Cattle futures closed slightly lower Wednesday, basically in a holding pattern ahead of weekly cash fed cattle trade and Friday’s monthly Cattle on Feed report.
Live Cattle closed an average of 37¢ lower.
Feeder Cattle futures closed an average of 36¢ lower.
Negotiated cash fed cattle trade ranged from slow on light demand to a standstill through Wednesday afternoon, according to the Agricultural Marketing Service. Although, too few to trend, there were some early FOB live sales in Kansas at $186/cwt.
Last week, FOB live prices were $186/cwt. in the Southern Plains, $187-$188 in Nebraska and $187-$189 in the western Corn Belt. Dressed delivered prices were $295-$300 in Nebraska and $298 in the western Corn Belt.
Choice boxed beef cutout value was 22¢ higher Wednesday afternoon at $313.44/cwt. Select was 47¢ lower at $302.71/cwt.
Corn futures closed mostly 2¢ higher.
KC HRW Wheat futures closed mostly 1¢ to 3¢ lower.
Soybean futures closed 12¢ to 14¢ higher, tied in part of new-crop export announcements.
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