Cattle futures mostly gained Wednesday, supported by recently stronger wholesale beef prices and expectations from some that cash prices should strengthen this week.
Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Wednesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
Last week, live prices were $156/cwt. in the Southern Plains, $156-$157 in Nebraska and $157 in the western Corn Belt. Dressed prices were $248-$249.
Choice boxed beef cutout value was 63¢ lower Wednesday afternoon at $279.41/cwt. Select was $1.64 higher at $247.28/cwt.
Live Cattle futures closed an average of 57¢ higher (5¢ to 92¢ higher), except for an average of 6¢ lower in two contracts toward the front.
Feeder Cattle futures closed an average of 57¢ higher (5¢ to 92¢ higher).
That was with stronger feed prices.
Corn and Soybean futures gained Wednesday with support from the drier forecast in Argentina and notions that exports could get a boost from China’s easing Covid restrictions.
Corn futures closed 4¢ to 8¢ higher through Jly ‘24 and then mostly fractionally higher to 1¢ higher.
Soybean futures closed 15¢ to 25¢ higher through Jan ‘24 and then mostly 7¢ to 8¢ higher.