Cattle futures softened further Wednesday, pressured by bearish outside markets, and likely profit taking as traders await the week’s negotiated cash fed cattle direction.
Toward the close, Live Cattle futures were an average of $2.79 lower. Feeder Cattle futures were an average of $5.10 lower.
Negotiated cash fed cattle was mostly inactive on light demand in the North through Wednesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were mostly $223-$224/cwt. in Nebraska and mostly $222-$223 in the western Corn Belt. Dressed delivered prices were mainly $350.
Choice boxed beef cutout value was 27¢ lower Wednesday afternoon at $375.81/cwt. Select was $1.79 lower at $354.57.
Grain and Soybean futures were mixed on Wednesday with some likely pressure from producer selling.
Through late afternoon and the front four contracts, Soybean futures were mostly 2¢ to 3¢ higher. Corn futures were 1¢ to 2¢ lower. Kansas City HRW Wheat futures were 2¢ to 5¢ higher.
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