Traders pushed Cattle futures higher Wednesday, supported by increasing odds that wholesale beef values are near their seasonal bottom and eyes apparently fixed on tightening supplies.
Toward the close, Live Cattle futures were an average of $1.82 higher. Feeder Cattle futures were an average of $5.40 higher.
Negotiated cash fed cattle trade was inactive on light to moderate demand in all major cattle regions through Wednesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were mostly $233/cwt. in the Southern Plains, and $230 in the North. Dressed delivered prices were $360.
Choice boxed beef cutout value was 19¢ higher Wednesday afternoon at $366.16/cwt. Select was $3.64 lower at $345.24.
Grain futures were higher Wednesday bolstered by hopes of a government aid package and lower reported yields.
Toward the close and through Jly contracts, Corn futures were 1¢ to 2¢ higher. KC HRW Wheat were 1¢ higher. Soybean futures were mostly 3¢ to 7¢ higher.
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