Negotiated cash fed cattle trade was limited on light demand in the Southern Plains, Nebraska and the western Corn Belt through Wednesday afternoon, according to the Agricultural Marketing Service.
Live prices were mainly steady in the Texas Panhandle at $120/cwt. and steady to $1 lower in Kansas at $119-$120. Although too few to trend, there were some trades in Nebraska and the western Corn Belt at $123.
In Nebraska last week, prices were $122-$126 on a live basis and at $196 in the beef.
In the western Corn Belt last week, prices were $122-$124 on a live basis and at $194-$196 in the beef.
Live prices in Colorado last week were at $122-$123.
Cattle feeders offered 3,470 head (29 lots) in Central Stockyards’ weekly Fed Cattle Exchange auction. Of those, 1,517 head (7 lots) sold. Six lots from the Southern Plains brought $120/cwt., which was steady to $1 lower than negotiated trade in the region last week. One lot of 457 steers from Nebraska brought $124, which was at the mid point of last week’s negotiated price range.
Cattle futures gave back what they gained in the previous session, and then some, pressured by yet another surge in grain futures prices and disappointing early cash prices. Perhaps there was also some positioning ahead of Friday’s monthly Cattle on Feed report.
As mentioned in Cattle Current Tuesday, the report will likely show March placements significantly higher than last year. Part of that has to do with anemic placements the previous year as the pandemic took hold. However, disrupted placements in February, due to the widespread winter storm and power outages will probably add to the tally.
Live Cattle futures closed an average of 92¢ lower (20¢ lower at the back to $1.95 lower toward the front).
Feeder Cattle futures closed an average of $2.29 lower ($1.97 to $3.17 lower), except for 15¢ lower in spot Apr.
Choice boxed beef cutout value was $2.20 higher Wednesday afternoon at $280.46/cwt. Select was $1.41 higher at $271.88.
Corn futures closed 14¢ to 19¢ higher in the front two contracts, 6¢ to 9¢ higher through the next five and then mostly 1¢ to 2¢ higher.
Soybean futures closed 14¢ to 25¢ higher in the front four contracts, and then mostly 8¢ to 10¢ higher.