Negotiated cash fed cattle prices leaned higher Wednesday: $1 higher in Kansas at $121/cwt. on a live basis; steady to $1 higher in Nebraska at $125 (compared to Tuesday); steady with the previous day at $125 in the Western Corn Belt. Although too few to trend, live prices in the Texas Panhandle were $2 higher at $122. Dressed trade was $2 higher in Nebraska at $198. All of that was on slow trade with light to moderate demand.
Stronger cash prices and surging wholesale beef values provided support for Cattle futures Wednesday.
Live Cattle futures closed an average of 55¢ higher.
Feeder Cattle futures closed an average of 42¢ higher.
Through mid session today, limit-down moves in Lean Hogs are weighing on Live Cattle, while a bounce in Corn futures is pressuring Feeder Cattle.
Corn futures closed mixed mixed Wednesday, down 4¢ to 5¢ through new-crop contracts and then mostly fractionally higher.
Soybean futures closed 5¢ to 11¢ higher through Jul ’22 and then 4¢ higher.