Feeder Cattle futures rose an average of $1.08 Wednesday, bolstered by strong cash demand.
Live Cattle futures edged an average of 13¢ higher, except for an average of 6¢ lower in the front two contracts, despite the weaker cash outlook for the week and wobbly beef prices.
Negotiated cash fed cattle trade was moderate on moderate demand in Nebraska through Wednesday afternoon, according to the Agricultural Marketing Service. Live prices were $1.00-$5.50 lower at $138/cwt. Dressed prices were $2 lower at $225.
Elsewhere, trade ranged from limited on light demand to mostly inactive on very light demand.
Prices in the Southern Plains were $1 lower on Tuesday at $135.
In the western Corn Belt last week, prices were $141-$145 on a live basis and $227-$232 in the beef.
Choice Boxed beef cutout value was $1.12 lower Wednesday afternoon at $267.99/cwt. Select was $2.07 lower at $241.81/cwt.
Higher oil prices helped lift Soybean futures mostly 15¢ to 26¢ higher while Corn futures were up mostly 3¢.