Cattle futures weakened Wednesday with likely spillover pessimism from lower outside markets, the lack of cash direction and perhaps some defensiveness in the face of Friday’s Cattle on Feed report.
Feeder Cattle futures closed an average of 74¢ lower, except for 57¢ higher in the back contract.
Live Cattle futures closed an average of 25¢ lower, except for 17¢ higher in the back contract.
Negotiated cash fed cattle trade ranged from limited on light demand to a standstill through Wednesday afternoon, according to the Agricultural Marketing Service. There were a few trades at $145/cwt. in Nebraska and the western Corn Belt but too few to trend.
Live prices last week were $142/cwt. in the Southern Plains, $143 in Nebraska and $143-$145 in the western Corn Belt. Dressed prices were $226-$227 in Nebraska and $226 in the western Corn Belt.
Choice Boxed beef cutout value was $2.51 lower Wednesday afternoon at $249.13/cwt. Select was $1.09 lower at $226.14/cwt.
Corn futures closed 3¢ to 6¢ lower Wednesday with pressure from lower outside markets and the export-adverse rise in the U.S. dollar.
Soybean futures closed 13¢ to 17¢ lower through Aug ‘23 and then mostly 8¢ to 9¢ lower.