Cattle futures stabilized following steep losses in the previous session.
Feeder Cattle futures closed narrowly mixed, from an average of 39¢ lower to an average of 33¢ higher.
Live Cattle futures closed an average of 13¢ higher, except for 37¢ lower in the back contract.
Negotiated cash fed cattle trade ranged from light on light demand to inactive on light demand in the Southern Plains through Wednesday afternoon, according to the Agricultural Marketing Service. So far this week, FOB live prices are mostly $1 lower at mainly $182/cwt.
Trade in the western Corn Belt was light on light to moderate demand with FOB live prices mainly $1 lower at mostly $183/cwt. Dressed delivered prices last week were $290.
In Nebraska, trade was slow on light demand. Although too few to trend, there were some early dressed delivered sales at $291. Last week, FOB live prices were $184 and dressed delivered prices were $290.
Choice boxed beef cutout value was $3.31 lower Wednesday afternoon at $296.76/cwt. Select was 72¢ lower at $274.87/cwt.
Corn futures closed mostly fractionally lower.
KC HRW Wheat closed 11¢ to 16¢ lower.
Soybean futures closed mixed, from 3¢ lower to 4¢ higher.
Major U.S. financial indices closed higher Wednesday, bolstered by labor data suggesting slower employment growth than portrayed by the previous day’s Job Openings and Turnover Summary.
Private employers added 89,000 jobs in September, according to the closely watched ADP National Employment Report. The number was less than expected and represented the slowest growth since January 2021.
“We are seeing a steepening decline in jobs,” says Nela Richardson, ADP chief economist. “Additionally, we are seeing a steady decline in wages in the past 12 months.”
The Dow Jones Industrial Average closed 127 points higher. The S&P 500 closed 34 points higher. The NASDAQ was up 176 points.
West Texas Intermediate Crude Oil futures (CME) closed $4.38 to $5.01 lower through the front six contracts with apparent profit taking, given the gloomier economic outlook.