Cattle futures finally found some traction Wednesday on oversold conditions and a promising start to the week’s cash fed cattle trade.
Feeder Cattle futures closed an average of $1.37 higher.
Live Cattle futures closed an average of $1.39 higher (85¢ to $1.97 higher).
Negotiated cash fed cattle trade and demand were moderate in the Southern Plains through Wednesday afternoon, with FOB live prices mostly $1 higher at mainly $183/cwt., according to the Agricultural Marketing Service.
Elsewhere, trade was limited on light demand, with too few transactions to trend.
Last week, FOB live prices were $183-$184 in Nebraska and the western Corn Belt. Dressed delivered prices were $288-$290.
Choice boxed beef cutout value was 78¢ lower Wednesday afternoon at $300.28/cwt. Select was 85¢ lower at $275.30/cwt.
Grain futures had a wait-and-see feel ahead of Thursday’s World Agricultural Supply and Demand Estimates.
Corn futures closed mostly 2¢ to 3¢ higher.
Soybean futures closed 12¢ to 19¢ lower through Aug ‘24 and then 8¢ to 10¢ lower.
KC HRW Wheat closed 4¢ to 5¢ lower.