Overbought conditions, seasonally lower wholesale beef values, early cash fed cattle sales at lower money and the previous day’s surprisingly strong Consumer Price Index all weighed on Cattle futures Wednesday.
Feeder Cattle futures closed an average of $2.43 lower.
Live Cattle futures closed an average of $1.57 lower.
Negotiated cash fed cattle trade ranged from moderate on moderate demand to active on good demand in the Southern Plains through Wednesday afternoon, according to the Agricultural Marketing Service. FOB live prices were $2 lower at $180/cwt.
Elsewhere, trade was slow on light to moderate demand with too few transactions to trend. Last week, FOB live prices were $180-$182.50 in Nebraska and $180-$182 in the western Corn Belt. Dressed delivered prices were $285-$289 in Nebraska and $285 in the western Corn Belt.
Choice boxed beef cutout value was $1.73 higher Wednesday afternoon at $294.00/cwt. Select was $1.28 lower at $284.02/cwt.
Queasiness over the release of the latest USDA projections helped take grain and Soybean futures lower.
Corn futures closed mostly 5¢ to 6¢ lower.
KC HRW Wheat futures closed mostly 7¢ to 9¢ lower.
Soybean futures closed 9¢ to 15¢ lower through Jly ’25 and then mostly 3¢ to 4¢ lower.
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