Negotiated cash fed cattle trade ranged from limited 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 $142/cwt. in the Southern Plains and Colorado; $140 in Nebraska and the western Corn Belt. Dressed prices were $220.
The lack of cash direction and lower wholesale beef prices helped pressure Live Cattle futures. They closed an average of 45¢ lower.
Choice boxed beef cutout value was $3.92 lower Wednesday afternoon at $264.11/cwt. Select was $2.59 lower at $253.09.
Feeder Cattle futures stepped lower amid lackluster trade and the absence of cash direction. They closed an average of $1.45 lower.
Corn futures closed mostly fractionally mixed as traders readied for Thursday’s monthly World Agricultural Supply and Demand Estimates.
Soybean futures closed 9¢ to 12¢ higher.