Declining open interest, negative outside markets, technical selling and weaker cash fed cattle prices pressured Cattle futures sharply lower for a second consecutive session Wednesday.
Feeder Cattle futures closed an average of $2.21 lower ($3.75 to $4.08 lower).
Live Cattle futures closed an average of $1.04 lower (60¢ to $1.40 lower).
Negotiated cash fed cattle trade ranged from slow on light demand in Nebraska to limited on light demand on other regions through Wednesday afternoon, according to the Agricultural Marketing Service.
So far this week, live prices are $1 lower in the Southern Plains at $172/cwt., $2 lower in Nebraska at $176 and $2-$8 lower in the western Corn Belt at $172-$178. Dressed prices are $2-$5 lower in Nebraska at $281.
Choice boxed beef cutout value was 15¢ lower at $309.09/cwt. Select was $1.54 lower at $287.12/cwt.
On the other side of the coin, grain and Soybean futures plowed higher Wednesday, led by Wheat and fueled by news of an attempted assassination of Russia’s Putin and what that could mean to the Black Sea Initiative.
Corn futures closed mostly 5¢ to 10¢ higher.
KC HRW Wheat closed 25¢ to 56¢ higher.
Soybean futures closed 5¢ to 8¢ higher through Jan’24. And then mostly 7¢ to 12¢ higher.
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