Feeder Cattle futures closed an average of 52¢ higher Wednesday as Corn Futures retreated 8¢ to 10¢ lower through Jly ’23 and then mostly 2¢ to 4¢ lower.
Soybean futures closed mostly 18¢ to 23¢ lower.
Live Cattle futures closed an average of 26¢ lower except for unchanged to an average of 12¢ higher in three contracts.
The looming railroad strike continues to add uncertainty to the mix.
Negotiated cash fed cattle trade ranged from a standstill to limited on light demand through Wednesday afternoon, according to the Agricultural Marketing Service. There were a few dressed trades in Nebraska at $226-$227/cwt. and a few live trades in the western Corn Belt at $143, but too few to trend.
Last week, live prices were $141/cwt. in the Southern Plains, $142-$143 in Nebraska and $143-$146 in the western Corn Belt. Dressed prices were $226 in Nebraska and $225-$230 in the western Corn Belt.
Choice Boxed beef cutout value was $3.19 lower through Wednesday afternoon at $253.47/cwt. Select was $3.47 lower at $230.11/cwt.
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Major U.S. financial indices firmed Wednesday following the previous session’s steep selloff
The Dow Jones Industrial Average closed 30 points higher. The S&P 500 closed 13 points higher. The NASDAQ was up 86 points.
West Texas Intermediate Crude Oil futures on the CME closed 70¢ to $1.17 higher through the front six contracts.
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American Foods Group (AFG), LLC broke ground this week on the a beef processing facility in Warren County, Missouri.
The family-owned company plans to process 2,400 cattle per day and intends to be fully operational by the end of 2024.
AFG is investing $800 million in the new 775,000 sq. ft. facility. The company plans to create more than 1,300 new jobs in the region with an annual payroll of approximately $80 million. Currently, AFG employs more than 4,500 across the U.S.