Negotiated cash fed cattle prices finally moved beyond steady money Wednesday.
Live prices were $2 higher in the Southern Plains at $126/cwt., $2 higher in the western Corn Belt at $126-$127 and $2-$3 higher in Nebraska at $127. Dressed trade was $4 higher at $200.
Trade was slow on light demand in the Southern Plains and western Corn Belt, according to the Agricultural Marketing Service. It was slow to moderate on good demand in Nebraska.
Despite stronger cash prices, Live Cattle futures closed narrowly mixed, from an average of 28¢ higher through the front five contracts to an average of 18¢ lower.
Although turning the seasonal corner higher, wholesale beef prices were lower Wednesday afternoon. Choice was down $1.13 to $283.63/cwt. Select was 85¢ lower at $261.69.
Feeder Cattle futures softened, though, in the wake of a strong surge in Corn futures.
Feeder Cattle closed and average of $1.34 lower, except for 52¢ higher in nearly spent Oct.
Corn futures closed mostly 10¢ to 13¢ higher with support from ethanol production and lower corn production in Brazil.
Soybean futures closed mostly 2¢ to 3¢ higher.