Cattle futures ran out of steam Wednesday as traders were apparently waiting for more cash direction.
Feeder Cattle futures closed an average of 24¢ lower.
Live Cattle futures closed an average of 34¢ lower.
Negotiated cash fed cattle trade ranged from mostly inactive on very light demand to mostly a standstill through Wednesday afternoon, according to the Agricultural Marketing Service.
Last week, live prices were at $153-$155/cwt. in the Texas Panhandle, $155-$156 in Kansas, $156-$158 in Nebraska and $156 in the western Corn Belt. Dressed prices were $246-$247.
Choice Boxed beef cutout value was $4.88 lower Wednesday afternoon at $250.07/cwt. Select was $1.23 higher at $226.69/cwt.
Corn futures closed 2¢ to 4¢ lower through Jly ‘23 and then mostly fractionally mixed.
Soybean futures closed narrowly mixed, mostly 1¢ lower to 1¢ higher.
Podcast: Play in new window | Download
Subscribe: Apple Podcasts | Android | RSS | More