Cattle futures closed lower on Tuesday with profit taking and lower negotiated cash fed cattle prices.
Toward the close, Live Cattle futures were an average of $3.38 lower. Feeder Cattle futures were an average of $5.52 lower.
Negotiated cash fed cattle trade was light on light to moderate demand in the North through Wednesday afternoon, according to the Agricultural Marketing Service.
Early dressed sales in Nebraska were $6-$8 lower at $350-$352/cwt. FOB live sales there last week were $228-$228.50.
In the western Corn Belt, early FOB live trades were mainly $3 lower at most $224 and dressed delivered trades were mostly $5 lower at mainly $360.
Choice boxed beef cutout value was $3.22 lower Wednesday afternoon at $369.00/cwt. Select was $3.60 lower at $355.25.
Grain and Soybean futures were mixed on Wednesday.
Through late afternoon, and through the front four contracts, Corn futures were fractionally higher to 2¢ higher with likely short covering.
Kansas City HRW Wheat futures were 5¢ to 6¢ lower on less war premium on Black Sea exports.
Soybean futures were 6¢ to 7¢ lower with harvest pressure and strong yield results.
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