There were no sales in the weekly Fed Cattle Exchange auction, with 3,194 head offered. Two lots—one steers and one heifers from Kansas—were passed out at $121/cwt. and $120.25, respectively.
Cattle futures were lightly traded on Wednesday, firming after a slow start.
Live Cattle futures closed an average of 42¢ higher (27¢ to 82¢ higher).
Feeder Cattle futures closed an average of 79¢ higher (35¢ to $1.20 higher).
Wholesale beef values continued higher on Wednesday. Choice boxed beef cutout value was 88¢ higher in the afternoon at $218.53/cwt. Select was $1.04 higher at $203.15.
“Demand has been bullish for beef prices while supply worries have led to bearish trade,” says Andrew P. Griffith, agricultural economist at the University of Tennessee, in his weekly market comments. “It would seem the market has consistently been more concerned with increased supply as opposed to recognizing strong consumer demand. As the calendar moves deeper into spring, and as the unofficial start of summer begins with the Memorial Day weekend, the market will have a better idea of beef demand, which should provide a more consistent price direction for beef.”
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