Episode Details

Cattle futures were sharply lower Wednesday with pressure from lower cash fed cattle prices and wholesale beef values as traders eyed the monthly Cattle on Feed and semi-annul Cattle reports due to be published on Friday.

Toward the close, Live Cattle futures were an average of $3.47 lower. Feeder Cattle futures were an average of $8.68 lower.

Negotiated cash fed cattle trade was light to moderate on moderate demand in the North through Wednesday afternoon, according to the Agricultural Marketing Service.

Early dressed sales in Nebraska were $15 lower at $365/cwt. Although too few transactions to trend, there were some FOB live trades at $230-$232; prices last week were mostly $240.

Early FOB live prices in the western Corn Belt were $5-$10 lower at $230. Although too few transactions to trend, there were some dressed delivered trades at $365; prices last week were $370-$385.

Trade was mostly inactive on light demand in Kansas where FOB live prices last week were mostly $237-$238.

Choice boxed beef cutout value was $3.41 lower Wednesday afternoon at $363.50. Select was $3.66 lower at $350.57.

Grain and Soybean futures rallied Wednesday, supported by higher Crude Oil prices, war premium and a negative weather outlook.

Toward the close and through the front four contracts, Corn futures were 9¢ higher. Soybean futures were mostly 13¢ to 16¢ higher. Kansas City HRW Wheat futures were 27¢ to 30¢ higher.