Cattle futures closed lower Wednesday, following early support, amid light pre-holiday trade and positioning.
Feeder Cattle futures closed an average of $1.14 lower (67¢ to $1.22 lower).
Live Cattle futures closed an average of 48¢ lower.
Negotiated cash fed cattle trade was light to moderate on light to moderate demand in the Southern Plains through Wednesday afternoon, according to the Agricultural Marketing Service. FOB live prices were $1 lower at $177/cwt.
In Nebraska, trade was slow on light demand with dressed delivered prices $2 lower at $282. FOB live prices last week were $178.
Trade was also slow on light demand in the western Corn Belt with too few transactions to trend. Last week, FOB live prices were $178 and dressed prices were $282.
Choice boxed beef cutout value was $1.19 higher Wednesday afternoon at $297.00/cwt. Select was $1.15 lower at $267.62/cwt.
Soybean futures closed 15¢ to 20¢ lower through Aug ’24 and then 8¢ to 12¢ lower on likely profit taking
Corn futures closed mostly 1¢ lower.
KC HRW Wheat futures closed narrowly mixed — unchanged to 1¢ lower through Sep ’24 and then mostly 1¢ to 2¢ higher.
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