Cattle futures closed higher Wednesday amid growing open interest and thoughts cash fed cattle prices will gain this week.
Feeder Cattle futures closed an average of 88¢ higher (57¢ to $1.27 higher).
Live Cattle futures closed an average of 71¢ higher (7¢ to $1.20 higher).
Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill in all major cattle feeding regions through Wednesday afternoon, with too few trades to trend, according to the Agricultural Marketing Service.
Last week, FOB live prices were $185/cwt. in the Southern Plains, $183-$186 in Nebraska and $183-$185 in the western Corn Belt. Dressed delivered prices were $290.
Choice boxed beef cutout value was $3.00 lower Wednesday afternoon at $302.18/cwt. Select was 95¢ lower at $278.55/cwt.
Corn futures closed 1¢ to 3¢ lower. KC HRW Wheat closed mostly 5¢ to 8¢ higher. Soybean futures closed mostly 1¢ to 4¢ higher.