Cattle futures mainly held or extended gains on Wednesday, in the face of another day of bearishness in outside markets.
Toward the close, Live Cattle futures were an average of 51¢ lower, except for an average of 12¢ higher in two contracts. They were an average of $3.46 higher Wednesday.
Feeder Cattle futures were an average of $1.15 higher, except for an average of $1.00 lower in the back contract. They were an average of $4.85 higher on Wednesday.
Negotiated cash fed cattle was mostly inactive on light demand in Nebraska and the western Corn Belt through Wednesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were steady to $1 higher in Nebraska at $218-$223/cwt. and steady to $2 lower in the western Corn Belt at $218-$220. Dressed delivered prices were mostly steady at mainly $345.
Last week’s five-area direct FOB live fed steer price was 9¢ lower at $219.06. The weighted average dressed delivered fed steer price was 33¢ lower at $345.42.
Choice boxed beef cutout value was $3.20 higher Wednesday afternoon at $380.77/cwt. Select was $3.05 lower at $352.34.
Grain and Soybean futures were lower on Wednesday with positioning ahead of the World Agricultural Supply and Demand Estimates.
Toward the close and through the front four contracts, Corn futures were 3¢ to 5¢ lower.
Kansas City HRW Wheat futures were 2¢ to 12¢ lower. Soybean futures were 4¢ to 7¢ lower.
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