Although too few to trend, except in Colorado, early negotiated cash fed cattle trade on Wednesday was mainly $3 lower at mostly $107 on a live basis.
For the second consecutive week no cattle traded hands in the weekly Fed Cattle Exchange auction on Wednesday. There were 1,067 head offered.
Choice boxed beef cutout value was 70¢ lower Wednesday afternoon at $192.33/cwt. Select was $1.42 lower at $189.47.
With traders apparently squaring positions in the previous day’s positive session, and perhaps in some defensive positioning ahead of this Friday’s monthly Cattle on Feed report, Cattle futures moved lower again on Wednesday. Prospects of ample near-term supplies and eroding wholesale beef values continue to apply pressure.
Live Cattle futures closed an average of 94¢ lower (65¢ to $1.55 lower).
Feeder Cattle futures closed an average of 77¢ lower across a broad range (15¢ to $1.20 lower).
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