Negotiated cash fed cattle trade in the Southern Plains, Nebraska and Western Corn Belt was limited on moderate demand through Wednesday afternoon, according to the Agricultural Marketing Service. In the Texas Panhandle live sales were steady to 50¢ lower than last week at $119.50 to $120.00/cwt. In Kansas, live sales traded mostly steady at $120.00. In Nebraska, a few live sales traded from $120 to $121.
Cattle futures traded mixed Wednesday. Higher Corn futures pressured Feeder Cattle once again, while steady cash helped Live Cattle tread water.
Feeder Cattle futures closed an average of $1.11 lower (52 to $1.47 lower), except for unchanged and up $1.02 in the back two contracts.
Live Cattle futures closed narrowly mixed, from an average of 36¢ lower to an average of 35¢ higher.
Choice boxed beef cutout value was 4¢ higher Wednesday afternoon at $338.65/cwt. Select was $1.69 higher at $307.87
Grain markets were mixed on Wednesday, with corn futures getting help from ethanol demand and soybeans down across most of the board. The monthly World Agricultural Supply and Demand Estimates due out Thursday will likely have plenty to say about direction for the rest of the week.
Corn futures closed mostly 2¢ to 4¢ higher.
Soybean futures closed 13¢ to 17¢ lower through the front three contracts and then mostly 3¢ to 7¢ lower.