Cattle futures were lower Wednesday with overbought conditions and some likely profit taking.
Toward the close, Live Cattle futures were an average of 79¢ lower. Feeder Cattle futures were an average of 92¢ lower.
Negotiated cash fed cattle trade was inactive on light demand in all major cattle feeding regions through Wednesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were $230/cwt. in Kansas and $225-$230 in Nebraska and the western Corn Belt. Dressed delivered prices were mostly $355 in Nebraska and $350-$355 in the western Corn Belt on a light test. There was no reported established trade in the Texas Panhandle.
Choice boxed beef cutout value was $2.79 lower Wednesday afternoon at $356.09/cwt. Select was $2.67 lower at $346.43.
Grain futures were higher on Wednesday, while Soybean futures continued looking for a bottom.
Toward the close, through near Jly, Corn futures were 3¢ to 4¢ higher. KC HRW Wheat futures were 2¢ higher. Soybean futures were 2¢ to 4¢ lower.
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