Cattle futures were narrowly mixed Wednesday with traders awaiting more negotiated cash fed direction.
Toward the close, Live Cattle futures were an average of 29¢ higher, except for an average of 39¢ lower in two contracts.
Feeder Cattle futures were narrowly mixed, from an average of 29¢ lower through the front half of the board to an average of 43¢ higher.
Negotiated cash fed cattle trade was light on moderate demand in Nebraska through Wednesday afternoon, according to the Agricultural Marketing Service. Early dressed delivered trades were $5 lower at $403/cwt. Last week, FOB live prices in the region were $258-$260.
Elsewhere, trade remained unestablished.
Last week, FOB live prices were $258 in the Southern Plains and mostly $260 in the western Corn Belt, where dressed delivered prices were $408.
Choice boxed beef cutout value was $1.90 lower Wednesday afternoon at $391.26/cwt. Select was $1.99 lower at $369.69.
Grain and Soybean futures were higher Wednesday with follow-through support from USDA’s Acreage and Grain Stocks reports.
Toward the close, and through near Mar contracts, Corn futures were 7¢ to 9¢ higher. Soybean futures were 3¢ to 9¢ higher. Kansas City HRW Wheat futures were 8¢ to 12¢ higher.
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Major U.S. financial indices closed lower Wednesday, with renewed pressure in chip stocks.
The Dow Jones Industrial Average closed 13 points lower. The S&P 500 closed 16 points lower. The NASDAQ was down 173 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 47¢ to $1.50 lower through the front six contracts.