Cattle futures climbed higher Wednesday, suggesting a bottom may have been established.
Toward the close, Live Cattle futures were an average of $4.63 higher. Feeder Cattle futures were an average of $8.06 higher.
Negotiated cash fed cattle trade ranged from limited on moderate demand in the North to inactive on light to moderate demand in the Southern Plains through Wednesday afternoon, according to the Agricultural Marketing Service.
So far this week, FOB live prices are $9 lower in the Texas Panhandle at $215/cwt., mostly $8 lower in Nebraska at mainly $210 and $7-$8 lower in the western Corn Belt at $208-$210. Dressed delivered prices are $10-$15 lower in Nebraska at $330 and $12-$17 lower in the western Corn Belt at $328-$330.
FOB live prices in Kansas last week were $222-$224.
Choice boxed beef cutout value was $1.81 lower Wednesday afternoon at $368.28/cwt. Select was 42¢ lower at $355.51.
Grain and Soybean futures continued higher Wednesday, supported by an apparent slowing in farmer selling.
Toward the close and through Jly contracts, Corn futures were 6¢ to 9¢ higher. KC HRW Wheat futures were 2¢ to 4¢ higher. Soybean futures were 5¢ to 7¢ higher.
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