Negotiated cash fed cattle trade got underway in the Southern Plains on Wednesday at $126/cwt. on a live basis, which was $2 higher than the previous week.
Out of the 1,578 head offered in the weekly Fed Cattle Exchange auction, 1,269 head sold—all from Nebraska—for a weighted average price of $127.08/cwt.; all for delivery at 1-17 days.
Choice 2-3 steers brought $126-$128/cwt. at Sioux Falls Regional in South Dakota.
Cattle futures closed mixed but mostly higher Wednesday as traders positioned for the holiday-shortened trading week.
Except for 22¢ and 7¢ lower in the front two contracts, Live Cattle futures closed an average of 46¢ higher.
Other than an average of 47¢ lower in the front two contracts and 5¢ lower at the back, Feeder Cattle futures closed an average of 58¢ higher. Popular estimates suggest tomorrow’s monthly Cattle on Feed report to show March placement about 4% more than a year earlier.
Corn futures closed fractionally lower.
Soybean futures closed 6¢ to 9¢ lower as global production and stocks continue to weigh on prices.
Wholesale beef values were higher on Choice and steady on Select with moderate to fairly good demand and moderate to heavy offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 71¢ higher Wednesday afternoon at $232.76/cwt. Select was 99¢ lower at $220.16.