Negotiated cash fed cattle trade on Wednesday continued steady with the previous day in the Southern Plains at $106/cwt. That’s $2 higher than last week.
Cattle futures drifted mostly higher, with continued support from the positive cash outlook and climbing wholesale beef values.
Live Cattle futures closed an average of 50¢ higher, except for an average of 19¢ lower in two contracts.
Feeder Cattle futures closed mixed but mostly higher, from an average of 37¢ higher across the front five contracts, to an average of 22¢ lower.
The monthly Cattle on Feed report is due out Friday. Early estimates run about even for year over year marketings in July and the Aug. 1 on-feed inventory, with expectations for July placements to be up about 6%.
Choice boxed beef cutout value was $2.18 higher Wednesday afternoon to $223.04/cwt. Select was $1.00 higher at $205.65.
Corn futures closed mostly 1¢ lower.
Soybean futures closed fractionally mixed through Mar ‘22, and then 1¢ to 3¢ lower.