Another day of weaker Corn futures and the outlook for steady to stronger cash fed cattle prices this week helped Cattle futures extend gains Wednesday.
Feeder Cattle futures closed an average of $1.46 higher.
Live Cattle futures closed an average of 63¢ higher (25¢ higher in the spot month to $1.10 higher).
Expectations of record production in Brazil helped pressure Corn futures Wednesday.
Corn futures closed mostly 1¢ to 3¢ lower.
KC HRW Wheat closed 2¢ to 6¢ higher in the front three contracts and then mostly 1¢ to 2¢ lower.
Soybean futures closed mostly 6¢ to 16¢ lower.
Negotiated cash fed cattle trade ranged from limited 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 $170-$171/cwt. in the Texas Panhandle, $171 in Kansas, $180-$182 in Nebraska and $182 in the western Corn Belt. Dressed prices were $280-$286 in Nebraska and $285 in the western Corn Belt.
Choice boxed beef cutout value was 88¢ higher Wednesday afternoon at $305.84/cwt. Select was 62¢ lower at $287.77/cwt.