Cattle futures took a breather on Wednesday with likely profit taking from the previous day’s rally.
Toward the close, Live Cattle futures were an average of 41¢ lower, except for an average of 22¢ higher in three contracts. Feeder Cattle futures were an average of $1.22 lower.
Negotiated cash fed cattle trade was inactive on light demand in the North through Wednesday afternoon, according to the Agricultural Marketing Service.
FOB live prices last week were $220-$222/cwt. in Nebraska and mostly $219-220 in the western Corn Belt. Dressed delivered prices were mostly $345 in Nebraska and $345-$350 in the western Corn Belt. The Texas Cattle Feeders Association reported its members trading fed cattle at $226.
Choice boxed beef cutout value was $3.31 lower Wednesday afternoon at $375.62/cwt. Select was $2.13 lower at $354.21.
Grain and Soybean futures pulled back Wednesday with some likely profit taking and positioning ahead of Friday’s monthly World Agricultural Supply and Demand Estimates.
Through late afternoon, and through the front four contracts, Soybean futures were 5¢ to 7¢ lower. Kansas City HRW Wheat futures were 16¢ to 17¢ lower. Corn futures were 4¢ to 6¢ lower.
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