Yesterday’s weekly Fed Cattle Exchange auction served as one more indicator that negotiated cash fed cattle prices should be higher this week. There were 3,220 head offered. Only two lots (499 head) sold from Nebraska: steers (1-9 day delivery) for a weighted average price of $122/cwt.; heifers (1-17 day delivery) for a weighted average price of $120. The steer price was even with the top reported country price in the region last week.
Cattle futures continued to grind higher Wednesday with renewed optimism.
Live Cattle futures closed an average of 62¢ higher (37¢ to 92¢).
Other than 2¢ higher in spot Apr, Feeder Cattle futures closed an average of 81¢ higher.
Choice boxed beef cutout value was 49¢ lower Wednesday afternoon at $211.64/cwt. Select was $1.01 lower at $198.57.
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