Cattle futures gained traction on Wednesday, as traders move past recent bearish news.
Toward the close, Live Cattle futures were an average of $1.71 higher. Feeder Cattle futures were an average of $3.18 higher.
Negotiated cash fed cattle trade was inactive on light demand in all cattle feeding regions through Wednesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $230-$231/cwt. in Kansas and mostly $230 in the North. Dressed delivered prices were $365.
Choice boxed beef cutout value was $2.43 lower Wednesday afternoon at $363.43. Select was $1.11 lower at $342.41.
Soybean futures led the grain complex lower Wednesday, pressured by a wetter forecast.
Toward the close and through the front four contracts, Soybean futures were 28¢ to 35¢ lower. Kansas City HRW Wheat futures were fractionally lower to 2¢ lower. Corn futures were 9¢ to 10¢ lower.
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Major U.S. financial indices closed sharply lower Wednesday. Pressure included the bounce higher in Crude Oil futures prices and a spike up in Treasury yields, related to inflation concerns. The Federal Open Market Committee’s latest decision left interest rates unchanged.
The Dow Jones Industrial Average closed 1,153 points lower. The S&P 500 closed 112 points lower. The NASDAQ was down 433 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were $3.44 to $5.72 higher through the front six contracts.