Feeder Cattle futures closed an average of 52¢ higher Wednesday as Corn Futures retreated 8¢ to 10¢ lower through Jly ’23 and then mostly 2¢ to 4¢ lower.
Soybean futures closed mostly 18¢ to 23¢ lower.
Live Cattle futures closed an average of 26¢ lower except for unchanged to an average of 12¢ higher in three contracts.
The looming railroad strike continues to add uncertainty to the mix.
Negotiated cash fed cattle trade ranged from a standstill to limited on light demand through Wednesday afternoon, according to the Agricultural Marketing Service. There were a few dressed trades in Nebraska at $226-$227/cwt. and a few live trades in the western Corn Belt at $143, but too few to trend.
Last week, live prices were $141/cwt. in the Southern Plains, $142-$143 in Nebraska and $143-$146 in the western Corn Belt. Dressed prices were $226 in Nebraska and $225-$230 in the western Corn Belt.
Choice Boxed beef cutout value was $3.19 lower through Wednesday afternoon at $253.47/cwt. Select was $3.47 lower at $230.11/cwt.