Negotiated cash fed cattle trade was slow to moderate on moderate demand in Nebraska and the western Corn Belt through Wednesday afternoon, according to the Agricultural Marketing Service. Dressed trade in Nebraska was $2 lower at $220/cwt. Although too few to trend, there were some early live sales at $138, compared to $140 last week.
There were some early live sales in the western Corn Belt steady at $140 and a few in the beef steady to $2 lower at $220, but too few of either to trend.
Trade in the Southern Plains was limited on light demand. A light test sold steady on a live basis at $138.
Cattle futures closed mixed Wednesday, supported by moderating grain futures price gains but pressured by the weaker cash outlook.
Live Cattle futures closed an average of 41¢ lower, except for an average of 32¢ higher in two contracts.
Feeder Cattle futures closed an average 32¢ higher, except for unchanged to an average of 36¢ lower in the front three contracts.
Choice boxed beef cutout value was 11¢ higher Wednesday afternoon at $266.93/cwt. Select was 38¢ higher at $259.61/cwt.
Soybean futures closed 4¢ to 6¢ higher through Aug ‘23 and then 2¢ to 3¢ higher.
Corn futures closed 4¢ to 7¢ lower through the front four contracts and then mostly 1¢ lower.
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