Negotiated cash fed cattle prices were unevenly steady through Wednesday afternoon, according to the Agricultural Marketing Service. Live prices were steady to $1 higher in Nebraska at $125-$126/cwt., but steady to $2 lower in Kansas at $120-$122 (compare to two weeks earlier). Dressed prices in Nebraska were $1 higher at $198.
Although too few to trend, there were some live sales in the western Corn Belt steady to $1 higher at $126 and some in the beef $1 higher at $198.
So far this week, live prices in the Texas Panhandle are steady to 75¢ lower than two weeks earlier at $121.25 to $122.00.
Feeder Cattle futures sagged lower Wednesday beneath the weight of surging Corn futures, while Live Cattle received support from outside markets.
Live Cattle futures closed an average of 63¢ higher, except for 5¢ lower in expiring Jun.
Feeder Cattle futures closed an average of $2.19 lower through the front four months, then an average of 73¢ lower.
Choice boxed beef cutout value was $1.05 lower Wednesday afternoon at $291.29/cwt. Select was $1.13 lower at $269.27
USDA’s Acreage and Grain Stocks reports (see below) fueled grain futures Wednesday. Along with month-end position squaring, the wetter forecast and the coming holiday, some expect extreme price volatility in the coming days.
Corn futures closed between 25¢ and 40¢ higher through the front six contracts. That included limit-up in the front four new-crop contracts.
Soybean futures closed between 73¢ and 90¢ higher through the front six contracts.