Commodity and equity markets saw widespread selling Wednesday on the news that Fitch Ratings downgraded the long-term credit rating for United States.
The lack of weekly cash fed cattle price direction and profit taking may also have pressured Cattle futures.
Live Cattle futures an average of 86¢ lower (50¢ lower at the back to $1.47 lower in spot Aug).
Feeder Cattle futures closed an average of $1.15 lower (57¢ lower toward the back to $1.80 lower toward the front).
Corn futures closed mostly 2¢ to 8¢ lower.
KC HRW Wheat closed 10¢ to 17¢ lower through Dec ‘24 and then 9¢ lower.
Soybean futures closed mostly 14¢ to 20¢ lower through Jly ‘24 and then mostly 8¢ to 9¢ lower.
Negotiated cash fed cattle trade ranged from inactive on very light demand to a standstill through Wednesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
Last week, live FOB prices were $178-$179/cwt. in the Southern Plains, $186 in Nebraska, and $185-$186 in the western Corn Belt. Dressed delivered prices were $292-$295.
Choice boxed beef cutout value was $2.92 lower Wednesday afternoon at $303.18/cwt. Select was $2.13 lower at $277.47/cwt.