Cattle futures were lower Wednesday but pared losses as the session wore on, as traders took a breather from recent contract highs.
Toward the close, Live Cattle futures were an average of 64¢ lower, except for 5¢ higher in away Jun. Feeder Cattle futures were an average of 69¢ lower.
Negotiated cash fed cattle trade was moderate on good demand in the Texas Panhandle through Wednesday afternoon, according to the Agricultural Marketing Service. FOB live trades were $1 higher than the previous day at $219/cwt.
Elsewhere, trade was light on good demand. Although too few to trend, there were some FOB live trades in Kansas at $219, compared to Tuesday’s trade of $218-$220. There were also some early dressed delivered trades in Nebraska at $352-$355.
Last week, FOB live prices were $222-$223 in Nebraska and $220-$224 in the western Corn Belt. Dressed delivered prices were $350.00/cwt., except for a few up to $352 in Nebraska.
Choice boxed beef cutout value was $1.48 higher Wednesday afternoon at $346.15/cwt. Select was $1.03 higher at $334.00.
Grain and Soybean futures were mixed again Wednesday with planting progress and the positive weather outlook providing pressure.
Toward the close and through Mar ‘26 contracts, Corn futures were fractionally lower to 6¢ lower. Kansas City Wheat futures were 7¢ to 8¢ lower. Soybean futures were 4¢ lower to 2¢ higher.
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Major U.S. financial indices rose Wednesday after a volatile trade session. Key news for the day included the Federal Reserve’s decision to maintain steady interest rates.
“Although swings in net exports have affected the data, recent indicators suggest that economic activity has continued to expand at a solid pace. The unemployment rate has stabilized at a low level in recent months, and labor market conditions remain solid. Inflation remains somewhat elevated,” according to an FOMC statement. “… The Committee is attentive to the risks to both sides of its dual mandate and judges that the risks of higher unemployment and higher inflation have risen.”
The Dow Jones Industrial Average closed 284 points higher. The S&P 500 closed 24 points higher. The NASDAQ was up 48 points.
Through midafternoon, West Texas Intermediate Crude Oil futures (CME) were $1.09 to $1.17 lower through the front six contracts.
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U.S. beef exports continue to show resilience, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).
Beef export value in March was the highest since June, up 4% year over year at $922 million, while export volume of 109,330 metric tons (mt) was 1% higher. Export value per head of fed slaughter was 3% higher year over year and the seventh highest on record at $466.77. First-quarter export value per-head of fed slaughter was also up 3% at $421.56.
“Despite a great deal of uncertainty, global demand for U.S. beef remains robust and resilient,” says Dan Halstrom, USMEF President and CEO. “The March export results confirm this, with demand trending higher in Taiwan and Mexico, reaching record levels in Central America and holding up well in Japan and Korea. Although we anticipate that China’s retaliatory tariffs and expired plant registrations will have a more drastic impact on April and May exports, the U.S. industry’s efforts to diversify markets and broaden U.S. beef’s global footprint are definitely paying dividends.”
March pork exports increased 3% year-over-year to 269,344 mt, valued at $769.7 million (up 4%). Export value per head slaughtered was the second highest on record at $73.91.