Negotiated cash fed cattle trade remained mostly undeveloped through Wednesday afternoon.
There were a few early dressed sales in the western Corn Belt for steady to $1 lower than last week at $174/cwt. A few live sales there were at $109-$111, but too few to trend.
There were 1,246 head offered in the weekly Fed Cattle Exchange auction Wednesday, and no sales.
A steep plunge on Wall Street helped pressure Cattle futures lower Wednesday.
Live Cattle futures closed an average of 60¢ lower (32¢ to $1.27 lower in spot Oct).
Feeder Cattle futures closed an average of $1.16 lower.
Wholesale beef values were lower on light demand and light to moderate offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 74¢ lower Wednesday afternoon at $202.11/cwt. Select was 95¢ lower at $191.77
Major U.S. financial indices closed steeply lower Wednesday amid a massive sell-off led by tech stocks and fears about rising interest rates.
The Dow Jones Industrial Average closed 831 points lower. The S&P 500 closed 94 points lower. The NASDAQ was down 315 points.
Overall, pasture and range conditions improved again, according to the latest weekly Crop Progress report (week ending Oct. 9). Among states with 35% or more of pasture and range rated as Poor or Very Poor the previous week, conditions improved or stayed the same everywhere, except in Colorado and Idaho.
Nationally, 48% of pasture and range is in Good (40%) or Excellent (8%) condition, 1% more than a week earlier and 7% more than a year earlier. 22% is rated as Poor (14%) or Very Poor (8%), which is 1% less than a week earlier and 3% less than last year.
States with 35% or more pasture and range rated as Poor or Very Poor in the recent report include: Arizona (68%), California (60%), Colorado (62%), Idaho (43%), New Mexico (45%), Oregon (73%), Utah (63%) and Washington (56%).
Crop progress and harvest continues at a positive pace.
93% of the corn crop is mature, which is 13% more than last year and 10% more than the average. 34% is harvested, which is 13% more than last year and 8% more than average.
91% of soybeans are dropping leaves, which is 3% more than last year and 6% ahead of the average. 32% are harvested, which is 2% less than last year and 4% less than the average.
73% of sorghum is mature, which is 5% more than last and 1% more than average. 39% is harvested, which is 4% more than last year but 3% less than the average.
57% of winter wheat is planted, which is 11% more than last year and 3% more than the average. 30% has emerged, which is 7% more than last year and 2% more than the average.