Cattle futures closed lower Wednesday with pressure including negative outside markets, oversold conditions and perhaps some month-end profit taking.
Heading into the close and before settlement, Live Cattle futures were an average of $1.65 lower. Feeder Cattle were an average of $3.15 lower.
Negotiated cash fed cattle trade ranged from limited on light demand to a standstill through Wednesday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there some early FOB live trades in Nebraska at $190/cwt.
Last week, FOB live prices were $187 in the Southern Plains, $192 in Nebraska and $190-$192 in the western Corn Belt.
Dressed delivered prices were $304 in Nebraska and $302-$304 in the western Corn Belt.
Choice boxed beef cutout value was $1.50 higher Wednesday afternoon at $313.62/cwt. Select was 95¢ lower at $302.48/cwt.
Grain futures closed lower Wednesday as it appeared traders took back some weather premium.
Heading into the close Tuesday, through Jly ‘25, Kansas City Wheat futures were 6¢ to 10¢ lower. Corn futures were 5¢ to 7¢ lower. Soybean futures were 5¢ to 18¢ lower.
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