Negotiated cash fed cattle trade was slow on light demand through Wednesday afternoon, according to the Agricultural Marketing Service.
Live prices were steady to $1 higher in the Texas Panhandle at $150.00/cwt. and steady in Kansas at $150.
Last week, live prices were $153 in Nebraska and the western Corn Belt. Dressed prices were $242 in Nebraska and $240-$242 in the western Corn Belt.
Choice Boxed beef cutout value was 27¢ lower Wednesday afternoon at $264.67/cwt. Select was 83¢ lower at $235.22/cwt.
Lower outside markets helped pressure Cattle futures on Wednesday.
Feeder Cattle futures closed an average of 24¢ lower, except for an average of 11¢ higher in the back two contracts.
Live Cattle futures closed an average of 49¢ lower (20¢ to $1.47 lower).
Corn futures closed mostly 3¢ to 5¢ lower.
Soybean futures closed mostly 3¢ to 5¢ higher through Jly ‘23 and then mostly fractionally lower to 1¢ lower.
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Major U.S. financial indices sank Wednesday amid uncertainty about the ultimate outcome of the mid-term elections.
The Dow Jones Industrial Average closed 646 points lower. The S&P 500 closed 79 points lower. The NASDAQ was down 263 points.
West Texas Intermediate Crude Oil futures (CME) closed $2.77 to $3.08 lower through the front six contracts.
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USDA’s Economic Research Service (ERS) increased the forecast annual fed steer price for this year and next, in the latest World Agricultural Supply and Demand Estimates (WASDE).
ERS projected the annual average five-area direct fed steer price for this year $1 higher than the previous month at $144.15, with the fourth-quarter average at $152.00. The forecast average annual price for next year was $2 higher $156. For 2023, prices were forecast at $153 in the first quarter, $154 in the second quarter and $155 in the third. Price increases were based on stronger expected demand.
ERS increased estimated beef production for this year slightly to 28.35 billion lbs. Beef production next year was forecast at 26.27 billion lbs., which would be 2.1 billion lbs. less (-7.3%) than this year.