Cattle futures stepped lower Wednesday, pressured in part the continued decline in open interest.
Toward the close, Live Cattle futures were an average of $2.48 lower. Feeder Cattle futures were an average of $4.93 lower.
Negotiated cash fed cattle trade ranged from light on moderate demand in Nebraska to mostly inactive on light demand in Kansas through Wednesday afternoon, according to the Agricultural Marketing Service.
There were some early dressed delivered trades in Nebraska mostly $2 lower at mainly $368/cwt. Last week, FOB live prices were $235.
Elsewhere last week, FOB live prices were $235 and dressed delivered prices in the western Corn Belt were mostly $370.
Choice boxed beef cutout value was 97¢ higher Wednesday afternoon at $372.28/cwt. Select was 1¢ higher at $349.81.
Grain and Soybean futures rallied higher on Wednesday, supported by the August World Agricultural Supply and Demand Estimates, which reduced projected yield for corn and soybeans, while increasing forecast harvested acres for both.
Toward the close and through the front four contracts, Corn futures were 19¢ to 20¢ higher. Soybean futures were 11¢ to 14¢ higher. Kansas City HRW Wheat were 20¢ to 22¢ higher with added premium for disruptions to exports from Ukraine and Russia.
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