Negotiated cash fed cattle trade was moderate on moderate demand in the Texas Panhandle and Nebraska through Wednesday afternoon, according to the Agricultural Marketing Service.
Live prices in the Texas Panhandle were $1-$2 lower than last week at $118-$119/cwt.
Live sales in Nebraska were $2-$3 lower at $119-$120. Dressed trade was $1-$4 lower at $188-$191.
Elsewhere, trade was slow on light demand, with too few transactions to trend.
So far this week, live sales in Kansas are $2 lower at $118-$119 and $3-$4 lower in Colorado at $119.
In the western Corn Belt last week, live prices were at $120-$123 and dressed prices were at $192.
Cattle feeders offered 3,231 head (19 lots) in Central Stockyards’ weekly Fed Cattle Exchange auction. Of those, just 287 head (three lots) sold, all from Texas and all on a live-weight basis. The price was $119/cwt. for two lots of steers and $117.75 for a lot of heifers.
Lower cash prices and less packer processing than expected recently helped pressure Cattle futures Wednesday, despite softer Corn futures and oversold conditions.
Live Cattle futures closed an average of $1.04 lower, except for 57¢ higher in spot Apr.
Feeder Cattle futures closed an average of $1.25 lower, from 32¢ lower at the front to $1.72 lower at the back.
Choice boxed beef cutout value was $1.51 higher Wednesday afternoon at $292.50/cwt. Select was 53¢ lower at $279.00
Corn futures closed 9¢ to 15¢ lower through Sep ‘22 and then 4¢ to 6¢ lower.
Soybean futures closed mostly 13¢ to 14¢ lower through Aug ‘22, except for 15¢ higher in spot May, and then mostly 7¢ lower.