Cattle futures closed higher Wednesday with the hint of steady to higher cash fed cattle prices.
Toward the close, Live cattle futures were an average of $2.28 higher. Feeder Cattle futures were an average of $2.68 higher.
Negotiated cash fed cattle trade ranged from light on good demand in the Southern Plains to inactive on moderate demand elsewhere through Wednesday afternoon, according to the Agricultural Marketing Service.
Although too few transactions to trend, there were some early FOB live trades at $224-$225/cwt. in the Texas Panhandle and $225 in Kansas.
Last week, FOB live prices were mostly $223 in the Texas Panhandle, $222 in Kansas, $235-$237 in Nebraska and $230-$237 in the western Corn Belt. Dressed delivered prices were $365-$370 in Nebraska and $371 in the western Corn Belt.
Choice boxed beef cutout value was 28¢ lower Wednesday afternoon at $365.16/cwt. Select was 20¢ higher at $356.72.
Turning to the grain complex, futures were higher Wednesday with likely short covering and perhaps some weather premium.
Toward the close and through Mar ‘26 contracts, Corn futures were mostly 4¢ higher. Kansas City Wheat futures were 4¢ higher. Soybean futures were 3¢ to 4¢ higher.
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Major U.S. financial indices closed mixed Wednesday, pressured by less job growth than expected in widely watched ADP® National Employment Report™. It pegs private sector employment increasing by 37,000 jobs in May, significantly less than the trade anticipated.
“After a strong start to the year, hiring is losing momentum, says Nela Richardson, ADP chief economist. “Pay growth, however, was little changed in May, holding at robust levels for both job-stayers and job-changers.”
The Dow Jones Industrial Average closed 91 points lower. The S&P 500 closed fractionally higher. The NASDAQ was up 61 points.
Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were 67¢ to 72¢ lower.
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Agricultural producer sentiment improved in May, according to the Purdue University/CME Group Ag Economy Barometer. It rose 10 points from the previous month to 158, marking the second consecutive month of improvement and the highest level since May 2021.
More optimism for U.S. agricultural exports and less pessimism about tariff impacts on farm income this year drove improved sentiment.
Both the Index of Current Conditions and the Index of Future Expectations contributed to the overall increase, with the current conditions index up 5 points to 146 and the future expectations index jumping 12 points to 164.
“While the uptick in sentiment is certainly notable, it’s important to recognize that producers are navigating a complex mix of optimism and caution,” explains Michael Langemeier, the barometer’s principal investigator and director of Purdue University’s Center for Commercial Agriculture. “Producers’ expectations for exports and farm income have improved, but concerns remain about capital investment and, for some operations, the potential for labor shortages due to immigration policy changes.”
The May barometer survey took place May 12-16.