Cattle futures softened Wednesday with pressure including likely profit taking and month-end positioning.
Live Cattle futures closed an average of $1.13 lower (80¢ to $1.60 lower).
Feeder Cattle futures closed an average of $2.80 lower ($2.12 to $3.85 lower).
Negotiated cash fed cattle trade was slow on light demand in the Southern Plains, through Wednesday afternoon, according to the Agricultural Marketing Service. FOB live prices were steady in the Texas Panhandle at $183/cwt. and steady to $1 higher in Kansas at $183.
Elsewhere, trade ranged from mostly inactive on light demand to a standstill with too few transactions to trend.
Last week, FOB live prices were $183 in Nebraska and $182-$183 in the western Corn Belt. Dressed delivered prices were $292 in Nebraska and $290-$292 in the western Corn Belt.
Slower beef packer production continued to support wholesale beef values. Choice boxed beef cutout value was $1.29 higher Wednesday afternoon at $303.03/cwt. Select was $2.54 higher at $292.94/cwt.
Turning to row crops, Corn and Soybean futures received some support from chatter about bearish weather in South America.
Corn futures closed 1¢ to 5¢ higher, with most of the support in the front contracts.
Soybean futures closed mostly 3¢ to 4¢ higher.
KC HRW Wheat futures closed 4¢ to 6¢ lower, except for 2¢ higher in spot Mar.
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