Live Cattle futures eased higher on Wednesday, bolstered by thoughts that negotiated cash fed cattle prices could increase this week, and despite bearish outside markets. Feeder Cattle futures wobbled, though, with resurgent Corn futures and perhaps positioning ahead of Friday’s Monthly Cattle on Feed report. Broadly, analysts see February placements on par year over year, February marketings down about 7.5% and the March 1 on-feed inventory down about 0.5%.
Toward the close, Live Cattle futures were an average of 66¢ higher. Feeder Cattle futures were an average of 47¢ lower, except for 12¢ higher in Oct.
Negotiated cash fed 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 $235-$236/cwt. on a light test in the Texas Panhandle and mostly $235 elsewhere. Dressed delivered prices in the North were mainly $372.
Choice boxed beef cutout value was $1.56 lower Wednesday afternoon at $401.75/cwt. Select was 55¢ lower at $396.17.
Grain and Soybean futures were higher Wednesday, supported by higher crude oil prices and likely inflationary buying.
Toward the close, and through near Sep contracts, Kansas City HRW Wheat futures were 18¢ higher. Corn futures were 9¢ higher. Soybean futures were 6¢ to 11¢ higher.
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