Cattle futures sagged lower Wednesday with pressure from lower negotiated cash fed cattle prices and sluggish wholesale beef values.
Toward the close, Live Cattle futures were an average of $2.60 lower. Feeder Cattle futures were an average of $4.83 lower, except for 90¢ higher in spot Nov.
Presumably, USDA will publish the November Cattle on Feed report Friday. Pre-report estimates peg October placements and marketings 7-8% lower and Nov. 1 on-feed inventories about 2% lower.
Negotiated cash fed cattle prices were lower Wednesday. FOB live prices were $6 lower at $215-$219/cwt. in Nebraska and $4-$9 lower in the western Corn Belt at mostly $218 on moderate trade and moderate to good demand. Dressed delivered sales were $8-$10 lower in Nebraska at $340-$347. Although too few to trend, there were some dressed delivered trades in the western Corn Belt at $340-$347. Prices there last week was $350.
Trade in Kansas was light on moderate demand with Live FOB prices $4 lower at $224.
Although too few to trend, there were also some FOB live trades at $224/cwt. in the Texas Panhandle where prices last week were $228.
Choice boxed beef cutout value was 72¢ lower Wednesday afternoon at $371.23/cwt. Select was $1.40 lower at $353.55.
Grain and Soybean futures were lower Wednesday with likely profit taking.
Toward the close and through Jly contracts, Corn futures 7¢ to 8¢ lower. KC HRW Wheat futures were 10¢ to 11¢ lower. Soybean futures were mostly 13¢ to 17¢ lower.
******************************
Grain and Soybean futures were lower Wednesday with likely profit taking.
The Dow Jones Industrial Average closed 47 points higher. The S&P 500 closed 24 points higher. The NASDAQ was up 131 points.
Though mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 13¢ to 23¢ higher through the front six contracts.