Cattle futures continued lower Wednesday, with follow-through pressure from outside markets and concerns that beef demand may falter. Stronger Corn futures added weight.
Feeder Cattle futures closed an average of $2.01 lower ($1.07 to $2.70 lower).
Live Cattle futures closed an average of 85¢ lower (30¢ to $1.07 lower), except for 10¢ higher in spot Oct.
Negotiated cash fed cattle trade ranged from slow on light demand to inactive on light demand through Wednesday afternoon, according to the Agricultural Marketing Service.
So far this week, FOB live sales are steady in the Southern Plains at $183/cwt. and steady to $1 lower in Nebraska and the western Corn Belt at $184 in a light test. Dressed delivered prices in Nebraska are $2 lower at $290 (a few up to $291) and steady to $2 lower in the western Corn Belt at $290-$292.
Choice boxed beef cutout value was $1.41 higher Wednesday afternoon at $300.95/cwt. Select was 59¢ lower at $278.51/cwt.
Corn futures closed mostly 3¢ to 4¢ higher.
KC HRW Wheat closed mostly 10¢ to 15¢ lower.
Soybean futures closed mostly 4¢ to 7¢ higher.
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