Cattle futures lost some steam Wednesday with the lack of cash direction and likely profit taking.
Feeder Cattle futures closed an average of $1.34 lower (70¢ lower at the back to $2.15 lower at the front).
Live Cattle futures closed an average of 59¢ lower.
Negotiated cash fed cattle trade continued at a standoff through Wednesday afternoon, but popular sentiment expected at least steady prices this week.
Last week, live prices were $140-$141/cwt. in the Southern Plains and $143-$145 in Nebraska and the western Corn Belt. Dressed prices were $228-$232.
Choice Boxed beef cutout value was 87¢ higher Wednesday afternoon at $261.34/cwt. Select was $1.79 lower at $237.51/cwt.
Corn futures weakened Wednesday — 4¢ to 6¢ lower through Jly ‘23 and then mostly 1¢ 3¢ lower — presumably due mostly to profit taking.
Soybean futures closed mostly 12¢ to 15¢ lower through Jly ‘23 and then mostly 5¢ lower, pressured by Crude Oil once again
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