Negotiated cash fed cattle prices were steady Wednesday at $138/cwt. on a live basis in the Southern Plains (slow trade and light demand) and Nebraska (moderate trade and good demand), according to the Agricultural Marketing Service. Dressed prices were also steady in Nebraska at $221.
Trade was limited on light demand in the western Corn Belt with a few dressed sales at $221, but too few to trend. Last week, prices were $140-$142 on a live basis and $222 in the beef.
Choice Boxed beef cutout value was $1.63 higher Wednesday afternoon at $261.60/cwt. Select was $1.35 higher at $253.24.
Cattle futures mainly batted on either side of steady, pressured by rising feed costs, steady cash and lower outside markets, but supported by strengthening wholesale beef prices.
Feeder Cattle futures closed an average of 40¢ higher (2¢ to $1.20 higher) except for unchanged to 22¢ lower in three contracts.
Live Cattle futures closed an average of 25¢ higher except for unchanged in spot Apr and 7¢ lower toward the back.
Corn futures closed mostly 2¢ to 4¢ higher.
Soybean futures closed 10¢ to 227¢ higher through Nov ’22 and then mostly 5¢ to 6¢ higher.