Cattle futures ran out of steam Wednesday, although the latest World Agricultural Supply and Demand Estimates continue to paint a positive fundamental picture (see below).
Feeder Cattle futures closed an average of 43¢ lower, except for 2¢ higher in spot Mar.
Live Cattle futures closed an average of 90¢ lower, except for 5¢ higher in the back contract.
Cattle futures were helped by lower Grain and Soybean futures as traders apparently were satisfied with the level of risk premium.
Negotiated cash fed cattle trade and demand were moderate in Nebraska through Wednesday afternoon, according to the Agricultural Marketing Service. Live trade was steady with the previous day and $2 lower than last week at $138/cwt. Dressed trade was $4-$5 lower at $220.
Trade was limited on light demand in Kansas with live prices at $138; steady with the previous day and $2 lower than last week.
Elsewhere, trade ranged from limited on light demand to mostly inactive with very light demand and too few transactions to trend. Live prices in the Texas Panhandle so far this week are $2 lower at $138. Trade was unestablished in the western Corn Belt where live prices last week were $142 and dressed prices were $224-$225.