Negotiated cash fed cattle trade got underway in earnest on Wednesday with cattle feeders apparently content with last week’s sizable jump in prices. Live sales were $1 lower than last week at $124/cwt. in the Southern Plains and Colorado. Live trade in Nebraska was $1-$3 lower at $122-$124, while dressed sales held steady at $192.
Likewise, the average weighted price was $124 at the weekly Fed Cattle Exchange auction on Wednesday. The price was for 465 head sold out of 982 head offered for delivery at 1-9 days. There was a PO at $123 and no sales for another 209 head offered for 1017-day delivery.
Despite resurgent wholesale beef values and promising fundamentals, Cattle futures closed sharply lower on Wednesday with apparent long liquidation and technical selling.
Live Cattle futures closed an average of $1.20 lower ($1.00 to $1.80 lower).
Feeder Cattle futures closed an average of $2.97 lower ($2.55 to $3.00 lower).
Choice boxed beef cutout value was 49¢ higher Wednesday afternoon at $213.13/cwt. Select was $1.13 higher at $198.89.
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