Cattle futures closed sharply lower Wednesday, apparently driven by fund selling and likely pressure from outside markets.
Live Cattle futures closed an average of $2.53 lower ($1.97 to $2.95 lower).
Feeder Cattle futures closed an average of $4.35 lower.
Negotiated cash fed cattle trade ranged from limited on light demand to a standstill through Wednesday afternoon, according to the Agricultural Marketing Service.
Last week, live prices were $185/cwt. in the Texas Panhandle, $186 in Kansas, $189-$192 in Nebraska and $190 in the western Corn Belt. Dressed prices were $300 in Nebraska and $298-$300 in the western Corn Belt.
Choice boxed beef cutout value was $1.07 higher Wednesday afternoon at $339.06/cwt. Select was 22¢ lower at $309.26/cwt.
Corn futures closed 1¢ to 4¢ lower through Jly ‘24 and then mostly 1¢ higher.
Soybean futures closed mostly fractionally mixed.
KC HRW Wheat closed mostly 10¢ lower.