Cattle futures rose Wednesday with expectations of steady to higher cash fed cattle prices again this week.
Toward the close, Live Cattle futures were an average of $2.08 higher ($3.45 higher near the front to $1.17 higher at the back). Feeder Cattle futures were an average of $3.11 higher.
Negotiated cash fed cattle trade was inactive on light demand in all major cattle feeding regions through Wednesday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were mainly $245/cwt. in the Southern Plains, mostly $240/cwt. in Nebraska and $240-$242 in the western Corn Belt. Dressed delivered prices were $378.
Choice boxed beef cutout value was $1.63 lower Wednesday afternoon at $365.92/cwt. Select was 32¢ lower at $362.58.
Grain and Soybean futures were firmer Wednesday.
Toward the close, through near Sep contracts, Corn futures were 1¢ lower to 1¢ higher. KC HRW Wheat futures were 6¢ to 7¢ higher. Soybean futures were 1¢ to 2¢ higher.
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