Cattle futures closed higher Wednesday on apparent technical support and the notion that packer production is gaining.
Live Cattle futures closed an average of $1.11 higher.
Feeder Cattle futures closed an average of 95¢ higher (17¢ higher in waning spot Jan to $1.30 higher toward the back).
Negotiated cash fed cattle trade was slow on light demand in the Texas Panhandle through Wednesday afternoon, according to the Agricultural Marketing Service. Live sales were steady at $137/cwt.
Trade was slow on moderate demand in Kansas at $136-$137, mostly $1 lower at $136.
In Nebraska and the western Corn Belt, trade was limited on light demand. So far this week, in both regions, live sales are steady to $2 lower at $137 and dressed trade is steady at $218.
Wholesale beef prices continued to falter, suggesting the seasonal top may have been breeched. Choice Boxed beef cutout value was $2.92 lower Wednesday afternoon at $289.46/cwt. Select was $3.60 lower at $279.72.
Soybean futures surged on South American weather and dragged Corn futures along.
Soybean futures closed 21¢ to 32¢ higher through the front five contracts and then mostly 5¢ to 15¢ higher.
Corn futures closed 3¢ to 7¢ higher through the front six contracts and then mostly 1¢ lower.