Bearish sentiment from the sharp volatility in Choice boxed beef cutout values helped pressure negotiated cash fed cattle prices lower Wednesday. Live prices in Nebraska were $1 lower on a live basis at $156/cwt. and $1-$2 lower in the beef at $247, on slow trade and light to moderate demand.
Elsewhere, trade was limited on light demand with too few transactions to trend, according to the Agricultural Marketing Service. Last week, live prices were $155 in the Southern Plains, $157 in Colorado and $157-$158 in the western Corn Belt, where dressed prices were $249.
Choice Boxed beef cutout value was $6.31 higher through Wednesday afternoon at $248.96/cwt. It was $6.62 lower on Monday. Select was 63¢ higher at $219.66/cwt.
Live Cattle futures found some footing Wednesday, while a bounce in Corn futures weighed on Feeder Cattle.
Feeder Cattle futures closed an average of 56¢ lower (25¢ to 90¢ lower).
Live Cattle futures closed an average of 35¢ higher, except for unchanged to 12¢ lower in four contracts.
Corn futures closed mostly 2¢ to 3¢ higher.
Soybean futures closed mostly 11¢ to 15¢ higher.