Negotiated cash fed cattle prices are soaring. So far this week, live prices in the Southern Plains are $7 higher at $140/cwt., $4-$6 higher in Nebraska at $138-$139 and $4 higher in the western Corn Belt at $136-$138. Trade through Wednesday afternoon was moderate with good demand in the Southern Plains and Nebraska, according to the Agricultural Marketing Service.
Live prices in Colorado last week were at $132-$135. Dressed prices last week were at $210.
Cash bullishness added fuel to the rally in Cattle futures.
Feeder Cattle futures closed an average of $1.60 higher ($1.07 higher at the back to $2.55 higher in spot Jan).
Live Cattle futures closed an average of $1.09 higher, (37¢ higher toward the back to $2.50 higher in spot Dec).
Choice boxed beef cutout value was 47¢ higher Wednesday afternoon at $279.11/cwt. Select was 80¢ higher at $263.47/cwt.
Corn futures closed mostly 1¢ to 2¢ lower.
Soybean futures closed 6¢ to 7¢ lower through the front five contracts and then mostly 2¢ to 3¢ higher.
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