Negotiated cash fed cattle trade was active on very good demand in Nebraska Wednesday with live prices steady at $144-$145/cwt. and dressed prices mainly steady to $4 lower at $228.
Trade was slow on moderate demand in the western Corn Belt, where there were a few live sales at $144-$145 and a few in the beef at $228, but too few to trend, according to the Agricultural Marketing Service. Prices there last week were $145-$148 and $227-$234, respectively.
Trade in the Southern Plains ranged from limited to mostly inactive on light demand. Live prices there the previous day were steady at $143.
Choice boxed beef cutout value was 88¢ lower Wednesday afternoon at $247.55/cwt. Select was $2 lower at $219.21.
Cattle futures weakened again Wednesday with hangover pessimism from recent sessions.
Feeder Cattle futures closed an average of 72¢ lower (32¢ to $1.12 lower).
Live Cattle futures closed an average of 50¢ lower except for 15¢ higher in the back contract.
Corn and Soybean futures crawled higher, perhaps on increasing Russian rhetoric and positioning ahead of Friday’s Grain Stocks report.
Corn futures closed mostly 3¢ higher.
Soybean futures closed 5¢ to 9¢ higher.