Cattle futures eased lower Wednesday with likely profit taking and awaiting the week’s cash fed cattle trade.
Toward the close, Live Cattle futures were an average of $1.56 lower ($2.10 lower toward the front to 65¢ lower at the back.
Feeder Cattle futures were an average of $3.19 lower ($2.47 to $4.50 lower).
Negotiated cash fed cattle trade was mostly inactive on light to moderate demand in all major cattle feeding regions through Wednesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were mostly $232/cwt. in Kansas, $232 in Nebraska and $230-$232 in the western Corn Belt. Dressed delivered prices were $360.
Choice boxed beef cutout value was $3.03 higher Wednesday afternoon at $354.28/cwt. Select was $1.80 lower at $349.28.
Grain and Soybean futures were higher Wednesday with likely technical buying.
Toward the close, through near Sep contracts, Soybean futures were 7¢ to 11¢ higher. Corn futures were 2¢ to 3¢ higher. KC HRW Wheat futures were 10¢ higher.
Podcast: Play in new window | Download
Subscribe: Apple Podcasts | Android | RSS | More