Negotiated cash fed cattle trade in all major cattle feeding regions ranged from a standstill to mostly inactive on very light demand through Wednesday afternoon, according to the Agricultural Marketing Service.
Cattle futures closed lower again Wednesday, but off of session lows. Pressure included the jump in grain prices, lack of cash direction and recently declining open interest. Live Cattle open interest declined 7,303 contracts week to week on Tuesday.
Live Cattle futures closed an average of 48¢ lower (15¢ to 87¢ lower).
Feeder Cattle futures closed an average $1.32 lower.
Choice boxed beef cutout value was $2.80 higher Wednesday afternoon at $272.91/cwt. Select was 77¢ higher at $267.31.
Grain futures rallied higher Wednesday, fueled by forecast cold weather in the U.S. Corn Belt for the next couple of weeks and continued dryness in South America.
Corn futures closed 10¢ to 14¢ higher through the front three contracts and then mostly 5¢ to 6¢ higher.
Soybean futures closed 10¢ to 20¢ higher through Jly ‘22, and then mostly 8¢ higher.