Negotiated cash fed cattle trade got underway in the Southern Plains Wednesday at $124/cwt. on a live basis, which was steady with last week.
Likewise, there were 510 head—four five lots of Oklahoma heifers—offered in the weekly Fed Cattle Exchange auction. Four lots (416 head) sold for 1-17 day delivery at a weighted average price of $124/cwt.
Continued sluggish trade and lack of direction pressured Cattle futures Wednesday, despite strong renewed buying in Lean Hog futures.
Live Cattle futures closed an average of 51¢ lower (2¢ lower in spot Apr to 72¢ lower).
Feeder Cattle futures closed an average of 53¢ lower (2¢ lower to 97¢ lower in spot Apr).
Corn futures closed mostly fractionally higher to 1¢ higher.
Soybean futures closed 2¢ to 3¢ higher.
Wholesale beef values were firm to higher on moderate demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 73¢ higher Wednesday afternoon at $229.05/cwt. Select was 82¢ higher at $219.62.