Cattle futures stabilized Wednesday after early pressure and amid strong volume.
Feeder Cattle futures closed an average of $1.52 higher (57¢ to $2.32 higher).
Live Cattle futures closed an average of 82¢ higher (27¢ to $1.05 higher).
Negotiated cash fed cattle trade ranged from limited on light demand to mostly inactive on very light demand through Wednesday afternoon, with too few transactions to trend, according to the Agricultural Marketing Service.
Last week, FOB live prices were $185/cwt. in all regions and dressed delivered prices were $292.
Choice boxed beef cutout value was $1.63 lower Wednesday afternoon at $298.75/cwt. Select was $1.55 higher at $271.03/cwt.
Soybean and grain futures closed mainly higher ahead of Thursday’s World Agricultural Supply and Demand Estimates.
Soybean futures closed fractionally higher to 3¢ higher through Jly ’24 and then 1¢ lower.
Corn futures closed mostly 4¢ to 7¢ higher.
KC HRW Wheat closed mostly 18¢ to 22¢ higher.