It was deja vu all over again Wednesday as Wheat and Soybean futures blasted higher, carrying Corn along for the ride and weighing on Cattle futures.
Chicago wheat was 27¢ to 32¢ higher through May ’23. Soybean futures closed 19¢ to 40¢ higher in the front five contracts and then mostly 4¢ to 6¢ higher. Corn futures closed 5¢ to 9¢ higher through Jly ‘23 and then 1¢ to 2¢ higher.
Feeder Cattle futures closed average 85¢ lower (20¢ lower at the back to $1.45 lower in spot Mar).
Live Cattle futures closed an average 61¢ lower (25¢ to $1.27 lower).
Negotiated cash fed cattle trade ranged from a standstill to limited on light demand through Wednesday afternoon, according to the Agricultural Marketing Service. However, some private reports from the North suggested higher prices for the day.
Prices last week were $142/cwt. on a live basis in Nebraska and the Southern Plains and $142-$144 in the western Corn Belt. Dressed prices were at $226.
Choice Boxed beef cutout value was 76¢ lower Wednesday afternoon at $260.88/cwt. Select was $4.68 lower at $258.96.