Negotiated cash fed cattle trade was slow on light demand in Nebraska and the western Corn Belt through Wednesday afternoon, according to the Agricultural Marketing Service. Although too few transactions to trend, there were a few live sales in Nebraska at $126/cwt. There were also some early dressed sales in Nebraska and the western Corn Belt at $203. Last week, live prices were $125-$126 in Nebraska and $125-$128 in the western Corn Belt. Dressed trade in the regions was at $200-$203.
Trade in the Southern Plains was limited on light demand. There were a few live sales at $124, steady with the previous day. Last week, live sales in Kansas were at $125-$126 and at $123-$124 in the Texas Panhandle.
Cattle futures tried to gain traction early in Wednesday’s session but ran out of steam amid continued concerns about declining beef values and demand uncertainty.
Feeder Cattle futures closed an average of $1.18 lower (22¢ lower at the front to $1.77 lower toward the back).
Live Cattle futures closed an average of 76¢ lower amid heavy trade.
Choice boxed beef cutout value was 33¢ lower Wednesday afternoon at $334.86/cwt. Select was $3.73 lower at $298.17.
Corn futures closed mostly fractionally lower to 1¢ lower, except for 2¢ higher in spot Sep.
Soybean futures closed fractionally higher to 2¢ higher through Sep ’22 and then fractionally lower.
For the record, 59% of the nation’s corn crop was in Good or Excellent condition (week ending Sept. 5), according to the latest USDA Crop Progress report. That was 1% less than the previous week and 2% less than the five-year average.
57% of the soybean crop was in good or excellent condition versus 56% the previous year and 65% for average.