Negotiated cash fed cattle trade was slow on light to moderate demand in the Southern Plains through Wednesday afternoon, according to the Agricultural Marketing Service. Live prices were generally steady at $124/cwt. in the Texas Panhandle and $123-$124 in Kansas.
Prices were unevenly steady in Nebraska at $125 on a live basis and $200 in the beef.
There were too few transactions to trend in the western Corn Belt.
Choice boxed beef cutout value was $3.07 lower Wednesday afternoon at $319.82/cwt. Select was $6.73 lower at $283.89.
Cattle futures retreated Wednesday but held on to most of the previous session’s gains. Resurgent Corn futures added pressure to Feeder Cattle.
Feeder Cattle futures closed an average of $1.20 lower (2¢ at the back to to $2.15 lower toward the front).
Live Cattle futures closed an average of 59¢ lower (10¢ lower at the front to $1.10 lower at the back), except for 5¢ higher in spot Oct.
Corn futures closed 11¢ to 13¢ higher through new-crop contracts and then mostly 3¢ to 6¢ higher.
Soybean futures closed 8¢ to 12¢ higher through Nov ‘22 and then mostly 4¢ to 6¢ higher.