Negotiated cash fed cattle trade was slow on light to moderate demand in the Southern Plains through Wednesday afternoon, according to the Agricultural Marketing Service. A few early live sales traded steady with last week at $121.
In Nebraska and the Western Corn Belt, trading was limited with light demand.
Last week in Kansas, live sales traded at $121. In Nebraska live sales traded at $125 and dressed at $198. In the Western Corn Belt, live sales were at $125-$126 and dressed at $198.
Stronger Corn futures and sluggish cash prices helped pressure Cattle futures Wednesday. There might have also been some defensiveness ahead of Thursday’s monthly World Agricultural Supply and Demand Estimates.
Live Cattle futures closed mixed from an average of 34¢ lower to an average of 15¢ higher
Feeder Cattle futures closed an average of 64¢ lower (22¢ lower toward the front of the board to $1.12 lower in the back contract).
Choice boxed beef cutout value was $5.48 higher Wednesday afternoon at $310.80/cwt. Select was $3.38 higher at $287.99/cwt.
Corn futures closed 2¢ to 7¢ higher through the front six contracts, then fractionally higher to 1¢ higher.
Soybean futures closed mostly fractionally higher to 2¢ higher, except for 42¢ lower in waning Spot Aug.