Cattle futures gained traction Wednesday with recently stronger wholesale beef values and prospects of higher cash fed cattle prices this week.
Toward the close, Live Cattle futures were an average of $1.51 higher. Feeder Cattle futures were an average of $2.92 higher
Negotiated cash fed cattle trade was limited on light demand in Kansas through Wednesday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were some early FOB live trades at $200/cwt.
Elsewhere, trade was mostly inactive on very light demand.
Last week, FOB live prices were $197/cwt. in the Southern Plains and $200-$202 in the North. Dressed delivered prices were $315-$317 in Nebraska and $315-$320 in the western Corn Belt.
Choice boxed beef cutout value was 10¢ lower Wednesday afternoon at $321.10/cwt. Select was 67¢ higher at $307.53
Grain and Soybean futures were mixed Wednesday.
Toward the close and through Sep ’25 contracts,
Corn futures were 7¢ to 8¢ lower, pressured by concerns about Canada imposing tariffs on U.S. ethanol imports if the trade war escalates.
Kansas City Wheat futures were 1¢ to 2¢ higher. Soybean futures were 7¢ to 11¢ lower.
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Major U.S. financial indices closed mixed Wednesday with support including a more friendly inflation reading than expected.
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2% on a seasonally adjusted basis in February, after rising 0.5% in January, according to the U.S. Bureau of Labor Statistics. Over the last 12 months, the all items index increased 2.8% before seasonal adjustment.
The Dow Jones Industrial Average closed 82 points lower. The S&P 500 closed 27 points higher. The NASDAQ was up 212 points.
Through midafternoon, West Texas Intermediate Crude Oil futures on the CME were $1.34 to $1.45 higher through the front six contracts.