Apparent resolve by cattle feeders to ignore early, steady-money negotiated cash fed cattle bids helped underpin the slightly higher close in Cattle futures.
Feeder Cattle futures closed an average of 32¢ higher, except for 35¢ lower in Jan.
Live Cattle futures closed an average of 39¢ higher, except for unchanged in the back contract.
Negotiated cash fed cattle trade was limited on light demand in all major cattle feeding regions through Wednesday afternoon with too few transactions to trend, according to the Agricultural Marketing Service.
Prices last week were at $132/cwt. on a live basis in the Northern Plains, the Southern Plains and Colorado. They were $131-$132 in the western Corn Belt. Dressed prices were at $207.
Choice boxed beef cutout value was $3.66 lower Wednesday afternoon at $278.47/cwt. Select was $2.53 lower at $264.06/cwt.
Grain futures strengthened on news ranging from reduced ethanol tariffs in South America to speculation about China buying interest in 2022.
Corn futures closed 5¢ higher through the front four contracts and then mostly 2¢ to 3¢ higher.
Soybean futures closed 19¢ to 25¢ higher through the front six contracts, 11¢ to 17¢ higher through the middle of the board and then 3¢ higher.
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