Cattle futures sauntered lower Wednesday with traders awaiting weekly cash fed cattle direction.
Feeder Cattle futures closed an average of $1.03 lower (20¢ to $2.20 lower).
Live Cattle futures closed an average of 32¢ lower, (2¢ to $1.00 lower).
Negotiated cash fed cattle trade ranged from limited on light demand to a standstill through Wednesday afternoon, according to the Agricultural Marketing Service. Although too few to trend, there were a few live trades in the western Corn Belt at $184/cwt.
Last week, FOB live prices were $180/cwt. in the Southern Plains and $183-$184 in the North.
Dressed delivered prices were $290 in Nebraska and $288-$290 in the western Corn Belt.
Choice boxed beef cutout value was 48¢ lower Wednesday afternoon at $307.55/cwt. Select was $3.41 higher at $287.19/cwt.
Corn futures closed mostly 4¢ to 5¢ higher Wednesday with apparent technical buying and support from wheat.
KC HRW Wheat closed 10¢ to 14¢ higher.
Soybean futures closed mostly 3¢ to 6¢ higher.