Cattle futures drifted lower, pressured in part by the lack of firm cash direction for the week.
Before settlement, Live Cattle futures were an average of 52¢ lower. Feeder Cattle were an average of 42¢ lower.
Negotiated cash fed cattle trade ranged from slow on light demand to a standstill through Wednesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
Last week, FOB live prices were $185/cwt. in the Southern Plains, $190 in Nebraska and $190-$193 in the western Corn Belt. Dressed delivered prices were $301 in Nebraska and $300-$301 in the western Corn Belt.
Choice boxed beef cutout value was 61¢ lower Wednesday afternoon at $317.60/cwt. Select was $1.69 lower at $298.93/cwt.
Grain and soybean futures were mixed again Wednesday, with little apparent direction taken from the monthly World Agricultural Supply and Demand Estimates.
Heading into the close, and through Jly ’25 contracts, Corn futures were 1¢ to 3¢ higher. Kansas City Wheat futures were 12¢ to 21¢ lower with likely harvest pressure. Soybean futures mostly 4¢ to 5¢ lower.
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