Negotiated cash fed cattle trade was slow on light to moderate demand in the Southern Plains through Wednesday afternoon with early FOB live trades at $188/cwt.
Elsewhere, trade ranged from mostly inactive on light demand to a standstill, according to the Agricultural Marketing Service.
Last week, FOB live prices were mostly $198 in Nebraska and the western Corn Belt. Dressed delivered prices were mostly $312.
Live Cattle futures strengthened Wednesday as cash fed cattle traded steady in the South. Feeder Cattle futures were narrowly mixed, perhaps with some positioning and wariness ahead of Friday’s monthly Cattle on Feed report. Estimates ahead of the report peg June placements at 3% less year over year, June marketings about 8% less and the July 1 on-feed inventory about 1% more.
Choice boxed beef cutout value was $1.10 lower Wednesday afternoon at $318.16/cwt. Select was $3.15 lower at $298.44/cwt.
Before settlement, Live Cattle futures were an average of 78¢ higher. Feeder Cattle futures were mixed, from an average of 24¢ lower in the front three contracts to an average of 39¢ higher.
Grain and Soybean futures continued to firm Wednesday with more short covering and some support from the lower U.S. dollar.
Toward the close and through Jly ’25 contracts, Corn futures were 3¢ higher. Kansas City Wheat futures were 8¢ to 12¢ higher. Soybean futures were 4¢ lower to 8¢ higher.
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Major U.S. financial indices closed widely mixed Wednesday, as tech stocks retreated.
The Dow Jones Industrial Average closed 243 points higher. The S&P 500 closed 78 points lower. The NASDAQ was down 512 points.
Heading into the close, West Texas Intermediate Crude Oil futures on the CME were $1.08 to $2.31 higher through the front six contracts.