Slightly lower nearby Corn futures prices helped Feeder Cattle futures recover some lost ground Wednesday, closing an average of 86¢ higher, except for 55¢ lower in the back contract.
Corn futures closed unchanged to 3¢ lower through July ’23 and then fractionally higher to 2¢ higher.
Soybean futures closed mostly 6¢ to 12¢ lower.
Live Cattle futures closed an average of 57¢ higher (17¢ to $1.05 higher), supported by recently blooming wholesale beef prices.
However, Choice Boxed beef cutout value was 49¢ lower Wednesday afternoon at $271.04/cwt. Select was $1.85 lower at $261.05.
Negotiated cash fed cattle trade ranged from inactive on light demand to limited on light demand with too few transactions to trend, according to the Agricultural Marketing Service.
So far this week, prices are generally steady on a live basis at $138/cwt. in the Southern Plains and Colorado, $138-$140 in Nebraska and $140 in the western Corn Belt. Dressed prices are steady at $222.