Cattle futures powered ahead Wednesday, helped along by record and near-record high cash fed cattle prices at a strong premium to the Board. Floundering Corn futures added support.
Before settlement, Live Cattle futures were an average of $1.60 higher. Feeder Cattle futures were an average of $2.24 higher.
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, FOB live prices were $189-$190/cwt. in the Texas Panhandle $188-$191 in Kansas, and mainly $197-$198 in Nebraska and the western Corn Belt.
Dressed delivered prices were $310-$312 in Nebraska and $310 in the western Corn Belt with prices stretching as high as $314.
Choice boxed beef cutout value was 54¢ lower Wednesday afternoon at $322.85/cwt. Select was $2.40 lower at $302.86/cwt.
Corn and Soybean futures were lower Wednesday with likely positioning ahead of Friday’s Acreage and Grain Stocks reports.
Heading into the close, through Jly ’25 contracts, Corn futures were 5¢ to 7¢ lower. Kansas City Wheat futures were fractionally higher to 2¢ higher. Soybean futures were 3¢ to 5¢ lower.
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