Negotiated cash fed cattle trade and demand were moderate in the Southern Plains through Wednesday afternoon, according to the Agricultural Marketing Service. Compared to last week, live sales traded $1 lower at $119/cwt.
Although too few transactions to trend, there was limited trade and light demand in Nebraska, where a few live sales traded at $122-$123, compared to $123-$125 last week.
Cattle futures, especially Feeder Cattle, gained Wednesday. It was tough to pinpoint any particular reason. Perhaps some of the support came from early positioning ahead of the Cattle on Feed and semiannual Cattle reports due out Friday.
Feeder Cattle futures closed an average of $1.12 higher.
Live Cattle futures closed an average of 48¢ higher.
Choice boxed beef cutout value was 36¢ higher Wednesday afternoon at $265.24/cwt. Select was 19¢ higher at $248.77/cwt.
Corn futures closed mostly fractionally higher to 2¢ higher.
Soybean futures closed mixed, down 1¢ to 4¢ in the front two contracts, then mostly 2¢ to 6¢ higher through Sep ’22 and then mostly fractionally higher to 7¢ lower.