Cattle futures gained Wednesday, helped along by a bounce higher in wholesale beef values.
Choice Boxed beef cutout value was $3.39 higher Wednesday afternoon at $268.05/cwt. Select was $3.06 higher at $242.93.
Feeder Cattle futures closed an average of $1.17 higher (60¢ higher in spot Aug to $1.32 higher at the back).
Live Cattle futures closed an average of 96¢ higher ($1.57 higher in spot Aug to 12¢ higher at the back).
Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Wednesday afternoon with too few transactions to trend, according to the Agricultural Marketing Service.
Last week, live prices were $137-138/cwt. in the Southern Plains, $145 in Colorado, $145-$151 in Nebraska and $147-$150 in the western Corn Belt. Dressed prices were $234.
Grain and Soybean futures firmed Wednesday as traders re-trenched after recent steep losses.
Corn futures closed 5¢ to 7¢ higher through new-crop contracts and then 2¢ to 5¢ higher.
Soybean futures closed 4¢ to 7¢ higher through Jan ‘23 and then mostly fractionally higher to 1¢ higher.