Cattle futures were mixed Wednesday, with Feeder Cattle pressured by a surge in Corn futures prices, while Live Cattle was supported by the discount to cash.
Feeder Cattle futures closed an average of $1.19 lower (35¢ lower at the back to $1.85 lower toward the front).
Live Cattle futures closed an average of 47¢ higher (10¢ to $1.17 higher), except for an average of 6¢ lower in three contracts.
Negotiated cash fed cattle trade was slow on moderate demand in the Texas Panhandle, Nebraska and the western Corn Belt through Wednesday afternoon, according to the Agricultural Marketing Service.
So far this week, live prices are steady in the Southern Plains at $140/cwt. and $2 lower in Nebraska at $144. Dressed prices in Nebraska are $2 lower at $230.
Live prices last week were $142-$148 in Colorado and $144-$147 in the western Corn Belt, where dressed prices were $230-$232.
Choice Boxed beef cutout value was 16¢ lower Wednesday afternoon at $255.08/cwt. Select was 17¢ lower at $242.18.
Corn and Soybean futures rose on South American wonderments and likely positioning ahead of Thursday’s World Agricultural Supply and Demand Estimates.
Corn futures closed mostly 15¢ to 17¢ higher through Jly ‘23 and then mostly 4¢ to 5¢ higher.
Soybean futures closed 11¢ to 20¢ higher through Aug ‘23 and then mostly 2¢ higher.