Cattle futures extended gains Wednesday, supported by firmer cash prices and the beef supply and price outlook provided by the World Agricultural Supply and Demand Estimates.
Live Cattle futures closed an average of $1.04 higher (30¢ higher at the back to $1.65 higher toward the front).
Feeder Cattle futures closed an average of 71¢ higher.
Negotiated cash fed cattle trade was slow on light demand in the Southern Plains through Wednesday afternoon, according to the Agricultural Marketing Service. Live prices were steady in the Texas Panhandle at $140/cwt. and steady to $1 higher in Kansas at $140.
Elsewhere, trade was limited on light demand with too few transactions to trend. Last week, live prices were $140 on a live basis in Nebraska and the western Corn Belt. Dressed prices were $222 in Nebraska and $220-$222 in the western Corn Belt.
Choice Boxed beef cutout value was $1.67 lower Wednesday afternoon at $275.79/cwt. Select was $1.79 lower at $272.05.
Corn futures closed 10¢ to 14¢ higher in old-crop contracts and then mostly 6¢ to 9¢ higher.
Soybean futures closed 20¢ to 25¢ higher in the front eight contracts and then mostly 14¢ higher.
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