Cattle futures gained Wednesday with apparent optimism about the potential for higher cash fed cattle prices this week.
Heading into the close, Live Cattle futures were narrowly mixed, from an average of 71¢ higher. Feeder Cattle futures were an average of $1.62 higher.
Negotiated cash fed cattle trade ranged from slow on light demand to a standstill through Wednesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
Last week, Live FOB prices were $180-$181/cwt. in the Texas Panhandle, $181 in Kansas, $180-$181 in Nebraska and $180-$183 in the western Corn Belt
Dressed delivered prices were $288 in Nebraska and $286-$288 in the western Corn Belt.
Choice boxed beef cutout value was 87¢ lower Wednesday afternoon at $307.36/cwt. Select was $2.63 lower at $294.38.
Corn and Soybean futures edged higher in nearby contracts Wednesday, as traders prepared for Thursday’s monthly World Agricultural Supply and Demand Estimates.
Toward the close and through Jly ’25 contracts, Corn futures were fractionally higher 1¢ higher. Kansas City Wheat futures were 1¢ to 4¢ higher. Soybean futures were 2¢ to 4¢ higher.
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Major U.S. financial indices closed higher Wednesday, supported by tech stocks and further indication of easing inflation.
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2% month to month in August on a seasonally adjusted basis, according to the U.S. Bureau of Labor Statistics. Over the last 12 months, the all items index increased 2.5% before seasonal adjustment, which was less than expected. However, core inflation, excluding food and fuel, was slightly higher than expected, up 0.3% month to month and 3.2% year over year.
The Dow Jones Industrial Average closed 124 points higher. The S&P 500 closed 58 points higher. The NASDAQ was up 369 points.
Through mid-afternoon, West Texas Intermediate Crude Oil futures on the CME were little changed through the front six contracts.