Feeder Cattle futures maintained upward momentum as Corn futures continued to decline.
Feeder Cattle futures closed an average of $1.32 higher.
Live Cattle futures closed an average of 75¢ higher through Feb ‘24 (32¢ to $1.37 higher) and then unchanged to an average of 48¢ lower.
Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Wednesday afternoon, according to the Agricultural Marketing Service.
So far this week, live sales in Kansas are $2 lower at $178/cwt.
Last week, live prices were $180/cwt. in the Southern Plains $182-$185 in Nebraska and $184-$185 in the western Corn Belt. Dressed prices were $290.
Choice boxed beef cutout value was $1.33 lower Wednesday afternoon at $327.90/cwt. Select was $1.75 lower at $296.68/cwt.
More rain forecast for the Corn Belt took grain and Soybean futures lower for the second consecutive session.
Corn futures closed 20¢ to 33¢ lower through Jly ‘24 and then 3¢ to 10¢ lower.
Soybean futures closed 28¢ to 44¢ lower through Jan ‘24 and then mostly 22¢ to 24¢ lower.
KC HRW Wheat closed 18¢ to 33¢ lower.