Cattle futures rebounded Wednesday with thoughts of steady to higher cash fed cattle prices this week and perhaps some early positioning ahead of Friday’s monthly Cattle on Feed report.
Feeder Cattle futures closed an average of $1.48 higher (55¢ to $2.20 higher).
Live Cattle futures closed an average of $1.08 higher (76¢ to $1.37 higher).
Negotiated cash fed cattle trade ranged from slow 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 Nebraska at $186/cwt.
Last week, FOB live prices were $182-$183/cwt. in the Southern Plains, $184-$185 in Nebraska and $185 in the western Corn Belt. Dressed delivered prices were $292.
Choice boxed beef cutout value was 86¢ lower Wednesday at $301.26/cwt. Select was $3.10 lower at $278.68/cwt.
Corn futures closed mostly 4¢ to 6¢ higher Wednesday, bolstered by trade worries over a commercial cargo vessel in the Black Sea running into a mine.
KC HRW Wheat closed fractionally lower to 2¢ lower through May ‘24 and then fractionally higher to 1¢ higher.
Soybean futures closed 4¢ to 9¢ higher.