Early negotiated cash fed cattle trade took a steep step lower on Wednesday, with early live prices mostly $5 lower in the Southern Plains and Nebraska at $120.50 (Nebraska) to $121/cwt. Dressed trade in Nebraska was $10-$13 lower at $190.
There were only 409 head (three lots) offered and no sales in the weekly Fed Cattle Exchange Auction on Wednesday. There were two lots of heifers passed out at $120 and $121/cwt.
Cattle futures, especially Feeder Cattle, closed higher, perhaps buoyed by rolling contracts ahead.
Live Cattle futures closed an average of 61¢ higher.
Except for 55¢ higher in spot Mar, Feeder Cattle futures closed an average of $1.95 higher ($1.22 to $2.47 higher).
Choice boxed beef cutout value was 78¢ lower Wednesday afternoon at $221.62/cwt. Select was $2.61 lower at $211.63.
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