Cattle futures were mostly lower Wednesday, pressured by bearish outside markets and the lack of weekly cash direction.
Before settlement, Live Cattle futures were an average of 71¢ lower, except for unchanged to an average of 45¢ higher in the front three contracts. Feeder Cattle futures were an average of $1.79 lower.
Negotiated cash fed cattle trade ranged from limited on light demand to a standstill through Wednesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
Last week, live FOB prices were $188-$188.50/cwt. in the Texas Panhandle, 187-188 in Kansas and $196 in the North. Dressed delivered prices were $310/cwt.
Choice boxed beef cutout value was 53¢ lower Wednesday afternoon at $312.68/cwt. Select was $2.70 lower at $293.96/cwt.
Grain futures firmed Wednesday, while Soybean futures declined after recent gains.
Heading into the close, through Jly ’25 contracts, Corn futures were fractionally high to 1¢ higher. Kansas City Wheat futures were fractionally higher to 2¢ higher. Soybean futures were mostly 9¢ to 11¢ lower.
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Major U.S. financial indices closed sharply lower Wednesday, as investors bailed out of tech holdings, and bellwethers like Tesla and Alphabet posted sub-par earnings.
The Dow Jones Industrial Average closed 504 points lower. The S&P 500 closed 128 points lower. The NASDAQ was down 654 points.
Heading into the close, West Texas Intermediate Crude Oil futures on the CME were little changed through the front six contracts.