Only four lots (373 head) were offered in the weekly Fed Cattle Exchange auction. One lot of steers and one lot of heifers (156 head total)—both from Kansas—sold for a weighted average price of $117/cwt., for delivery at 1-9 days. That ended up mostly mirroring country trade.
Live trade was $2-$3 lower in the Southern Plains through Wednesday afternoon at $117-$118/cwt. In Nebraska live prices were at mostly $114, which was $3.50 to $8.00 less than last week. Dressed prices in Nebraska and the western Corn Belt were generally $2-$6 lower at $184-$188.
Cattle futures closed sharply higher on Wednesday, perhaps with traders believing that lengthy long liquidation has established a near-term bottom. That came after Cattle futures trending strongly lower for much of the session, reacting in part, to China’s proposed tariffs on a long list of goods that included U.S. beef (see below).
Live Cattle futures closed an average of $1.99 higher through the front five contracts and then 62¢ to $1.50 higher.
Feeder Cattle futures closed an average of $3.00 higher ($2.22 to $4.15 higher).
Choice boxed beef cutout value was $1.51 lower Wednesday afternoon at $218.17/cwt. Select was $3.15 lower at $206.18.
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