Strong cash demand continued to bolster Feeder Cattle futures, Wednesday, helping Live Cattle to continue edging higher.
Feeder Cattle futures closed an average of $1.17 higher. Live Cattle futures closed an average of 30¢ higher, except for unchanged in one contract.
Negotiated cash fed cattle trade was moderate in the Southern Plains and Nebraska through Wednesday afternoon, according to the Agricultural Marketing Service. Live prices were steady in the Southern Plains at $137/cwt. and steady to $4 lower in Nebraska at $144-$145, where dressed prices were $2 lower at $230.
Trade was limited on light demand in the western Corn Belt with too few transactions to trend. Last week, live prices were $145-$150 on a live basis and $232 in the beef.
Choice Boxed beef cutout value was 46¢ lower through Wednesday afternoon at $268.05/cwt. Select was 91¢ lower at $241.26/cwt.
Grain markets firmed Wednesday as traders retrenched following recent steep losses.
Corn futures closed mostly 7¢ to 8¢ higher. Soybean futures closed mostly 6¢ to 12¢ higher.