Cattle futures lost ground Wednesday, as bearishness increased in outside markets.
Toward the close, Live Cattle futures were an average of $1.97 lower. Feeder Cattle futures were an average of $5.19 lower.
Negotiated cash fed cattle trade was moderate on moderate demand in Nebraska through Wednesday afternoon, according to the Agricultural Marketing Service. FOB live prices were $5 lower at mostly $235/cwt. Dressed delivered prices were $8 lower at $372.
Trade was light on moderate demand in the western Corn Belt, where FOB live prices were $5-$7 lower at $233-$235. Dressed delivered prices last week were $380.
In the Southern Plains, trade was limited on moderate demand. Although too few transactions to trend, there were some early FOB live trades in Kansas at $235. FOB live prices in the Southern Plains last week were $240.
Choice boxed beef cutout value was $2.03 higher Wednesday afternoon at $396.70/cwt. Select was $2.48 higher at $389.25.
Grain and Soybean futures were higher Wednesday, supported by resurgent oil prices and apparent inflationary buying.
Toward the close, and through near Sep contracts, Kansas City HRW Wheat futures 5¢ to 6¢ higher. Corn futures were 8¢ to 9¢ higher. Soybean futures were 10¢ to 13¢ higher.
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