S. dollar and perhaps some positioning ahead of the monthly World Agricultural Supply and Demand Estimates and Grain Stocks report due out this Friday.
Toward the close and through Sep ’25 contracts, Corn futures were 2¢ to 4¢ lower. Kansas City Wheat futures were 5¢ to 6¢ lower. Soybean futures were mostly 1¢ to 3¢ lower.
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Major U.S. financial indices closed mixed Wednesday. Negative news included release of the FOMC minutes from their December meeting, which cast a shadow on future interest rate cuts.
“… With regard to the outlook for inflation, participants expected that inflation would continue to move toward 2%, although they noted that recent higher-than-expected readings on inflation, and the effects of potential changes in trade and immigration policy, suggested that the process could take longer than previously anticipated …” according to the minutes. “… In discussing the outlook for monetary policy, participants indicated that the Committee was at or near the point at which it would be appropriate to slow the pace of policy easing …”
The Dow Jones Industrial Average closed 106 points higher. The S&P 500 closed 9 points higher. The NASDAQ was down 10 points.
Through late afternoon, West Texas Intermediate Crude Oil futures on the CME were 75¢ to 92¢ lower through the front six contracts.