Cattle futures continued to move lower Wednesday with weaker wholesale beef values and likely technical correction.
Toward the close, Live Cattle futures were an average of $1.31 lower. Feeder Cattle futures were an average of $2.14 lower, except for 82¢ higher in expiring Oct.
Negotiated cash fed cattle trade was light to moderate, on moderate demand in the Western Corn Belt through Wednesday afternoon, according to the Agricultural Marketing Service. FOB Live prices were steady to $1 lower at $189-190/cwt. Dressed delivered prices were steady at $298 in a light test.
Elsewhere, trade was slow on light to moderate demand. Although too few to trend, there were some early FOB live sales at $190 in the Southern Plains.
Last week, FOB live prices were $190-$191/cwt. in the Texas Panhandle $190 in Kansas and mostly $190 in Nebraska, where dressed delivered prices were $298.
Choice boxed beef cutout value was $1.17 lower Wednesday afternoon at $319.44/cwt. Select was 64¢ lower at $289.32.
Heading toward the close Wednesday, through Sep ’25 contracts, Soybean futures were mostly 10¢ to 12¢ higher on likely short covering. Corn futures fractionally mixed to 2¢ lower. Kansas City Wheat futures were 1¢ to 3¢ higher.
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Major U.S. financial indices closed lower Wednesday, pressured by less economic growth than expected. Real gross domestic product (GDP) increased at an annual rate of 2.8% in the third quarter, according to the advance estimate released by the U.S. Bureau of Economic Analysis.
The Dow Jones Industrial Average closed 91 points lower. The S&P 500 closed 19 points lower. The NASDAQ was down 104 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were 37¢ to 41¢ higher through the front six contracts.
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Total pounds of beef in freezers Sept. 30 were 6% more than the previous month but 2% less than a year earlier, according to USDA’s latest Cold Storage report.
Frozen pork supplies were 1% higher month to month but slightly less year over year.
Total red meat supplies in freezers were up 3% from the previous month but down 1% from last year.
Total frozen poultry supplies were down 1% less than the prior month and 4% less than the same time last year.